Well well well, now you are talking but what was that you were praising Morpho’s mcap vs tvl compared to Aave’ s just a few weeks ago when I also argued with you?
I agree with your below take it’s just that how come you posted some terrible take a few weeks ago that I didn’t understand.
aave generates $948m in annualized fees at a $949m market cap. that's a 1.0x price-to-sales ratio. morpho generates $202m in fees, retains $0 for token holders, and trades at $1.27b. the market is paying a 6.3x premium for morpho's growth narrative over aave's proven revenue machine. aave V4 just shipped hub-and-spoke architecture copied directly from morpho. if the DAO turns on aggressive buybacks with that fee revenue the re-rating from 1x to even 3x P/S is a 3x. morpho's entire bull case requires tokenomics that literally do not exist yet. it is incredibly embarrassing that the market prices $0 in retained revenue higher than $948m in retained revenue