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Some personal news: I’ve stepped down from my role as Ecosystem Lead at Hyve.
Over the past year, I had the opportunity to help build Hyve’s GTM function from the ground up, from AI skills and automated marketing workflows to product positioning, customer acquisition funnels, ecosystem partnerships, and BD.
We built a pipeline of dozens of top-tier opportunities across DeFi, RWAs, and capital allocators, using content and social as acquisition channels to generate inbound interest and product conversations before the company had a live product.
Building at an early-stage company means wearing a lot of hats, constantly A/B testing, and figuring out what actually moves the needle. I learned a ton doing it.
Grateful to the team and everyone I got to work with along the way. Rooting for @0xDouwe, @0xDahmen, and the Hyve team.
More soon.
Over the past year, I had the opportunity to help build Hyve’s GTM function from the ground up, from AI skills and automated marketing workflows to product positioning, customer acquisition funnels, ecosystem partnerships, and BD.
We built a pipeline of dozens of top-tier opportunities across DeFi, RWAs, and capital allocators, using content and social as acquisition channels to generate inbound interest and product conversations before the company had a live product.
Building at an early-stage company means wearing a lot of hats, constantly A/B testing, and figuring out what actually moves the needle. I learned a ton doing it.
Grateful to the team and everyone I got to work with along the way. Rooting for @0xDouwe, @0xDahmen, and the Hyve team.
More soon.
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As previously discussed: $BTC pull back to the $75-$77K range before the next leg up.
I don't think we'll go much lower.
I've been buying more $AAVE, $AERO, $DRV, $ETHFI, $HYPE, $LIT, $PUMP, $SKY and $VVV during the last 48 hours.
What tokens are you buying, and why?
I don't think we'll go much lower.
I've been buying more $AAVE, $AERO, $DRV, $ETHFI, $HYPE, $LIT, $PUMP, $SKY and $VVV during the last 48 hours.
What tokens are you buying, and why?
A $BTC pull back to the $75-$77K range seems possible before the next leg up.
If it does, what coins are you buying and why?
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Aave’s monthly revenue has grown 4 months in a row, with October’s revenue annualizing to ~$77M.
Looking back at past revenue ATHs, one of the main drivers was looping.
At last week’s quarterly stream, the @aave team previewed a native leverage tool on Aave Pro: looping in one e’s own frontend.
That adds revenue on two fronts:
> More borrow demand, which grows interest revenue
> More transaction-based revenue, which Stani said these features are built to grow
Combine that with Aavenomics 3.0, and the DAO gets more revenue plus a clear way to return it to holders.
Data by TokenLogic.
Looking back at past revenue ATHs, one of the main drivers was looping.
At last week’s quarterly stream, the @aave team previewed a native leverage tool on Aave Pro: looping in one e’s own frontend.
That adds revenue on two fronts:
> More borrow demand, which grows interest revenue
> More transaction-based revenue, which Stani said these features are built to grow
Combine that with Aavenomics 3.0, and the DAO gets more revenue plus a clear way to return it to holders.
Data by TokenLogic.
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I disagree with @EthanDeFi_ here. No one is criticizing Morpho for being decentralized.
Yes, Morpho Blue is immutable, but the @Morpho team still runs the main app, decides which curators and vaults get listed, and can delist them for risk at its discretion.
That’s curation. It shapes where users put their money.
So when a curator vault blows up, “the protocol can’t intervene” only covers half the stack. The other half is a choice not to.
Isolated markets also mean isolated liquidity, which is one reason we consistently see the largest lending operations happen on @Aave, not Morpho.
Morpho has proven to be great lending infrastructure, but the criticism was never decentralization: it's using decentralization as cover to avoid protecting users.
Yes, Morpho Blue is immutable, but the @Morpho team still runs the main app, decides which curators and vaults get listed, and can delist them for risk at its discretion.
That’s curation. It shapes where users put their money.
So when a curator vault blows up, “the protocol can’t intervene” only covers half the stack. The other half is a choice not to.
Isolated markets also mean isolated liquidity, which is one reason we consistently see the largest lending operations happen on @Aave, not Morpho.
Morpho has proven to be great lending infrastructure, but the criticism was never decentralization: it's using decentralization as cover to avoid protecting users.
I like Marc but this is a terrible take.
Criticizing Morpho for being truly decentralized and unable to freeze markets is honestly funny.
What's even the point of DeFi if it's not meant to be decentralized?
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Uniswap’s token holder revenue spiked after the Binance hack.
Compared with Oct 28:
Oct 29: $1.19M (+454%)
Oct 30: $1.77M (+729%) so far
Seems like @Uniswap is still the preferred venue when large players look for deep liquidity on Ethereum mainnet.
Compared with Oct 28:
Oct 29: $1.19M (+454%)
Oct 30: $1.77M (+729%) so far
Seems like @Uniswap is still the preferred venue when large players look for deep liquidity on Ethereum mainnet.
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Yesterday, Binance suffered a ~$5.6B exploit, the largest in crypto history.
The attacker then deposited $60M of stolen USDT into @aave and borrowed ~$44.6M in WETH. Despite the large amount of inaccurate takes floating around CT, Aave remains safe.
This is fundamentally different from the LayerZero/Kelp exploit, where collateral lost its value and left the protocol exposed to bad debt.
Here, the collateral keeps its full value. At ~74% LTV, the position is overcollateralized, and if ETH rises enough against USDT, the position becomes liquidatable and liquidators repay the debt in exchange for the collateral. Standard mechanics.
Aave’s response was just as notable: a joint emergency group formed within ~10 minutes, and new supply and borrowing were frozen across 292 reserves on 16 networks, while users can still repay and withdraw.
Aave’s contracts were never compromised. If anything, this was a live stress test of DeFi lending’s risk infrastructure, and it held.
The attacker then deposited $60M of stolen USDT into @aave and borrowed ~$44.6M in WETH. Despite the large amount of inaccurate takes floating around CT, Aave remains safe.
This is fundamentally different from the LayerZero/Kelp exploit, where collateral lost its value and left the protocol exposed to bad debt.
Here, the collateral keeps its full value. At ~74% LTV, the position is overcollateralized, and if ETH rises enough against USDT, the position becomes liquidatable and liquidators repay the debt in exchange for the collateral. Standard mechanics.
Aave’s response was just as notable: a joint emergency group formed within ~10 minutes, and new supply and borrowing were frozen across 292 reserves on 16 networks, while users can still repay and withdraw.
Aave’s contracts were never compromised. If anything, this was a live stress test of DeFi lending’s risk infrastructure, and it held.
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Matthew Horne, Head of Digital Assets at Fidelity, shared a clear thesis on tokenization.
@andyyy: “What are your thoughts on tokenization? Who will be the biggest winners? And, if there’s a winner, there’s a loser. Who’ll be the biggest loser?”
Matthew: “Tokenization is a apital efficiency play. It allows us to take our business offshore and serve a broader audience. The biggest winners will be the end users, and the biggest losers will be those institutions that stay sidelined on this trend.”
Institutions are here. This mentality will be a huge catalyst for protocols that:
> make tokenization possible, such as @chainlink
> make tokenized assets usable, such as @aave, @aeroxyz, and @Uniswap
> enable permissionless portfolio management and direct asset ownership, such as @glider__ via ATPs
Trillions are coming onchain.
@andyyy: “What are your thoughts on tokenization? Who will be the biggest winners? And, if there’s a winner, there’s a loser. Who’ll be the biggest loser?”
Matthew: “Tokenization is a apital efficiency play. It allows us to take our business offshore and serve a broader audience. The biggest winners will be the end users, and the biggest losers will be those institutions that stay sidelined on this trend.”
Institutions are here. This mentality will be a huge catalyst for protocols that:
> make tokenization possible, such as @chainlink
> make tokenized assets usable, such as @aave, @aeroxyz, and @Uniswap
> enable permissionless portfolio management and direct asset ownership, such as @glider__ via ATPs
Trillions are coming onchain.
The LINK:NYC week is here.
For this new @chainlink event, the main questions I’ll be trying to get answered are:
1. Which institutions are moving from pilots to production, and what’s the realistic timeline for real volume?
2. How fast is enterprise revenue flowing into the Chainlink Reserve, and when will more of it be visible onchain?
3. CCIP connects banks to blockchains, and now Vault Adapters connect it to DeFi vaults like Aave and Maple. Are institutions planning to use that path to deploy tokenized assets into DeFi, or is that still theoretical?
4. Will CCIP revenue grow linearly as it scales, or can we expect margins to improve over time?
5. What do banks actually need from offchain data verification before they put tokenized assets onchain
6. What are Chainlink’s current roadmap priorities?
7. Are there any staking updates taking place in the background? If so, when can we expect to hear more?
8. Which product does Chainlink Labs expect to be the top revenue generator in the Chainlink stack by the end of 2027?
Will keep y’all posted.
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Had a great chat with @WormholeOracle, CEO of @LlamaRisk.
TLDR: @aave will be extremely well positioned to win the fastest growing markets.
LlamaRisk is currently focused on two major opportunities:
1. Optimizing tokenized equities compatibility with lending markets
2. Scaling risk curation safely and exponentially
I expect both to become major drivers of Aave V4’s growth, expanding lending activity, protocol revenue, and ultimately value accrual to $AAVE holders.
More on this soon.
TLDR: @aave will be extremely well positioned to win the fastest growing markets.
LlamaRisk is currently focused on two major opportunities:
1. Optimizing tokenized equities compatibility with lending markets
2. Scaling risk curation safely and exponentially
I expect both to become major drivers of Aave V4’s growth, expanding lending activity, protocol revenue, and ultimately value accrual to $AAVE holders.
The LINK:NYC week is here.
For this new @chainlink event, the main questions I’ll be trying to get answered are:
1. Which institutions are moving from pilots to production, and what’s the realistic timeline for real volume?
2. How fast is enterprise revenue flowing into the Chainlink Reserve, and when will more of it be visible onchain?
3. CCIP connects banks to blockchains, and now Vault Adapters connect it to DeFi vaults like Aave and Maple. Are institutions planning to use that path to deploy tokenized assets into DeFi, or is that still theoretical?
4. Will CCIP revenue grow linearly as it scales, or can we expect margins to improve over time?
5. What do banks actually need from offchain data verification before they put tokenized assets onchain
6. What are Chainlink’s current roadmap priorities?
7. Are there any staking updates taking place in the background? If so, when can we expect to hear more?
8. Which product does Chainlink Labs expect to be the top revenue generator in the Chainlink stack by the end of 2027?
Will keep y’all posted.
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“All of this (adoption, tokenization) will generate a lot of revenue. The $LINK token will play a crucial role in this.” — @SergeyNazarov at LINK:NYC.
The Chainlink Reserve is how that thesis starts translating into token demand.
As institutional adoption drives greater usage a portion of the resulting revenue can be converted into $LINK through Payment Abstraction and accumulated in the Reserve.
The bigger Chainlink’s role in global financial infrastructure becomes, the more significant this mechanism gets.
We’re still early.
The Chainlink Reserve is how that thesis starts translating into token demand.
As institutional adoption drives greater usage a portion of the resulting revenue can be converted into $LINK through Payment Abstraction and accumulated in the Reserve.
The bigger Chainlink’s role in global financial infrastructure becomes, the more significant this mechanism gets.
We’re still early.
“Lending and credit is the killer use case for tokenization” — @SergeyNazarov at LINK:NYC.
Tokenizing trillions of dollars in assets is one thing. Making those assets usable as collateral to unlock liquidity and credit is where things get interesting.
And we’re seeing the ether:
@chainlink is building the data, interoperability, and verification infrastructure.
@aave V4 is building the lending infrastructure to bring these assets into onchain credit markets.
I don’t think we realize how early we are.
Chainlink coded. Aave V4 coded.
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“Lending and credit is the killer use case for tokenization” — @SergeyNazarov at LINK:NYC.
Tokenizing trillions of dollars in assets is one thing. Making those assets usable as collateral to unlock liquidity and credit is where things get interesting.
And we’re seeing the ether:
@chainlink is building the data, interoperability, and verification infrastructure.
@aave V4 is building the lending infrastructure to bring these assets into onchain credit markets.
I don’t think we realize how early we are.
Chainlink coded. Aave V4 coded.
Tokenizing trillions of dollars in assets is one thing. Making those assets usable as collateral to unlock liquidity and credit is where things get interesting.
And we’re seeing the ether:
@chainlink is building the data, interoperability, and verification infrastructure.
@aave V4 is building the lending infrastructure to bring these assets into onchain credit markets.
I don’t think we realize how early we are.
Chainlink coded. Aave V4 coded.
The LINK:NYC week is here.
For this new @chainlink event, the main questions I’ll be trying to get answered are:
1. Which institutions are moving from pilots to production, and what’s the realistic timeline for real volume?
2. How fast is enterprise revenue flowing into the Chainlink Reserve, and when will more of it be visible onchain?
3. CCIP connects banks to blockchains, and now Vault Adapters connect it to DeFi vaults like Aave and Maple. Are institutions planning to use that path to deploy tokenized assets into DeFi, or is that still theoretical?
4. Will CCIP revenue grow linearly as it scales, or can we expect margins to improve over time?
5. What do banks actually need from offchain data verification before they put tokenized assets onchain
6. What are Chainlink’s current roadmap priorities?
7. Are there any staking updates taking place in the background? If so, when can we expect to hear more?
8. Which product does Chainlink Labs expect to be the top revenue generator in the Chainlink stack by the end of 2027?
Will keep y’all posted.
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$HYPE just hit $91, up ~14.6% in the last 24 hours, and for good reason.
Intercontinental Exchange (ICE), the parent company of the NYSE, just announced a partnership with @tradexyz to bring regulated perpetual futures to the US, built on @HyperliquidX’s infrastructure.
ICE is also taking an equity stake in TradeXYZ.
This is significant because:
• Trade[XYZ] has already processed over $650B in trading volume on Hyperliquid, offering 24/7 perpetual markets for equities, indices, commodities, and currencies.
• The partnership brings together three important pieces:
> Hyperliquid: Trading infrastructure.
> TradeXYZ: Perpetual markets and product expertise.
> ICE: Regulatory infrastructure, clearing, and distribution through brokers and its OKX joint venture.
Subject to regulatory approval, this creates a path for US retail traders to access perpetual futures across traditional financial assets.
If the new markets generate activity on Hyperliquid’s existing infrastructure and fee rails, they could expand trading volumes, protocol revenue, and thus $HYPE buybacks.
The exact fee flows and HYPE’s role in the regulated structure haven’t been disclosed yet, but the direction is massively bullish.
One of the world’s largest traditional exchange operators is choosing Hyperliquid-based infrastructure to build a new regulated derivatives business.
I expect more traditional financial institutions to explore similar structures as perpetual futures gain regulatory acceptance.
Start thinking of Hyperliquid as infrastructure for global financial markets rather than just a crypto derivatives exchange.
Intercontinental Exchange (ICE), the parent company of the NYSE, just announced a partnership with @tradexyz to bring regulated perpetual futures to the US, built on @HyperliquidX’s infrastructure.
ICE is also taking an equity stake in TradeXYZ.
This is significant because:
• Trade[XYZ] has already processed over $650B in trading volume on Hyperliquid, offering 24/7 perpetual markets for equities, indices, commodities, and currencies.
• The partnership brings together three important pieces:
> Hyperliquid: Trading infrastructure.
> TradeXYZ: Perpetual markets and product expertise.
> ICE: Regulatory infrastructure, clearing, and distribution through brokers and its OKX joint venture.
Subject to regulatory approval, this creates a path for US retail traders to access perpetual futures across traditional financial assets.
If the new markets generate activity on Hyperliquid’s existing infrastructure and fee rails, they could expand trading volumes, protocol revenue, and thus $HYPE buybacks.
The exact fee flows and HYPE’s role in the regulated structure haven’t been disclosed yet, but the direction is massively bullish.
One of the world’s largest traditional exchange operators is choosing Hyperliquid-based infrastructure to build a new regulated derivatives business.
I expect more traditional financial institutions to explore similar structures as perpetual futures gain regulatory acceptance.
Start thinking of Hyperliquid as infrastructure for global financial markets rather than just a crypto derivatives exchange.
Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory approvals. ICE operates NYSE and some of the largest exchanges and clearing houses globally.
In this structure:
+ Hyperliquid serves as the underlying technology infrastructure via HIP-3*
+ trade[XYZ] designs and implements the markets
+ ICE operates the regulated market and clearing structure
Existing trade[XYZ] HIP-3 markets will remain unchanged.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
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jfab retweeted
Morning run with @rorypiant @arcamids @MissLucyBinx
@josefabregab
What a way to get ready for the conference day!
Let's gooo!
@josefabregab
What a way to get ready for the conference day!
Let's gooo!
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Card revenue represents 63% of @ether_fi's revenue, according to @Blockworks. A year ago it was ~15%, and it only crossed 50% in June.
Add membership fees, card orders and net borrow revenue, and Cash is closer to three quarters of the business. Staking is now the minority.
The fast too:
> Outstanding loans hit a record $45M, more than double July’s ~$21M
>USDT, WETH and EURC loans appeared in the last few weeks, so users are borrowing more than just USDC
> Once Cash loans on EtherFi’s Aave V4 instance reach $50M, borrow revenue joins the buyback.
The card acquires users. Borrow monetizes them. Buybacks reward them in $ETHFI. That’s the neobank flywheel, and it’s showing up in the revenue mix.
The market still prices $ETHFI like a staking token.
Add membership fees, card orders and net borrow revenue, and Cash is closer to three quarters of the business. Staking is now the minority.
The fast too:
> Outstanding loans hit a record $45M, more than double July’s ~$21M
>USDT, WETH and EURC loans appeared in the last few weeks, so users are borrowing more than just USDC
> Once Cash loans on EtherFi’s Aave V4 instance reach $50M, borrow revenue joins the buyback.
The card acquires users. Borrow monetizes them. Buybacks reward them in $ETHFI. That’s the neobank flywheel, and it’s showing up in the revenue mix.
The market still prices $ETHFI like a staking token.
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Great value accrual analysis by @AsadIshmael.
I think we’ll see $LINK and $AAVE progressively move to the right in this chart.
@aave’s Aavenomics 3.0 brings buybacks, staking and potential token burns. The chart only scores approved programs, so most of that upside isn’t reflected yet.
@Chainlink’s Reserve is just the start. Through Payment Abstraction, onchain and enterprise fees are converted into $LINK. As regulatory clarity unlocks institutional adoption, that flow scales with it.
Few tokens have a clearer path from increasing adoption to value accrual.
I think we’ll see $LINK and $AAVE progressively move to the right in this chart.
@aave’s Aavenomics 3.0 brings buybacks, staking and potential token burns. The chart only scores approved programs, so most of that upside isn’t reflected yet.
@Chainlink’s Reserve is just the start. Through Payment Abstraction, onchain and enterprise fees are converted into $LINK. As regulatory clarity unlocks institutional adoption, that flow scales with it.
Few tokens have a clearer path from increasing adoption to value accrual.
Which DeFi tokens capture their business? I mapped it out here 👇
Tokenomics are evolving, asset quality is rising, DeFi is booming, and protocols are doing billions in volume & revenue
How do today's tokens stack up? Take a look
See below for descriptions & methodology
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I'm already in New York for LINK:NYC.
On top of the questions below, a few more I’ll be trying to get answered at @chainlink’s event tomorrow:
> Tokenized stocks. How Chainlink is distributing its 24/5 feeds, both to institutions and to onchain protocols. And when 24/7 feeds areexpectations. How big could this become for Chainlink and for @Aave V4?
> Product expansion. Does more Chainlink revenue come from new integrations, or from existing clients adopting more of the stack? Which product leads revenue today? A public dashboard tracking which protocols have expanded their Chainlink usage would be great to see.
> The next big thing. Which trends has Chainlink identified, and how is it positioning for them?
Will keep y’all posted.
On top of the questions below, a few more I’ll be trying to get answered at @chainlink’s event tomorrow:
> Tokenized stocks. How Chainlink is distributing its 24/5 feeds, both to institutions and to onchain protocols. And when 24/7 feeds areexpectations. How big could this become for Chainlink and for @Aave V4?
> Product expansion. Does more Chainlink revenue come from new integrations, or from existing clients adopting more of the stack? Which product leads revenue today? A public dashboard tracking which protocols have expanded their Chainlink usage would be great to see.
> The next big thing. Which trends has Chainlink identified, and how is it positioning for them?
Will keep y’all posted.
The LINK:NYC week is here.
For this new @chainlink event, the main questions I’ll be trying to get answered are:
1. Which institutions are moving from pilots to production, and what’s the realistic timeline for real volume?
2. How fast is enterprise revenue flowing into the Chainlink Reserve, and when will more of it be visible onchain?
3. CCIP connects banks to blockchains, and now Vault Adapters connect it to DeFi vaults like Aave and Maple. Are institutions planning to use that path to deploy tokenized assets into DeFi, or is that still theoretical?
4. Will CCIP revenue grow linearly as it scales, or can we expect margins to improve over time?
5. What do banks actually need from offchain data verification before they put tokenized assets onchain
6. What are Chainlink’s current roadmap priorities?
7. Are there any staking updates taking place in the background? If so, when can we expect to hear more?
8. Which product does Chainlink Labs expect to be the top revenue generator in the Chainlink stack by the end of 2027?
Will keep y’all posted.
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Buy coins where the marginal buyer is the protocol itself.
$HYPE
$LIT
$PUMP
$SKY
$DRV
Other examples, a bit more nuanced, include:
$AAVE: Aavenomics 3.0 coming soon, introducing buybacks and potentially token burns.
$ETHFI: Discretionary buybacks taking place atm.
What would you add to the list?
$HYPE
$LIT
$PUMP
$SKY
$DRV
Other examples, a bit more nuanced, include:
$AAVE: Aavenomics 3.0 coming soon, introducing buybacks and potentially token burns.
$ETHFI: Discretionary buybacks taking place atm.
What would you add to the list?
You should be buying coins where the marginal buyer is the protocol themselves rather than hoping somebody else comes along. If a team isn't buying their own token, you shouldn't be either
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I'm not saying anything negative about @Morpho. I'm just striving for objectivity.
1. Growth is subsidized by a 0% take rate
2. Most distribution comes from curators
3. The fee switch is a matter of time
Am I missing anything regarding its growth drivers? If so, do LMK.
1. Growth is subsidized by a 0% take rate
2. Most distribution comes from curators
3. The fee switch is a matter of time
Am I missing anything regarding its growth drivers? If so, do LMK.
There are two reasons why @Morpho has grown so much:
1. Subsidized growth
Morpho generated $22.9M in fees over the last 30 days and kept $0. The fee switch is off, so everything goes to suppliers and curators. Add ~$9.6M/yr in incentives and the protocol runs at roughly -$9.6M Great for growth, but terrible for $MORPHO holders.
2. Curator-first model
Building on point 1: Morpho takes nothing, so curators keep everything they earn. That gives them every reason to bring as much capital as possible, effectively making them Morpho’s business development team at an institutional scale.
But the fee switch *will* be turned on at some point. Token holders, VCs included, will push for it, since there are no fundamentals backing the token yet.
So, the question is: Will Morpho be able to sustain its growth or current deposit levels once the fee switch is turned on? Why or why not?
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There are two reasons why @Morpho has grown so much:
1. Subsidized growth
Morpho generated $22.9M in fees over the last 30 days and kept $0. The fee switch is off, so everything goes to suppliers and curators. Add ~$9.6M/yr in incentives and the protocol runs at roughly -$9.6M Great for growth, but terrible for $MORPHO holders.
2. Curator-first model
Building on point 1: Morpho takes nothing, so curators keep everything they earn. That gives them every reason to bring as much capital as possible, effectively making them Morpho’s business development team at an institutional scale.
But the fee switch *will* be turned on at some point. Token holders, VCs included, will push for it, since there are no fundamentals backing the token yet.
So, the question is: Will Morpho be able to sustain its growth or current deposit levels once the fee switch is turned on? Why or why not?
1. Subsidized growth
Morpho generated $22.9M in fees over the last 30 days and kept $0. The fee switch is off, so everything goes to suppliers and curators. Add ~$9.6M/yr in incentives and the protocol runs at roughly -$9.6M Great for growth, but terrible for $MORPHO holders.
2. Curator-first model
Building on point 1: Morpho takes nothing, so curators keep everything they earn. That gives them every reason to bring as much capital as possible, effectively making them Morpho’s business development team at an institutional scale.
But the fee switch *will* be turned on at some point. Token holders, VCs included, will push for it, since there are no fundamentals backing the token yet.
So, the question is: Will Morpho be able to sustain its growth or current deposit levels once the fee switch is turned on? Why or why not?
Morpho has been on a huge run lately.
Over the past year, its TVL has surged from $9.3B to over $17 billion.
That makes it the fastest-growing DeFi lending protocol in 2026.
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Onchain protocols already generated $205M in holder revenue for October, a new yearly high.
The top 10 protocols:
1. Hyperliquid: $64.2M
2. Papertrade: $60.7M
3. Pumpfun: $29.8M
4. Tron: $23.9M
5. Aero: $7.7M
6. Uniswap: $7.4M
7. StonkFun: $5.8M
8. Sky: $5.7M
9. Ethereum: $5.2M
rs, crypto tokens were largely valued on growth with little connection between protocol usage and token value. That model is changing.
Protocols are finding ways to route economic activity back to their tokens through buybacks, burns or direct distributions. And, as more protocols turn fees into recurring token demand or distributions, revenue and cash-flow economics will increasingly matter for how onchain assets are valued.
This is good for the industry.
Data: @DefiLlama
The top 10 protocols:
1. Hyperliquid: $64.2M
2. Papertrade: $60.7M
3. Pumpfun: $29.8M
4. Tron: $23.9M
5. Aero: $7.7M
6. Uniswap: $7.4M
7. StonkFun: $5.8M
8. Sky: $5.7M
9. Ethereum: $5.2M
rs, crypto tokens were largely valued on growth with little connection between protocol usage and token value. That model is changing.
Protocols are finding ways to route economic activity back to their tokens through buybacks, burns or direct distributions. And, as more protocols turn fees into recurring token demand or distributions, revenue and cash-flow economics will increasingly matter for how onchain assets are valued.
This is good for the industry.
Data: @DefiLlama
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"By then @gauntlet_xyz or @SteakhouseFi could also probably have their own money markets btw"
That's exactly what they should do. On @aave V4.
@SentoraHQ will set the example.
Curators can go from managing vaults to operating their own markets, with:
> Ownership over market economics
> Permissionless market creation
> Market economics defined from day 1
I think we'll see a lot of curators doing exactly this.
That's exactly what they should do. On @aave V4.
@SentoraHQ will set the example.
Curators can go from managing vaults to operating their own markets, with:
> Ownership over market economics
> Permissionless market creation
> Market economics defined from day 1
I think we'll see a lot of curators doing exactly this.
curators become an oligopoly
i have said all these things about morpho including the point that at some point they will start their own curator as well
it will start with some niche usecase initially later on to serve and compete the same markets as steakhouse or gauntlet
by then gauntlet or steakhouse could also probably have their own money markets btw
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Aero is processing 10.5% of all DEX spot volume so far this week, per @DefiLlama.
That’s its highest weekly share in two years, and the 2nd highest ever.
It seems like @aeroxyz isn’t just coming for tokenized equity volume.
The DEX wars keep heating up.
That’s its highest weekly share in two years, and the 2nd highest ever.
It seems like @aeroxyz isn’t just coming for tokenized equity volume.
The DEX wars keep heating up.
Aero is the #1 DEX in tokenized equity spot volume for the second straight day.
Today’s share:
1. @aeroxyz: 25%
2. @Uniswap: 17%
3. @metricxyz: 10%
4. @ManifestTrade: 10%
5. @Raydium: 9%
9 weeks ago, Aero had 1%. The multichain expansion is paying off.
Now we must see if it DEX wars are certainly heating up.
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