KMNO vs MORPHO
Kamino Finance and Morpho scored on the same 25 variables, ranked against the same 251 tokens, with every gap between them shown.
Scoring pass 18 Sept 2026. Market snapshot 7 Oct 2026.
What separates them
KMNO scores 138 of 250 and ranks 35th of 251. MORPHO scores 157 and ranks 16th. MORPHO leads by 19 points, which is a real gap, though small enough that one variable moving would close much of it. KMNO takes 5 of the 25 variables, MORPHO takes 14, and 6 are level.
The framework rates KMNO CAUTIOUS HOLD and MORPHO HOLD. Two tokens close enough to compare do not have to land in the same band, and where they do not, the divergence table below is where the split comes from.
2 variables separate them by 3 points or more. MORPHO is clear on BTC Alpha Potential (8 against 2) and Exchange Depth (7 against 4).
Both score 3 or below on Buyback and Burn, Real Staking Yield. A weakness both sides share is not a reason to prefer either. It is a reason to check whether the category itself carries the problem.
MORPHO is valued at $1.75B against $214.9M for KMNO, a 8.1x difference. The larger of the two also scores higher, so the market and the framework agree on the ordering here.
KMNO trades 84.8% below its all-time high and MORPHO 40.2% below its own. Recovering the high needs 6.6x from KMNO and 1.7x from MORPHO, which is the same statement read as the return each one has to produce.
All 25 variables, head to head
Both tokens were scored by the same framework in the same pass, so the numbers are directly comparable. What a comparison adds over two separate pages is the gap: a 6 against a 6 is a non-event, a 9 against a 3 is the reason to hold one and not the other.
Cash flow
| Protocol Revenue | 6 | 5 | KMNO +1 | |
| Revenue Trend | 4 | 6 | MORPHO +2 | |
| P/S Multiple | 7 | 5 | KMNO +2 | |
| Real Staking Yield | 3 | 3 | level |
Supply
| Supply Inflation | 4 | 3 | KMNO +1 | |
| Vesting Schedule | 5 | 3 | KMNO +2 | |
| Circulating / FDV Ratio | 5 | 5 | level | |
| Buyback and Burn | 2 | 2 | level |
Ownership
| Smart Money Flows | 7 | 9 | MORPHO +2 | |
| Insider Selling | 5 | 6 | MORPHO +1 | |
| Holder Concentration | 5 | 4 | KMNO +1 |
Traction
| TVL Trend | 8 | 9 | MORPHO +1 | |
| Active Users | 7 | 7 | level | |
| Developer Activity | 7 | 7 | level | |
| Network Growth | 8 | 9 | MORPHO +1 |
Position
| Market Share | 7 | 8 | MORPHO +1 | |
| Competitive Moat | 6 | 7 | MORPHO +1 | |
| Institutional Adoption | 7 | 9 | MORPHO +2 | |
| Exchange Depth | 4 | 7 | MORPHO +3 | |
| Social Mindshare | 5 | 6 | MORPHO +1 |
Risk
| Regulatory Safety | 5 | 7 | MORPHO +2 | |
| Catalyst Calendar | 6 | 6 | level | |
| BTC Alpha Potential | 2 | 8 | MORPHO +6 | |
| Team Execution | 7 | 8 | MORPHO +1 | |
| Treasury Runway | 6 | 8 | MORPHO +2 |
Bars read outward from the centre: KMNO to the left, MORPHO to the right. The side that leads a variable is filled. Each score is 1 to 10 against the same definition applied to all 251 rated tokens.
Market and supply
| KMNO | MORPHO | |
|---|---|---|
| Price | $0.0377 | $2.49 |
| Market cap | $214.9M | $1.75B |
| Circulating | 57.1% | 70% |
| Dilution to full supply | 1.75x | 1.43x |
| Off all-time high | -84.8% | -40.2% |
| To recover the high | 6.6x | 1.7x |
| Total value locked | $3.20B | $6.40B |
| Network | Solana | Ethereum |
Price, market cap and all-time high from the CoinGecko snapshot fetched 7 Oct 2026. Supply shares are derived from circulating and eventual supply counts, which do not move with price. The 25 scores come from the research pass dated 18 Sept 2026.
Catalyst and risk on each side
KMNO · CAUTIOUS HOLD
Lend V2 live, Anchorage tri-party custody, Bitwise $259M fund, Ethena $1B+ integration
Zero fee sharing, zero buyback, -94% ATH, 229M tokens/month opening, revenue declining -67%
MORPHO · HOLD
$175M raise (Jun 9) at $2B from Paradigm/a16z/Ribbit; Apollo 9% stake; Morpho Midnight fixed-rate launch; Coinbase $1.6B integration; RWA $820M
Fee switch off with no governance proposal, $0 revenue to holders; 35% supply locked through 2028; founder opposes distribution; governance concentrated (>50% one wallet)
Common questions
- Is KMNO or MORPHO the better investment?
- On this framework MORPHO scores higher: 157 against 138 of 250, and it is rated HOLD against CAUTIOUS HOLD. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and KMNO still wins 5 of the 25 individual variables against MORPHO.
- What is the biggest difference between KMNO and MORPHO?
- BTC Alpha Potential. KMNO scores 2 of 10 there and MORPHO scores 8, a gap of 6 points on a single variable.
- Which is bigger, KMNO or MORPHO?
- KMNO is valued at $214.9M and MORPHO at $1.75B on the latest market snapshot.
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Research and analysis, not investment advice. A higher score is one framework applied consistently to 251 tokens, not a prediction that one asset will outperform the other.