原文作者： Delphi Digital
Original source: X
原文标题：The Next Phase of DeFi Money Markets?
编译：Luffy，Foresight News
The DeFi lending industry has been sluggish, largely due to complex multi-asset lending pools and governance-driven project decisions. Our latest report explores the potential of a new type of lending product, modular lending, revealing its features, design and impact.
The current state of DeFi lending
DeFi lending protocols are alive again, with borrowing volumes growing nearly 250% year-over-year, from $3.3 billion in Q1 2023 to $11.5 billion in Q1 2024.
At the same time, there is an increased need to whitelist more long-tail assets as collateral. However, adding new assets significantly increases the risk of the asset pool, thus hindering the lending protocol's support for more collateralized assets.
To manage additional risk, lending protocols require risk management tools such as deposit/borrowing caps, conservative loan-to-value (LTV) ratios, and hefty liquidation penalties. At the same time, siloed lending pools provide flexibility in asset selection, but suffer from liquidity fragmentation and capital inefficiencies.
DeFi lending is recovering from innovation, moving from pure "permissionless" lending to "modular" lending. "Modular" lending caters to the needs of a broader asset base and allows for customized risk exposures.
The core of the modular lending platform is:
- The base layer handles functionality and logic
- The abstraction and aggregation layers ensure user-friendly access to protocol functionality without adding complexity
The goal of a modular lending platform is to have a base layer primitives with a modular architecture that emphasizes flexibility, adaptability, and encourages end-user-centric product innovation.
In the transition to modular lending, there are two main protocols to keep an eye on: Morpho Labs and Euler Finance.
The unique features of both protocols will be highlighted below. We delve into the trade-offs, all the unique features, improvements, and conditions that modular lending requires to go beyond the DeFi money market.
Morpho
Originally launched as an improver on the lending protocol, Morpho managed to become the third-largest lending platform on Ethereum, with over $1 billion in deposits.
Morpho's solution for developing a modular lending marketplace consists of two separate products: Morpho Blue and MetaMorpho.
Morpho 的流动性放大
Before Morpho Blue, liquidity fragmentation was a major criticism of the siloed lending market. But the Morpho team solved this challenge by aggregating both the lending pool and the vault level.
Re-aggregating liquidity
Lending to isolated markets through the MetaMorpho vault avoids liquidity dispersion. Liquidity in each market is aggregated at the vault level, providing users with withdrawal liquidity comparable to multi-asset lending pools, while maintaining market independence.
The shared model expands liquidity outside of lending pools
The MetaMorpho vault enhances the liquidity profile of lenders, making it superior to a single loan pool. The liquidity of each vault is concentrated on Morpho Blue, benefiting anyone who lends to the same market.
Vaults significantly enhance lender liquidity. As deposits gather on Blue, subsequent users deposit funds into the same market, increasing withdrawals for users and their vaults, freeing up additional liquidity.
Euler
Euler V1 transforms DeFi lending by supporting non-mainstream tokens and permissionless platforms. Euler V1 was phased out due to a 2023 flash loan attack that resulted in a loss of more than $195 million.
Euler V2 is a more adaptable modular lending primitive, including:
(1) Euler Vault Kit (EDC):允许无许可部署和定制借贷保险库。
(2) Ethereum Vault Connector (EVC): Enables vaults to connect and interact with each other, enhancing flexibility and functionality.
Euler V2 will launch this year, and we're curious how long it will take for it to gain a foothold in the competitive DeFi lending market.
Here's an overview of Euler V2 use cases, highlighting unique DeFi products that can be achieved using Euler V2's modular architecture.
Morpho 和 Euler 对比
Comparing Morpho and Euler side by side, one can discover their main differences, which are the result of different design choices. Both projects have designed mechanisms to achieve similar end goals, namely lower liquidation penalties, easier reward distribution, and bad debt accounting.
Morpho's solution is limited to an isolated lending market, a single clearing mechanism, and is primarily used for the lending of ERC-20 tokens.
Instead, Euler V2 supports lending using multi-asset pools, allows for custom liquidation logic, and is designed to be the base layer for all types of fungible and non-fungible token lending.