We've now crossed $200M in total deposits on Midnight. Growth has been insane these past few days. Half a billion soon!
RWAs represent $1.8B of total deposits on Morpho.
I would not be surprised if tokenized equities represent a large portion in a year or so (like >10%+).
Product and protocol teams cooking on that front btw ๐
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Already more than $100m on @zama confidential vaults.
Seems that the demand is there ๐
With @tempo zones & Morpho infra, curated by @SentoraHQ, @deel is bringing yield to their users while preserving privacy.
This is a pretty cool demonstration of what the future looks like.
Why institutions should build on Morpho? (recurring questions)
Some element of answers:
1. Building secure and scalable smart contracts is underestimated in terms of how hard it is. Our protocol team is literally spending months or years to ship contracts that are just a few hundred lines of code. The reason why Morpho is still here today is because we've made security our number 1 priority. The last thing we want to do to enable a new integration is write contracts. Recreating this expertise is not an easy endeavor.
2. Innovation does not happen in silos but on open platforms. It's not intranets that gave us Airbnb or Uber. It's the internet, an open protocol that lets everyone build websites and apps. The Minitel had a great start, but only the surface of the network was decentralized; the core was not. It hindered what could be built on top. It could not compete with the World Wide Web. The same principles will apply to financial services.
3. Institutions already own the distribution, trust, and relationships. DeFi does not compete for this. In the long term, DeFi might not even be called as such. It will just be part of the financial infrastructures that have replaced spreadsheets and COBOL, which only a few could read and update. This will make institutions' backends much more efficient, allowing them to stay relevant in a space that is more competitive than ever.
4. Neutrality is key: just as Dee Hock formed Visa out of a consortium of competitive entities, Morpho provides a neutral infrastructure for credit. At the time, BankAmericard had too many limitations while owned and operated by Bank of America. The fact that Visa was an independent consortium of competitors brought the required neutrality for those entities to cooperate and maximize the value of card payments. Morpho is providing that truly neutral infrastructure for credit: no governance, immutable code, etc. This is what will make entities that wouldnโt otherwise trust each other actually cooperate or at least share markets. For end users it means deeper liquidity and better rates. An entity that tries to do everything on its own wonโt benefit from Morphoโs network effects, which means worse rates and a harder time competing.
At the end of the day, the end customer is the one who benefits.
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Morpho is now powering Crypto Loan inside @Ledger Wallet.
We already powered Ledger Earn, the largest hardware-wallet earn integration on Morpho! Now Ledger users can also borrow against their wrapped BTC through @Morpho, directly from the Ledger app.
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Crypto Loan via @Ledger Walletโข, powered by Morpho
Ledger users can now borrow against wrapped BTC, all within self-custody.
Morpho is Ledger's infrastructure of choice to become an all-in-one platform for digital assets: first with Stablecoin Earn, and now Crypto Loan.
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Callbacks allow @ethena to make lend offer that rest on Blue earning variable rate until the offer is taken at fixed rate on Midnight ๐ง
oooh ethena USDe starting to deploy $20m into morpho midnight, through a callback they deployed last week. the liquidity sits in variable rate markets until orders are taken ๐
just shows as "USDC" in the ethena backing assets page right now
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Morpho just crossed $17B in total deposits and now represents more than 20% of DeFi active loans.
Frankly, I would not have thought about reaching those milestones when we started 5y ago.
Still a long road ahead but very curious how it's going to look in 5 more years.
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when users will be able to borrow against a portfolio of stocks at fixed rate, deposit in DeFi will truly spike ๐
it's just a question of time ๐
$92.8M worth of xStocks-issued tokenized stocks has been deposited into DeFi, followed by Robinhood-issued stock tokens at $73.5M
Overall, ~7% of the $3.7B tokenized stock market is deposited into DeFi
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we've been working on this for a year+.
so excited about shipping this. ๐
Experiencing one of the best feelings: spending a year+ quietly building something no one expects from us, and finally getting ready to announce it this month.
One thing I've learned over the past 2 years is that integrity and being transparent about what you can and cannot do are detrimental short term but insanely valuable long term.
If you're making long term bet, you'd rather be honest with your customers.
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Iโll stay in SF for the 1st time for the month of November.
1. Whereโs the best place to stay? Any sublease or reco would be appreciated!
2. Want to meet the fastest startups there as well to share & learn best practices: anyone I should meet?
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Infra is eating the world.
โ demand for intelligence is basically infinite
โ so are capex spendings for AI infra
โ there's a huuuge funding gap for infra in general in the US alone ($40T)
โ an estimated $90T of investment is necessary by 2040
TLDR the world will need to raise debt. A lot of debt.
And the most efficient way will be onchain, on @Morpho.
Fasten your seatbelt; the ride will be fun.
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Iโll stay in SF for the 1st time for the month of November.
1. Whereโs the best place to stay? Any sublease or reco would be appreciated!
2. Want to meet the fastest startups there as well to share & learn best practices: anyone I should meet?
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Met a few people from a large instit who had spent more than my age there. Was amazed so asked why theyโd stayed so long there.
Came down to 2 things: A players no Bs & team collaboration before individual achievements.
Obviously salary must be high but there was no way they would stay without they 2 points above.
Would be so happy if we can keep people as long at Morpho.
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Competition is a rat race toward homogenization.
This is why Peter Thiel was so successful. One of his biggest inspirations was the French philosopher Renรฉ Girard for his work on mimetic desire (and it's consequences) - here's how it links to @shaunmmaguire's points:
"I left Silicon Valley... Because it's a monoculture... The most extreme group think of any place on the planet."
Girard's central thesis was basically: humans don't desire things autonomously, they copy the desire of others.
People fiercely defend the belief that their desires are individual/authentic (according to Girard "romantic illusion") when in reality they subtly train each other to want the exact same thing (in this particular monoculture it would be status associated with being a tech founder - ARR metrics, raise sizes, valuations, "frontier" ideas etc).
"So what do they do? They start stack-ranking each other... founder of co $100B market cap > founder of co with $50B market cap..."
Girard believed that when actors are in close status, they become mimetic rivals. Everyone is competing for the same narrow definition of success within the same tight ecosystem. They end up trapped in an ordered hierarchy where minute differences in status ($100B vs. $50B drive some sort of psychological rivalry).
"Pure toxicity that nerfs creativity... Reject this nonsense. Stay weird. Think independently."
Girard believes that intense mimetic competition creates homogeneity, sheep like or heard like behaviour. Instead of thinking about how can I create novel technology (a Facebook, a SpaceX, an AirBnB) new entrants focus on "how do i beet my peers at the game?"
This was probably the most dangerous part of a monoculture made up of mimetic rivals (from an investors point of view) - because theres no real alpha left - the competition just competes it all away. Everyones fighting over the same piece of the pie.
Where do you think he got his "competition is for losers" line from?
He got it from Girard.
Founders Fund was basically Thiel's vehicle to invest in anti-memetic ideas that Silicon Valley actively ignored.
1. Palantir - defence was taboo + governments were the anti-thesis of any start-ups philosophy
2. SapceX: Manufacturing and CapEx intense businesses were to be avoided - light scalable software was better
3. FB: Literally a real world social graph built around mimetic cultures (here i guess he was like ok we can profit of mimetic cultures lol).
Everyone should go study Renรฉ Girard and then go look at all of Thiel's conference talks - it's the same lines over and over again.
pretty cool!
p.s. this is not exclusive to SF - it's exclusive to humans
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I've just started personal coaching (just program), as i'm moving a lot + it takes too much brain power to think about what to do, when, etc. will report back on how it goes.
I had to do assessments before starting:
- VMA: 18.5km/h
- 1RM Squat : 94.8kg - 1.72x bodyweight
- 1RM Deadlift : 110.7kg - 2.01x bodyweight
- 1RM Bench Press : 65.3kg - 1.19x bodyweight
- โ 1RM Strict Press: 42.6kg - 0.77x bodyweight
- โ 1RM Bet Over Row: 74.4kg - 1.35x bodyweight
Will report how it goes and how it improves!
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First they ignore you,
then they laugh at you,
then they fight you,
then you win.
Quietly, Morpho's DeFi market share keeps hitting new ATH this year...
We don't make much noise here. You ll never see us do drama or pick fights.
We don't win on Twitter. We win onchain :).
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New day, new ATH: total deposits into Morpho on @arc just crossed $500M.
$1B very soon.
Just over 2 weeks since launch, $500M+ deposited into Morpho on @arc
