$AAVE continues to outperform $MORPHO on all fronts. Since last year: ▪️ $AAVE +267% ▪️ $MORPHO +8% Aave’s FDV is 3.5x higher than Morpho’s, with 95% of its supply circulating versus 32% for Morpho, and 100% unlocked versus only 17%. If you look at the FDV relative to active loans, Aave is nearly twice as capital efficient as Morpho. Each $1 of Aave’s FDV supports ~$3.70 of active loans, while for Morpho it’s only ~$1.70. Even more, Aave is buying back $AAVE with real revenue, while Morpho is buying users through MORPHO emissions — all supported by a low float and high FDV. And the deeper you look, the more Bullish $AAVE you become 👻👇 1/