Review the DeFi lending track, focusing on $AAVE and $MORPHO
In the past period, because of governance disputes involving AAVE, many large holders switched from AAVE to MORPHO or $SKY .
Morpho currently has relatively weak value capture. Although Apollo Global Management is buying, and there are Coinbase resources behind it, the protocol structure determines that much of the returns are taken by the Curator, so the token itself receives comparatively little.
AAVE, despite having gone through controversy—Aave Labs will need to pay a 50 million termination fee—but in the future 100% of protocol revenue goes to the DAO, making value capture for the token more complete.
Next, the key is still to look at whether there will be automated token buybacks.
Currently, the V4 launch is going smoothly and operations are stable. The earlier controversy will most likely be over. But if things run into trouble again—such as the kind of push to roll out V4 while shutting down V3—then we should wait for the token buyback to start. If that news never materializes, I will sell this coin, and I won’t position this coin in this bull cycle either.
As for Morpho, I have a small position. I won’t sell it in the short term, but I also don’t plan to add more for now.
As for the other SKYs, their token value capture is too weak, so I’m not considering a long-term hold for now.
In the past period, because of governance disputes involving AAVE, many large holders switched from AAVE to MORPHO or $SKY .
Morpho currently has relatively weak value capture. Although Apollo Global Management is buying, and there are Coinbase resources behind it, the protocol structure determines that much of the returns are taken by the Curator, so the token itself receives comparatively little.
AAVE, despite having gone through controversy—Aave Labs will need to pay a 50 million termination fee—but in the future 100% of protocol revenue goes to the DAO, making value capture for the token more complete.
Next, the key is still to look at whether there will be automated token buybacks.
Currently, the V4 launch is going smoothly and operations are stable. The earlier controversy will most likely be over. But if things run into trouble again—such as the kind of push to roll out V4 while shutting down V3—then we should wait for the token buyback to start. If that news never materializes, I will sell this coin, and I won’t position this coin in this bull cycle either.
As for Morpho, I have a small position. I won’t sell it in the short term, but I also don’t plan to add more for now.
As for the other SKYs, their token value capture is too weak, so I’m not considering a long-term hold for now.
