DefiLlama：Morpho存款增长支撑估值溢价，但费用与收入尚未跟上
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DefiLlama研究称，Morpho的实际存款增长快于Aave，但费用增长停滞且尚无协议收入，其估值溢价主要依赖未来变现预期。
快讯正文
Morpho Trades Above Aave on Zero Revenue. A Rational Bet on Growth? Credit: DefiLlama Research · © Morpho Morpho's fully diluted value sits 27% above Aave's. It holds less than half the deposits, generates half the fees, and pays out nothing, because the fee switch written into its contract has never been flipped. That gap is a bet on growth and we are testing this bet against the three things that would have to show up in the data: liquidity, fees, and revenue. Our findings? Only the first one
补充解读
专业研究机构依据公开协议数据进行横向估值分析，给出了统计区间、指标定义及具体数值；但这是一篇研究判断而非协议公告，且文中对Morpho相对Aave的FDV溢价存在“27%”与“40%”两种表述，降低了精确数值的可信度。候选事件均与本研究无关。
关注后续官方信息，不根据单一消息做决定。
Morpho治理是否提出或启用费用开关
Morpho存款增长能否转化为费用增长
启用收费后出借收益与存款是否流失
Morpho代币解锁对流通市值和估值倍数的影响
Aave存款与费用能否从漏洞事件后的低位恢复
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