if you take the right fdv for Fluid of $275 (rest is DAO treasury) instead of $350m
Fluid has actually by far the lowest fdv/active loan multiple and not the third lowest
that’s before DEX v2
approaching deep value territory
Aggregate loans outstanding in EVM land are down 23% from peak and on-chain interest rates are up ~2% and now have a sufficiently positive spread vs. t-bills.
Market share beneficiaries since Oct 10th are Maple and Morpho, due to USDe related borrows unwinding from Aave, Maple onboarding SyrupUSDT on Aave, Morpho continuing to get deposits from Coinbase (if I had to guess).
Aggregate lending protocol marketcaps are down ~28% on average, and have seen a decline in their multiple vs. loans outstanding (8.6% multiple compression).
We're probably at least 1/2 way through this kpi down cycle, but no signs of a trough yet.
4.83K
38
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.