Morpho Evaluation:
This thing is a "loan agreement patchwork"
It forcibly combines the liquidity of Compound/AAVE's pools with P2P order book matching, claiming to let you earn higher interest
It has dropped 70% from its peak, but surprisingly has a market cap of 390 million dollars, with only 30% circulation and another 700 million tokens waiting to be dumped
Future outlook:
The DeFi lending track has already been dominated by veteran players like AAVE, and Morphos's position as a "modified intermediary" is awkward
It might benefit during a bull market, but in a bear market, it will definitely be the first to be sacrificed
Given the current circulation and unlocking rhythm, it's recommended to treat it as a "high-interest deposit experience card" and not take it as a value investment.
If the ETH ecosystem suddenly explodes, that's another story, but the probability... you know what I mean
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