Tom Sam dollhouse.acc

$MORPHO is up 110% YTD while most alts bled. It is 10% up even in the week where Binance got hacked and every token suffered. $11B+ TVL ✅ $300M annualised fees ✅ Still a $1.62B cap ✅ Here’s why we’re bullish for 2027. ➠ Catalyst #1: Fees are growing while incentives get cut $207.2M in fees over the last 365 days, up 43.9% Annualised run rate is $300.5M, about 45% above the trailing year Token incentives over the same period: $9.66M, down 73.9% Fees are now ~21x incentives. That’s demand, not a farm ➠ Catalyst #2: The default credit layer for new chains Live on 45 chains Base: $4.35B TVL and $10.7M in 30d fees, already out-earning Ethereum ($10.6M) on less TVL Robinhood Chain: $591.5M TVL at 79% utilisation Monad: $168.8M TVL at 70% utilisation. Also live on Arc, Arbitrum, Hyperliquid L1, Tempo New chains launch, Morpho shows up, borrowers follow ➠ Catalyst #3: Borrow demand is compounding TVL $11.14B, up 85.6% YTD and 46.4% in 90 days Borrowed $5.62B, up 69.1% YTD About half of all deposits are actively lent out. Idle TVL is easy to rent. Borrow demand isn’t Morpho Blue does ~99% of it. One primitive, many markets ➠ Vs Aave $AAVE is the incumbent. Bigger book, longer track record, live value accrual $MORPHO trades at ~5.4x fees But Morpho is the one new chains and fintech apps keep plugging into. Aave has scale. Morpho has momentum. Genuinely feel morpho is one of the best bets to take right now. It's proven its strength in the worst of markets and it feels like it will be huge in the green markets.