Billy Marsh

Wir haben die "Vorfrauen" von Plasma ($XPL) getroffen:
Paul Faecks (Der CEO & Strategist)
Christian Angermayer (Der Milliardär & "TradFi" Unterstützer)
Lucas Tchejeyan (Der CTO & "Bitfinex" Technik Brain)
Aber eine 3-Mann-Armee kann keine globale Finanzinfrastruktur aufbauen. Plasma hat ein ~50-köpfiges "Schatten-Team" von Ingenieuren und Betreibern. Die wahre Geschichte—und das wahre "TradFi" Bullenszenario—ist nicht, wer die Gründer sind, sondern wer dieses "Schatten-Team" ist.
Der Hintergrund dieses Teams wurde während der "$600M Dump" Kontroversen enthüllt, und es ist das ultimative "Alpha."

Wir haben besprochen, wie Aave auf Plasma ($XPL) "überbesicherte" Kredite bereitstellt – Sie müssen $150 an Sicherheiten hinterlegen, um $100 zu leihen. Dies ist der "DeFi"-Standard, aber so funktioniert die reale Welt nicht.
"TradFi" (Traditionelle Finanzen) basiert auf Kredit. Echte Unternehmen (wie Apple oder eine große Handelsfirma) überbesichern nicht, um Kredite aufzunehmen. Sie leihen basierend auf ihrem Ruf und ihrer Kreditwürdigkeit.
Um ein echtes "TradFi"-Netzwerk zu sein, benötigte Plasma ein "Kredit"-Protokoll. Deshalb ist die Partnerschaft mit Clearpool ($CPOOL) am "Tag 1" so entscheidend. Clearpool ist der "TradFi"-Motor für unbesichertes Lending im Netzwerk.

When you deposit into a Morpho Vault, you're not just trusting Morpho's code. You are trusting a professional risk manager called a "Curator."
Today, we're spotlighting the most famous (and arguably most important) curator in the ecosystem: Gauntlet.
•Who is Gauntlet?
Gauntlet is one of the most elite, high-profile quantitative research and risk management firms in all of DeFi. They are "quants" (quantitative analysts) who build sophisticated, AI-powered simulation models to manage risk.
For years, they were the #1 risk manager for Aave, earning millions to help keep that protocol safe.
The "Split" That Shook DeFi
In early 2024, Gauntlet made a shocking announcement: they were terminating their multi-million dollar relationship with Aave. They cited "inconsistent guidelines" and frustration with Aave's slow, political governance model.
Less than one week later, they announced their new, full-time focus: Morpho.
This was a bombshell. It wasn't just a partnership; it was a "bet." Gauntlet didn't just advise Morpho; they became a builder on top of it.
•Why Morpho? The "Open Market for Risk"
Gauntlet's move highlighted the fundamental difference between the two protocols:
Aave's Model: Gauntlet was a "consultant." They had to make recommendations, which then had to be debated and slowly voted on by the Aave DAO.
Morpho's Model: Gauntlet is a "Curator." They operate in a permissionless, open marketplace. They don't need to ask for a vote. They can instantly launch their own vaults, set their own risk parameters, and compete directly for user funds based on their performance.
Gauntlet now offers a full suite of vaults on Morpho, from "Prime" (ultra-safe, blue-chip assets) to "Core" (higher-yield). Their incentives are 100% aligned: if their vault performs well and safely, they earn a small fee. If they fail, they lose.
•Conclusion:
Gauntlet's move from Aave to Morpho was a defining moment. It signaled a paradigm shift away from slow, monolithic "consultant" models to a new, fast, and competitive "open market" for risk.
When the #1 risk manager in DeFi chose Morpho as the best platform to build their business, it was one of the biggest votes of confidence possible.
•Call to Action (CTA):
What do you think of this "open market" for risk? Does it give you more confidence to know that experts like Gauntlet are competing to manage your funds? Let me know! 👇
@Morpho Labs 🦋 #Morpho $MORPHO
{spot}(MORPHOUSDT)

In the "L1 Wars," an "inflationary" token is often seen as a "bearish" sign. Plasma's ($XPL) tokenomics include a 5% annual inflation (paid out to stakers), which has led many to worry about a constantly diluting supply.
To counter this, a common rumor is that Plasma uses a "buy-back-and-burn" mechanism. This is incorrect.
The truth is more complex and far more "crypto-native." Plasma has adopted Ethereum's "EIP-1559" fee model. This creates a powerful, real-time "tug-of-war" between the inflation from staking and the deflation from network usage. Here’s how it works.
Part 1: The "Inflation" (The "Staking Yield")
This is the "supply" side of the equation.
The "What": The Plasma network creates new $XPL tokens at a rate of 5% per year.
The "Why": This inflation is the "salary" paid to the Validators and their Delegators (stakers) for securing the network. It's the "base pay" that incentivizes staking (which is scheduled to launch in Q1 2026).
The "Catch": This 5% inflation rate is designed to decrease over time (by 0.5% per year) until it reaches a long-term, sustainable baseline of 3%.
Part 2: The "Deflation" (The "EIP-1559 Fee Burn")
This is the "demand" side of the equation, and it's Plasma's "secret weapon."
When you make a "non-free" transaction on Plasma (like a complex DeFi swap, an RWA trade, or minting an NFT), you pay a gas fee in XPL. Just like on Ethereum, this fee is split in two:
The "Priority Fee" (The "Tip"): This is the small "tip" you add to get your transaction processed faster. This portion goes directly to the Validator as "real yield."
The "Base Fee" (The "Burn"): This is the main part of the gas fee. This entire portion is permanently destroyed (burned).
Why This Is "Better" Than a "Buy-Back"
A "buy-back" is a corporate decision (e.g., "This quarter, we will use our profits to buy 1M tokens").
A "fee burn" is a "protocol" decision. It is an automated, real-time, and trustless mechanic.
It's "Real-Time": The XPL "Base Fee" is burned on every single block.
It's "Tied to Demand": The more people use the network (trading, gaming, minting), the higher the "Base Fee" gets, and the more XPL is burned.
Conclusion: The "Tug-of-War" for Scarcity
This creates the central, long-term "bull vs. bear" thesis for the XPL token's value.
The "Bear" Case: In the early days, if network activity is low, the 5% inflation will be higher than the "fee burn." This will increase the total supply (inflationary).
The "Bull" Case (The "Ultra-Sound" Goal): As the "Plasma One" app and the 100+ dApps on the network drive millions of daily transactions, the "Base Fee" burn will grow.
The ultimate "bull case" for XPL is a future where the total XPL burned from high network usage becomes greater than the 5% (or 3%) inflation paid to stakers. This would make XPL a deflationary asset—a "digital commodity" that becomes more scarce the more popular it gets.
@Plasma #Plasma $XPL
{spot}(XPLUSDT)

Sie haben wahrscheinlich gesehen, dass Coinbase jetzt kryptobasierte Kredite für seine Nutzer anbietet. Aber wussten Sie, wie es funktioniert?
Es ist kein privates, off-chain System, das auf einem Coinbase-Server läuft.
Der gesamte, milliardenschwere Kreditdienst ist nur ein genehmigungsfreier Morpho Blue Markt, der auf der öffentlichen Base-Blockchain läuft.
Hier ist die "on-chain" Aufschlüsselung:
Ein Coinbase-Kunde möchte einen Kredit gegen sein Bitcoin.
Coinbase nimmt ihr BTC und wickelt es in cbBTC (Coinbase Wrapped BTC).
Es hinterlegt dann das cbBTC als Sicherheit in einem öffentlichen, genehmigungsfreien Morpho Blue Markt auf Base.

Das ist eines der wichtigsten und beeindruckendsten Fakten über das Morpho-Protokoll.
Der Kernvertrag von Morpho Blue ist unveränderlich.
Das bedeutet, dass, nachdem es auf die Ethereum-Blockchain bereitgestellt wurde, seine Kernlogik niemals geändert, pausiert oder "aktualisiert" werden kann.
Nicht von den Entwicklern.
Nicht von der Morpho DAO.
Nicht von irgendjemandem.
Dies ist eine absichtliche Designwahl, kein Versäumnis. Es ist das ultimative Engagement für Sicherheit und Vertrauen.
Während die Morpho DAO über Dinge rund um das Protokoll abstimmen kann (wie wohin Gebühren gesendet werden oder um neue Arten von Risiko parametern für neue Märkte zu genehmigen), kann sie nicht den Kern-Engine berühren, der die $11B+ an Mitteln hält.

Seit Jahren sind "Real-World Assets" (RWAs) das größte "Was wäre wenn" im Kryptobereich. Nun, es ist kein "Was wäre wenn" mehr. Es geschieht gerade jetzt, und Morpho steht im Zentrum davon.
Wusstest du: Eine der größten Banken Europas, Société Générale, nutzt aktiv Morpho, um traditionelle Finanzen (TradFi) mit DeFi zu verbinden.
Hier ist die einfache Aufschlüsselung dieser bahnbrechenden Integration:
Die Bank: Der digitale Vermögenszweig von Société Générale (SG-FORGE) gibt regulierte, MiCA-konforme Stablecoins aus, wie EURCV (einen tokenisierten Euro).