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On today's issue:
Solana ATH and DeFi
Fat Wallet Thesis
Morpho transferable
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This week, the Blockworks research newsletter showed a chart for the two leading DeFi protocols on Solana, Raydium and Kamino. Both Nearing ATHs in TVL, Raydium at 2.6B, and Kamino at 2.4B. 80% of the growth comes from the Solana price itself, but the remaining is from stables and memes, which signals real growth in the ecosystem. Solana is now at $263.
Over the past couple of years, the share of onchain volume from DEX front-ends has decreased, as other types of products overtake the way users interact onchain. Mostly wallet swaps, aggregators (1inch), solvers (CowSwap), and TG bots!
This creates the "Fat Wallet Thesis", where all platforms want to create the best wallet to own the relationship with the end users, and monetize from sweet transaction fees. It's amazing to see how wallets like Metamask are able to generate fees so easily with such a bad legacy product, based on brand mostly.
Morpho is a leading lending protocol, and has over 2B in TVL, which has grown steadily over this year. The DAO voted to make MORPHO tokens transferable, and freely tradeable. It started trading above $1.2, and now it's at $0.9, representing a 900M FDV.
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Disclosure: All content published is for informational purposes only, and does not constitute any sort of financial advice.
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