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...
🏰 Castle Lending Series 🏰
➼ Core Architecture and Positioning of DeFi's Top Money Markets
Onchain lending is having a new growth wave.
With around $80 billion in assets now locked across money markets, it stands as the largest vertical in DeFi.
But this growth is more than just a return of capital onchain.
It signals a shift in how lending is being built, with new architectures, more innovative risk models, and radically different user experiences emerging across the stack.
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