2025-12-25 16:26:28

The entire crypto lending infrastructure of a major platform is actually supported by Morpho. One interesting detail: users borrowing cbbtc directly through a certain platform have to pay a 7% interest rate, but if they use the Morpho protocol, it only costs 4%—this 300 basis point interest rate spread ultimately flows to the platform rather than Morpo token holders. More notably, Morpho has captured 70% of the market share in stablecoin lending in partnership with Aave, yet its tradable valuation is only 12% of Aave's. There is indeed a mismatch between market pricing and actual economic contribution.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

14 Likes

Reward
14
5
Repost
Share

Comment

0/400

DarkPoolWatcher

· 5h ago

This is a typical case of the chef not being able to enjoy the dishes they make. --- Morpho is actually the real behind-the-scenes boss, but its valuation was heavily beaten down, which is outrageous. --- Wait, 70% of the shares are only worth 12% of Aave? How is this deal calculated? --- Another story of an infrastructure provider being exploited by the platform. --- All 300 basis points of profit margin are taken by middlemen, this is the current state of Web3. --- Morpho does the dirtiest work for the least money, a typical example. --- Market pricing is really a joke sometimes. --- So, building underlying protocols is just taking a loss, and you still have to rely on token narratives to save the situation. --- How come this thing wasn't discovered earlier? It's only being uncovered now. --- Got it, next time I will definitely be a platform rather than an infrastructure provider.

View OriginalReply0

NFTArchaeologis

· 5h ago

This is a bit like the overlooked craftsmen of the Renaissance—those who truly build the infrastructure, but the profits are eaten up by middlemen. Morpho's story is worth watching multiple times.

View OriginalReply0

HalfBuddhaMoney

· 5h ago

Wow, this platform's way of cutting leeks is just too outrageous. A 7% interest rate🤣 is entirely supported by Morpho, and they still have to charge a 300bp intermediary fee. This pricing gap is also too ridiculous. Morpho holds 70% of the market share, yet its valuation is less than one-tenth of Aave? A typical hardworking model exploited by capitalists. Really should take a good look at the financials of these leading platforms...

View OriginalReply0

MemeCoinSavant

· 6h ago

so morpho's basically doing all the heavy lifting while the platform clipping 300bps like a middleman that nobody asked for lmao. 70% market share but valued at 12% of aave? that's not a thesis, that's a statistical anomaly waiting to get arbitraged into oblivion ngl

Reply0

PortfolioAlert

· 6h ago

A 300bp spread is just eaten up by middlemen, this is the real profiteering. Morpho does 70% of the work but is only worth a fraction of Aave, the pricing logic is really outrageous. Wait, looking at it this way, isn't Morpho severely undervalued? Or does the market simply not understand who is truly providing liquidity? The fate of the invisible champion of infrastructure—no matter how well they do, it still feels like working for others. Honestly, this kind of mismatch is easiest to overlook in a bull market; once the trend reverses, who knows who will be embarrassed. Morpho's story sounds just like a genius being exploited.

View OriginalReply0