Pulled this stat today and was surprised by just how much of @Morpho's activity is tied to @coinbase's.
USDC and cbBTC account for 53% of all deposits on Morpho. Looking deeper, Coinbase users make up 83% of cbBTC deposits and 59% of USDC deposits on the protocol.
The influence extends to the borrowing side as well. Roughly $1.2B of the $2.3B USDC borrowed on Morpho comes from Coinbase users borrowing against their cbBTC.
At this point, Coinbase is not just a distribution partner. It has effectively become the growth engine behind Morpho.
In many ways, the relationship is symbiotic.
Coinbase acts as the distribution layer, onboarding users and assets, while Morpho acts as the yield layer, helping those users put their capital to work onchain.
A good reminder on how distribution is often a stronger moat than tech.
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