Coin Metrics is committed to building the crypto economy on a foundation of truth, providing authentic and accurate data with the highest standards of clarity and precision. With this mission in mind, we are proud to share our June edition of Movers and Shakers, the monthly resource aiming to bring more transparency and credibility to the rapidly evolving crypto space.
As new assets reach a certain degree of accessibility to investors, specifically as they achieve alignment with our Market Selection Framework and the Trusted Volume Framework, Coin Metrics uses its crypto expertise to describe the assets’ context of use. The following assets are expected to reach alignment this month:
Morpho (MORPHO) is a decentralized lending protocol providing custom lending markets for different risk tolerances. Morpho allows curators such as asset managers and research firms to build a vault where lenders deposit a single loan asset to earn yield. Instead of individual users researching market risks and assessing optimal risk-reward opportunities, curators determine optimal allocations for a vault to allocate the loan asset to different markets. This helps minimize the risk of protocol-wide liquidations while offering competitive returns to lenders. Borrowers receive loans directly from single collateral, single loan asset markets and repay the principal plus accrued interest unless their position is liquidated due to undercollateralization. MORPHO tokens are used to incentivize deposits in vaults and can be used to vote on governance proposals to approve project grants.
Drift Protocol (DRIFT) is a derivatives trading platform providing a suite of financial services including perpetual futures trading on Solana. Drift uses a tiered approach to providing liquidity for trade orders. Trades initially enter a short-term Dutch auction where market-makers can fill orders at or below the auction price with Just-in-Time (JIT) liquidity. If orders are not filled with JIT liquidity, Drift uses a virtual AMM and decentralized limit order book as backstops. Drift also supports spot trading, passive liquidity providing, and decentralized lending pools. To protect Drift operations, users can deposit funds into an insurance fund, passively earning yield unless needed to recoup losses. DRIFT token can be staked to earn more protocol rewards and used to participate in governance proposals to drive protocol development.
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