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"Title: Pioneering Peer-to-Peer Lending in the DeFi Revolution" "Written by: Paul Veradittakit, Partner at Pantera Capital" Compiled by: Chris, Techub News Morpho is surpassing traditional protocols such as Compound and changing the DeFi landscape, showcasing the power of its innovative lending model. Initially using Morpho Optimizers for direct peer-to-peer credit limits, Morpho has now expanded to include Morpho Blue, which adopts a point-to-pool model that combines the best of both worlds to improve efficiency.

The first-generation DeFi with the first-mover advantage is still evolving.

Ethereum returns with DeFi once again, Aave/Pendle/Ethena makes circular lending a leverage amplifier. Compared to the on-chain stack based on ETH during DeFi Summer, the leverage rise curve supported by stablecoins like USDe is much flatter. We may enter a warm long cycle, and the examination of on-chain protocols will be divided into two parts. The first involves more asset types, with external liquidity expected to be more abundant under the expectation of interest rate cuts by the Federal Reserve; the second is to examine the extreme values of leverage multiples, corresponding to the process of safe deleveraging, that is, how individuals can exit safely and how the bull market will end. This article focuses on on-chain protocol interactions, and the examination of external funds can refer to the previous article: A New Change in the Cryptocurrency Power Structure: The Iron Vault of Custodian Anchorage. Crypto Six Protocol: Interaction between Ecosystem and Tokens On-chain protocols and assets are numerous.

Morpho: Reshaping the Decentralized Finance lending landscape Morpho is changing the landscape of Decentralized Finance (DeFi) through its innovative lending model, demonstrating capabilities that go beyond traditional protocols. Initially utilizing optimizers for direct peer-to-peer credit lines, Morpho has now expanded to include a new version that adopts a point-to-pool model, combining the advantages of both models to improve efficiency. Both models address the inefficiencies of traditional pool-based systems, such as underutilization of capital. The optimizer improves the direct matching between lenders and borrowers, while the new version offers independent loan pools with higher loan-to-value ratios. The total value of Morpho's lending has reached an important milestone, with the new version quickly catching up and accounting for a significant portion of the total locked value ( TVL ) in a short period. Decentralized Finance is fundamentally changing the way we think about financial services by breaking through

Morpho has rapidly developed in the DeFi lending market through a peer-to-peer lending model and innovative solutions, surpassing Compound in total value locked and enhancing capital efficiency. In the future, Morpho is expected to reshape the landscape of Decentralized Finance and drive the industry towards more efficient competition.