$6.5B in Morpho TVL versus Aave’s ~$12.3B means this is no longer a cute isolated-markets challenger; it is the second underwriting layer TradFi can actually plug into. Coinbase, Kraken, Anchorage, Galaxy, Taurus and Apollo-style RWA curators all want configurable lending markets they can brand and risk-manage without sharing one monolithic pool. The open question for MORPHO holders is still value capture: the dashboard shows ~$219M annualized borrower interest and ~$10M curation fees, but most of that economics accrues to lenders and curators unless governance turns on a credible take-rate.

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