AAVE at $1.27b market cap with $14.5b TVL. morpho at $1.4b market cap with $4.05b TVL. same valuation, 3.5x less deposits, zero regulatory licenses. aave has FCA and MiCA approvals, circle guaranteeing $10m revenue on arc, confirmed $1m/week buyback proposal, and chainlink SVR already generating $11m from MEV recapture. morpho captured 35% of aave's borrow book and the market gave it a premium valuation for it. meanwhile aave ate a $58m loss on the rsETH incident to protect depositors and the market punished them for it. 80% down from highs at ATH fundamentals with a fee switch vote targeting Q4. the comp trade here is screaming
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