, the supply rate for USDT on Compound is at 2.07% compared to a high of 10.5% in December last year."Morpho strangely fits the bear market conditions because it's about native APY [annual percentage yield] improvements," said Frambot in an interview."The bear market is kind of better for us as although we might only be doing a 1% improvement of your APY, that really matters now that yields are down.
Yet as an improvement layer for existing protocols, Morpho is not tied to one specific lending protocol. It's currently looking at ways of integrating Aave and adding a corresponding blockchain network. It has also made steps to decentralize the protocol – part of the reason it chose two co-leads rather than one — by distributing non-transferable governance tokens to its users. These will have checkpoints, termed epochs and ages, where users can claim rewards and vote to refine the model of the protocol.
The funding news follows recent venture capital moves in the DeFi lending space despite increased pressure on the space. Last month, Sequoia Capital India and Quona Capital© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Tom is fintech reporter at The Block.
Who said there’s no innovation in Defi? A lending protocol built on top of a lending protocol 🚀🚀🚀
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