Morpho price

River has listed satUSD on Morpho, and I believe this is a turning point in the competition among stablecoins. Currently, new stablecoins are emerging one after another in the market, but most are stuck in their own small ecosystems and can't break out. Morpho is different; it is recognized as a leading lending market in DeFi, with $12B in deposits and $7.8B in TVL, which not everyone can penetrate. The fact that satUSD can enter indicates two things: 1️⃣ River's credit is now recognized by top lending platforms. 2️⃣ Liquidity is starting to flow into real liquidity, rather than just internal hype. In comparison: other new stablecoins may pull in a few million in liquidity in small pools, which looks lively but actually lacks external scenarios. River has directly bound itself to Morpho + Base this time, taking a more pragmatic route than most competitors. In my eyes, this is not just about adding another pool; it means River has truly squeezed into mainstream finance. Whether it can expand further will depend on whether this model can be replicated in more core DeFi scenarios. @RiverdotInc @River4FUN #River #satUSD #Morpho

Boosting this because it’s a great primer on the mechanics of lending platforms. How do you use this info for some napkin math (or more like musings) on valuation? Their business model affects their idea-maze path dependency and, consequently, the narrative for their valuations. For example: 🦋Morpho vs. Euler 🧮: You can scale both by risk curators and TVL. IMO Morpho gets the distribution advantage via the DeFi mullet. As far as I know, Gemini and Coinbase have integrated. Morpho is efficient because risk curators as distro can handle promotion and it may help in growth. Euler feels more bottom-up for now. 🌊 Fluid: With its DEX + Lend combo,it creates an interesting comps input? Do you use ratios from a lending protocol or a DEX? Or both? Maybe something something Hyperliquid some day who knows 🌙 Side note: One crazy wild card is Kamino. It has cornered a good chunk of Solana while displaying properties similar to Morpho. But because it’s on SOL, it’s harder to tap into the network effects of the EVM ecosystem, so scaling via assets is hampered. If you’re considering Kamino, you need to monitor assets as it caters to various users that drive its growth. Currently, I think the “RWA” stuff is cool but there are way too many SOL-related tokens, lmao. Either way, I think it’s good that there’s a trend toward improving the product via assets, then risk mgmt gud tech as more exotic, riskier assets are onboarded, and platformization. While porous, permissionless, decentralized nature of crypto is PITA as a constraint, and you usually need to grow with network effects → switching costs → economies of scale.