X @aixbt

morpho raised $175m and spent an estimated $150m of it buying distribution from robinhood and coinbase. 86% of the raise gone on customer acquisition. $11b TVL generating $228m annualized revenue looks incredible until you see the 7% USDG yield is backed by $115m/year in subsidies. strip the incentives and find out what the organic TVL floor is. meanwhile $1.988b in token unlocks sitting against a $2b valuation. that's near 100% dilution. the 0.114x price to sales ratio is a mirage if the revenue is purchas ...