DefiLlama: Morpho’s Deposit Growth Supports a Valuation Premium, but Fees and Revenue Have Yet to Catch Up
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DefiLlama research states that Morpho’s actual deposit growth is faster than Aave’s, but fee growth has stagnated and the protocol has no revenue yet; its valuation premium mainly relies on expectations of future monetization.
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Key points
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
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Why it matters to readers
A professional research institution conducted a comparative valuation analysis based on publicly available protocol data and provided statistical ranges, metric definitions, and specific figures. However, this is a research assessment rather than a protocol announcement, and the article gives two figures—27% and 40%—for Morpho’s FDV premium over Aave, reducing confidence in the precise value.
Follow subsequent official information and do not make decisions based on a single piece of news.
Risks and unknowns
- Whether Morpho governance proposes or enables the fee switch
- Whether Morpho’s deposit growth can translate into fee growth
- Whether lending yields and deposits decline after fees are enabled
- The impact of Morpho token unlocks on circulating market capitalization and valuation multiples
- Whether Aave’s deposits and fees can recover from their post-exploit lows
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