Aave ki te Compound ki te Morpho: He Whakatauranga Pukapuka DeFi

Whakaahuatanga Whakarāpopototanga DeFi

DeFi lending allows anyone to supply crypto assets to a lending protocol and earn interest, or borrow assets by posting collateral. Unlike traditional bank lending, there are no credit checks, no intermediaries, and no geographic restrictions. Smart contracts enforce the rules automatically, and interest rates adjust algorithmically based on supply and demand.

Ina whakawhiwhia e koe he rawa, ka whiwhi koe i te APY (ōrau ā-tau) ka utua e ngā kai-tārewa. Ka whakatauhia ngā reiti huamoni e te reiti whakamahinga o ia mākete: te ōrau o ngā rawa kua whakawhiwhia kua tārewa i tēnei wā. Ko te whakamahinga nui he hiahia nui mō te tārewa, ka piki ake ngā reiti. Ko te whakamahinga iti he nui te whakawhiwhinga, ka heke iho ngā reiti.

All DeFi loans are overcollateralized. To borrow $1,000 in USDC, you might need to deposit $1,500 worth of ETH. If your collateral value drops below a liquidation threshold, automated liquidators repay your debt and claim your collateral at a discount. This mechanism has carried the major lending protocols through several market crashes.

DeFi lending is one of the largest categories in decentralized finance by total value locked (TVL), the value of assets deposited in protocols. DefiLlama publishes the live figure for the whole category. Three protocols lead this landscape: Aave, Compound and Morpho. Each takes a different approach to the same problem, and understanding those differences helps you choose where to lend.

Compound: Te Pione

Compound is the protocol that popularised pool-based DeFi lending. Founded by Robert Leshner and Geoffrey Hayes in 2017, with its protocol live on Ethereum since 2018, Compound introduced algorithmic interest rates and tokenized lending positions (cTokens) that became an industry standard. Aave, Morpho and many other protocols trace parts of their architecture back to Compound's original design.

In June 2020, Compound launched the COMP governance token and pioneered liquidity mining, distributing COMP tokens to suppliers and borrowers. This single innovation kicked off "DeFi Summer" and inspired nearly every subsequent token distribution in the ecosystem.

Ko te Compound III (e kīia ana hoki ko Comet), i whakarewahia i te tau 2022, he tino rerekētanga mai i te tauira rawa-whakakotahi taketake. Engari i te tuku i ngā kaiwhakamahi ki te tuku me te tono i tētahi rawa kua whakarārangihia, ka arotahi a Compound III ki tētahi rawa kotahi e taea ana te tono mō ia mākete (ko te nuinga he USDC). Ka tukuna e ngā kaiwhakamahi ngā rawa tāpui (ETH, WBTC, COMP, aha atu) hei tono USDC. Mā tēnei whakamāmātanga e tino whakaiti te tūraru mā te whakakore i te horapa-rawa whakawhiti, ā, ka māmā ake te mārama me te arotake i te kawa.

Kua whai hoki a Compound i ngā whakahaere. Ko Compound Treasury tētahi o ngā hua tuatahi ki te tuku ki ngā kaipupuri moni whakahaere te urunga ā-ture ki ngā hua DeFi. Nā te aro nui o te kawa ki te ngāwari, ki te waehere kua roa e whakamātautauhia ana, me ngā tawhā mōrearea tūpato, ka waiho hei whiringa noa mō ngā pūtea me ngā tahua e hiahia ana ki te whakamārama i te whai wāhi DeFi ki ngā rōpū whakatutuki ture.

Morpho: Te Whakarite

Morpho is the newest of the three protocols, founded in 2022 by Paul Frambot and a team of French researchers. Morpho started as a rate optimizer built on top of Aave and Compound: it matched lenders and borrowers peer-to-peer to shrink the spread between supply and borrow rates, giving suppliers higher yields and borrowers lower costs.

I te Hānuere 2024, i whakarewahia e te rōpū a Morpho Blue, he tūāpapa tuku moni motuhake. He kirimana atamai iti, kore e taea te whakarerekē, tata ki te 650 rārangi Solidity a Morpho Blue. Kāore he rārangi rawa e whakahaerehia ana e te kāwanatanga. Engari, ka taea e te tangata katoa te hanga i tētahi mākete tuku moni mā te whakatau i tētahi rawa tārewa, tētahi rawa tāmana, tētahi LTV whakamutu, tētahi oracle me tētahi tauira reiti huamoni. Nā tēnei hoahoa kore-whakaaetanga, wāhanga-wāhanga, ka noho a Morpho Blue hei paparanga hanganga tuku moni, kaua hei kawa kotahi.

Morpho Vaults (originally called MetaMorpho) are the user-facing layer built on top of Morpho Blue. Vault curators (risk firms, DAOs, protocols) create vaults that allocate capital across several Morpho Blue markets according to a risk and return strategy. Users deposit into a vault and earn a blended yield without evaluating each market themselves. This separation between the lending primitive (Morpho Blue) and the risk management layer (vaults) is Morpho's main architectural idea.

Morpho has grown quickly, reaching about $11 billion in TVL as of September 2026 (DefiLlama), which now places it well ahead of Compound. USDC supply rates in Morpho vaults are often higher than on Aave or Compound for the same asset, because the leaner architecture keeps the interest rate spread small, though this is not guaranteed at any given moment. The MORPHO governance token was launched in 2024.

Ko tēhea Kōtaha e me kōwhiri e koe?

Ko te kōtaha tino pai e whakawhirinaki ana ki ōu whāinga. Anei he wehewehenga i runga i te horopaki whakamahinga hei āwhina i a koe ki te whakatau.