Fluid price

Boosting this because it’s a great primer on the mechanics of lending platforms. How do you use this info for some napkin math (or more like musings) on valuation? Their business model affects their idea-maze path dependency and, consequently, the narrative for their valuations. For example: 🦋Morpho vs. Euler 🧮: You can scale both by risk curators and TVL. IMO Morpho gets the distribution advantage via the DeFi mullet. As far as I know, Gemini and Coinbase have integrated. Morpho is efficient because risk curators as distro can handle promotion and it may help in growth. Euler feels more bottom-up for now. 🌊 Fluid: With its DEX + Lend combo,it creates an interesting comps input? Do you use ratios from a lending protocol or a DEX? Or both? Maybe something something Hyperliquid some day who knows 🌙 Side note: One crazy wild card is Kamino. It has cornered a good chunk of Solana while displaying properties similar to Morpho. But because it’s on SOL, it’s harder to tap into the network effects of the EVM ecosystem, so scaling via assets is hampered. If you’re considering Kamino, you need to monitor assets as it caters to various users that drive its growth. Currently, I think the “RWA” stuff is cool but there are way too many SOL-related tokens, lmao. Either way, I think it’s good that there’s a trend toward improving the product via assets, then risk mgmt gud tech as more exotic, riskier assets are onboarded, and platformization. While porous, permissionless, decentralized nature of crypto is PITA as a constraint, and you usually need to grow with network effects → switching costs → economies of scale.