Hello everyone, I'm Xingchen. In the DeFi space, if Uniswap (UNI) is the king of decentralized exchange (DEX) infrastructure, then Morpho Blue is becoming the king of decentralized lending infrastructure. To assess the ceiling of MORPHO's market capitalization, the most suitable benchmark is not AAVE or COMP (lending applications), but UNI (the underlying protocol). Let's compare MORPHO and UNI to see the similarities and differences in the value capture models of these two top infrastructure tokens. I. Commonalities in Infrastructure Positioning Neither UNI nor MORPHO are "application layer" tokens; their core value comes from control and enabling capabilities over the underlying protocol. Common Logic: Both capture the value of the entire market by providing a permissionless, efficient, and secure underlying standard. II. Differences and Potential in Value Capture Models Although their positioning is similar, MORPHO's value capture model in the lending field has unique potential: 1. Enabling TVL Stability: UNI: Value is linked to trading volume, resulting in high volatility. 1. **MORPHO:** Value is pegged to the enabled TVL (LRT, RWA assets) locked on Morpho Blue, making it relatively stable. The characteristics of RWA assets, in particular, determine that it represents long-term, stable capital. 2. **Directness of Fee Capture:** UNI: Currently, the protocol fee switch is not yet enabled, and value capture remains a long-term expectation. MORPHO: The path to value capture is clearer and more direct. The MORPHO DAO can vote to extract a share of the MetaMorpho treasury's performance fees, converting potential value into actual cash flow. This is more feasible and has greater market acceptance than the direct trading fees of DEX protocols. 3. **Professionalism of Governance:** UNI: Governance primarily involves trading pairs and community funds. MORPHO: Governance involves professional risk parameters, strategic incentive allocation, and RWA access standards. This professionalism in governance means that the MORPHO token holder community will be more long-term and professional. III. MORPHO's Market Capitalization Potential Analysis If Morpho Blue can realize its vision of a "lending TCP/IP protocol," its market capitalization potential will be on par with UNI. UNI's valuation logic: Anchored to global crypto asset trading volume. MORPHO's valuation logic: Anchored to the lending liquidity of global tokenized assets (RWA, LRT). With the large-scale integration of RWA assets, the TVL (TVL) increase in the lending market will far exceed that of the trading market. MORPHO's long-term market capitalization will be determined by its position as a trillion-dollar asset circulation hub. IV. Conclusion: Investing in the Scarcity of Underlying Standards The core logic of investing in MORPHO is investing in the scarcity of its underlying standards and network effects. MORPHO is replicating UNI's successful path, capturing the value of the entire lending market by providing a more secure, efficient, and modular underlying standard. Understanding the long-term value of this infrastructure token is key to achieving excess returns. Disclaimer: The above content is for personal analysis and popular science purposes only and does not constitute any investment advice. Cryptocurrency is risky, DYOR, DYOR, DYOR! @MorphoLabs $MORPHO #Morpho

Regardless, buy the dip again ✅ $PEPE $BANANAS31 $XRP #meme_coin #BullRunTips

According to BlockBeats, on March 23, according to Coinglass data, the current mainstream CEX and DEX funding rates show that the crypto market is still in a bearish trend, and the specific funding rates of mainstream currencies are shown in the attached figure. BlockBeats Note: Funding rates are rates set by cryptocurrency trading platforms to maintain a balance between the contract price and the underlying asset price. They are usually applicable to perpetual contracts. It is a fund exchange mechanism between long and short traders, and the trading platform does not charge this fee. It is used to adjust the cost or benefit of the trader holding a contract to keep the contract price close to the underlying asset price. When the funding rate is 0.01%, it indicates the base rate. When the capital fee rate is greater than 0.01%, it means that the market is generally bullish. When the capital rate is less than 0.005%, it means that the market is generally bearish.