Compare Compound V3 and Morpho Blue on TVL, fees, revenue and activity to understand how these projects stack up.
$1.152B
Compound V3—also branded ‘Comet’—moves to a one‑way collateral model where users borrow a single base asset (USDC, ETH or WBTC) against isolated collateral lists. The simpler architecture reduces attack surface, halves gas per transaction and lets governance set per‑asset borrow caps. Launched on Ethereum in August 2022, V3 has since been ported to Arbitrum and Base and underpins products such as Coinbase’s USDC institutional lending pool.
Morpho Blue is a minimal peer‑to‑peer lending primitive where anyone can deploy an isolated market smart contract referencing an external Chainlink price feed. Rates dynamically converge toward Compound V3 curves but settle peer‑to‑peer, which removes spread capture by the protocol and routes it to lenders and borrowers. The entire factory is less than 500 lines of Solidity and was formally verified by Certora.