0xResearch VVV, CFTC and Morpho | Livestream
Feb 17, 2026
They analyze Apollo’s planned Morpho token acquisition and the murky disclosure around fee models and front-end dynamics. They cover Dragonfly’s $650M raise and what massive VC capital means for deployment and valuations. They discuss the CFTC signaling for prediction markets amid state regulatory tensions. They unpack Venice’s VVV AI token model, two-token mechanics, pricing and arbitrage narratives.
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Morpho's Fee Dilemma And Moat Risk
- Morpho currently has fee modules turned off and captures revenue through curators/front-ends rather than the protocol token.
- Turning on a fee switch risks front-ends or forks undercutting Morpho unless the protocol has a durable moat.
Model Fees Only With Moat Analysis
- Before protocols flip on fees, model customer stickiness and how easily front-ends can fork or replace the backend.
- Assess the strength of integrations (e.g., Coinbase) and path dependency before pricing revenue into token value.
Big VC Raises Signal Concentrated Conviction
- Dragonfly raised $650M for Fund IV, signaling continued liquidity into crypto despite market skeptics.
- Large raises concentrate capital with experienced VCs and may reflect persistent high expectations or conviction in select managers.
