Expanded coverageCustom metrics related to ORCA value accrual are now available: ORCA buybacks, ORCA staked, ORCA/xORCA rate, and xORCA supply.Curator, vault, and asset-level breakdowns are now available for Morpho's TVL, Active loans, Fees, and Revenue metrics. These can be accessed via Queries on Studio, allowing analysts to get a clear picture of the key drivers behind each metric. ...

Expanded coverageCustom metrics related to ORCA value accrual are now available: ORCA buybacks, ORCA staked, ORCA/xORCA rate, and xORCA supply.Curator, vault, and asset-level breakdowns are now available for Morpho's TVL, Active loans, Fees, and Revenue metrics. These can be accessed via Queries on Studio, allowing analysts to get a clear picture of the key drivers behind each metric. ...

Market Overview - The Altcoin Season Index is at 24, indicating a market primarily influenced by Bitcoin trends with limited breadth [1] - Current market activity is selective and event-driven, focusing on specific tokens rather than a broad risk reset [1] Policy Impact - Investors are assessing whether a more favorable policy tone can influence the short-term trajectory of altcoins or if recent gains are temporary [2] - The market reacted positively to President Trump's pardon of Binance co-founder Changpeng Zhao, reducing perceived policy risks for the industry [3] WLFI Token Analysis - WLFI is trading at approximately $0.14, reflecting an 11% increase in 24 hours, with trading volume surging by 210% [3] - Future performance of WLFI hinges on whether current enthusiasm translates into sustained participation and balanced trading across multiple venues [4] Morpho Token Analysis - Morpho is currently priced around $2.0, up 8% for the day, with consistent usage reported across lending routes [5] - Key metrics for Morpho include utilization, deposits, and maintaining price above support levels while balancing volumes [6] SPX6900 Token Analysis - SPX6900 is trading near $1.0, up 7% in 24 hours, benefiting from liquidity in meme baskets during relief periods [7] - Traders are monitoring the $1.05 to $1.10 range for potential continuation of the upward trend, with a drop below $1.00 indicating a short-lived move [8]

Cryptocurrency & DeFi Integration - Bitcoin 可用于解锁即时流动性 [1] - Coinbase 与 Morpho 的集成正在快速增长 [1] - Morpho 上 Coinbase 的抵押品已超过 10 亿美元 [1]

Core Insights - The growing popularity of stablecoins is expected to pressure banks to increase deposit yields to remain competitive [1][8] - Stripe CEO Patrick Collison argues that current low savings account yields are unsustainable and consumer-unfriendly [3][4] - The recent regulatory framework established by the U.S. GENIUS bill has influenced the stablecoin market, restricting issuers from offering yields [4][5] Banking Sector Dynamics - Banks currently rely heavily on low-interest deposits, with savings account yields at 0.40% in the US and 0.25% in the EU [3] - There is a concern among banks that yield-bearing stablecoins could attract customers away from traditional banking [5][6] - Collison emphasizes that market forces may compel banks to offer fair yields to retain customers as demand for higher returns increases [6][8] Stablecoin Market Developments - The stablecoin industry has seen rapid adoption since 2023, particularly following the introduction of the GENIUS bill [4] - Despite restrictions on offering yields, the stablecoin market is viewed as a potential threat to traditional banking systems [6] - The integration of platforms like Crypto.com with DeFi lending protocols indicates a growing trend towards stablecoin lending [7]

Core Insights - Société Générale is actively engaging in decentralized finance (DeFi) by integrating its euro and dollar stablecoins with major DeFi platforms like Uniswap and Morpho, marking a significant step beyond pilot projects in the banking sector [2][3][4] Company Developments - SG Forge, the digital assets arm of Société Générale, has integrated its USDCV and EURCV stablecoins with Uniswap, which has a monthly trading volume exceeding $100 billion, and Morpho, a lending protocol with $11 billion in deposits [2] - The integration allows institutional clients to swap stablecoins and other crypto assets on Uniswap and to lend and borrow against them through Morpho [2][3] Industry Trends - The DeFi lending sector is gaining traction, with deposits to DeFi lending protocols reaching an all-time high of $130 billion in early September, indicating a strong demand for decentralized lending solutions [3] - Other banks, such as Credit Suisse and Standard Chartered, are also exploring digital assets and tokenization, reflecting a broader trend in the banking industry towards embracing DeFi and digital currencies [5] Regulatory Environment - Recent regulatory developments, including the European Union's MiCA rules and new stablecoin regulations in the US, are fostering a more favorable environment for banks to engage with digital assets [6] - Future regulations, such as the planned market structure bill in the US, are expected to further encourage banks to explore DeFi initiatives, although potential delays due to government shutdowns may impact this [6]

DeFi Protocol Analysis - Morpho's FDV/TVL ratio is 0083 [1] - Total Value Locked (TVL) in Morpho reaches $10 billion [1] - Speculation suggests Coinbase users may be unknowingly contributing to yield farming on Morpho [1]

Stablecoin Liquidity Enhancement - Coinbase plans to enhance stablecoin liquidity on Aave, Morpho, Kamino, and Jupiter [1] - The initiative involves a new Bootstrap Fund [1] Platforms Involved - Aave is one of the platforms targeted for increased stablecoin liquidity [1] - Morpho is another platform where Coinbase aims to boost stablecoin liquidity [1] - Kamino is included in Coinbase's stablecoin liquidity enhancement strategy [1] - Jupiter is also a platform where Coinbase intends to improve stablecoin liquidity [1]

Definition of Blockchain GDP - Blockchain GDP measures the USD value of end-user fees for interacting with a chain's applications [1] - The GDP metric excludes gas fees paid to the underlying chain [1] - On-chain transactions are classified as fees when the application can apply a take rate (0-100%) [1] - The GDP metric considers the total fee paid by the end user [1] - For example, if a borrower on Aave pays $100 in interest, the fee equals $100 [2] Rationale for Using Fees - The GDP metric is based on fees, not revenue, to include end-user payments from applications with a 0% take rate, such as Uniswap & Morpho [2]

General Observation - The data presented is considered truthful and reliable by Morpho Labs [1] Company Focus - Morpho Labs emphasizes the importance of data-driven insights [1]