#我的2026第一条帖 DeFi lending protocols are currently led by $AAVE , and so far $MORPHO still has room for improvement.

AAVE's moat is twofold:
One layer is the effect of a dual-sided platform.
On one side are the capital providers, and on the other side are borrowers. The larger the scale and the stronger the liquidity, the more apparent the network effect becomes. It’s almost impossible for new players to replicate.
The other layer is the brand trust built through long-term safe operation.
Over the years, AAVE has experienced complete bull and bear cycles and extreme market conditions. Few protocols in DeFi can achieve this, and the credit of “long-term survival without major incidents” itself is a moat.
The growth potential is also quite clear.
First, the continuous expansion of collateral types; the more assets, the higher the protocol’s ceiling.
Second, the expansion of interest rates driven by market cycles; when the market moves, income elasticity becomes very obvious.
Third, as the entire crypto market naturally grows, AAVE itself benefits.
From a valuation perspective, when monthly revenue is annualized, the static PE is about 50 times; looking at a more stable cycle, the PE is around 20 times, which is not exaggerated. In the context of knockoff projects, it’s considered a relatively rational valuation.
Overall, AAVE is one of the most promising targets among knockoff projects for me, and it also has the widest moat.
The current valuation is acceptable to me, within a reasonable range. If it were a bit cheaper, it would be even more perfect.