Morpho borrowers paying ~$170M in interest over the past year implies roughly $17M in protocol revenue at a 10% take rate, against a ~$1.7B valuation.

That puts it at a very different multiple than Aave, which is doing ~$140M in revenue on a similar ~$1.5B valuation.

Morpho is pricing in its peer-to-peer lending model and capital efficiency gains, while Aave is already monetizing at scale. The question for the market is whether Morpho can convert usage into revenue fast enough to justify that premium.
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