Kamino | Morpho | Gearbox | Euler

• Kamino Finance, a DeFi protocol on Solana, offers lending, borrowing, and liquidity management services. In the last 90 days, users deposited over $5.57B and withdrew $3.82B, leading to a net deposit of $1.74B. The highest activity was on Aug. 5, with deposits over $218.1M and the largest withdrawal on the same day. Net deposits over the last 24 hours, 7 days, and 30 days have remained positive, reflecting strong user engagement.

• The token with the highest net deposit is SOL, with $1.06B over the last 90 days, notably having low withdrawals. JupSOL, a liquid staking token from the DeFi platform Jupiter, is second with $346M. PYUSD, a stablecoin developed by PayPal, follows at $146M. USDC holds the highest withdrawals, totaling $39M.

• Borrowing on Kamino surged in the last 90 days, with a peak on Sept. 13, when users borrowed over $164M. Total borrowing hit $1.94B, while repayments were solid at $1.5B. The average borrow amount was $21M, and average repayments stood at $16.6M.

• Morpho has established itself as a leading decentralized lending protocol across EVM-compatible blockchains. Its ecosystem comprises multiple products, including Morpho Optimizers and the more recently launched “Morpho” (formerly known as Morpho Blue) protocol. As of October 2024, Morpho has achieved $1.62B in total deposits, with a Total Value Locked (TVL) of $1.05B, showcasing its growing presence in the DeFi lending space.

• There's been a significant uptick in user adoption in 2024, with Morpho reaching over 68,000 unique wallets across its protocols. The protocol's launch on Base in June 2024 has been a major driver, contributing over 53,000 new wallets to the ecosystem.

• Morpho sustains strong growth in deposits, especially when excluding Algorithmic Market Operations Controller (AMOs), automated systems used by projects like the stablecoin issuer Angle to manage liquidity and stability. This highlights its growth in blue-chip assets — $903M with a +46% growth over just 3 months.

• Gearbox, a lending platform, began the year with the launch of Gearbox V3 and has since seen a 200% growth in TVL. Over the year, Gearbox integrated 30+ assets - expanding credit to liquid restaking tokens (LRTs), Ethena, margin trading on decentralized exchanges, real world assets (RWAs) and BTCfi assets. The protocol further expanded to 2 more networks: Arbitrum and Optimism. The new integrations increased organic demand from borrowers, and revenue increased by 626% to $3M in the first nine months of the year.

• The increase in demand happened as borrowers grew by 13.38x (1,338%), opening 2,465 unique Credit Accounts over the year. The influx of demand was fulfilled by a significant growth in lenders, which rose by 108% over the year. This was further facilitated by Gearbox adding 5 new lending pools.

• Making growth sustainable — Gearbox generated $14M+ in overall fees, with lenders earning $11M+ and the DAO generating ~$3M in revenues. The total $GEAR token incentives were ~$486k or a net spend of 16 cents for every $1 earned by the DAO. The GEAR token also reached 100% circulating supply.

• Euler is a modular lending platform designed to enhance capital efficiency and flexibility in DeFi. With Euler, users can permissionlessly establish lending markets tailored to their unique needs and preferences. Since launching Sept. 4 after a year of rebuilding and extensive security audits, Euler has accumulated $11.06M in net deposits.

• Euler has $3.28M in active loans as reputable vault creators like Re7 Labs, MEV Capital, and K3 Capital have already started building on Euler. Soon, Euler will allow for capital-efficient, high-yield positions with Pendle PT, a first in lending protocols.

• In the past year, Euler has built multiple public goods, including the Ethereum Vault Connector to connect and enable ERC-4626 vaults as collateral, contributed to the ERC-7726 standard for seamless oracle integration, and created one of the most transparent oracle dashboards in DeFi.