We’ve just raised $175M, in a round co-led by @paradigm, @a16zcrypto, and @RibbitCapital, the largest raise DeFi has ever seen. Credit is the bedrock of our civilization, but the infrastructure underneath is fragmented, extractive, and closed to most of the world. That is what @Morpho is here to change. Morpho is building the open credit network for the world. The global credit market is $ 200T. We are building the infrastructure layer that will move it onchain, and every institution, fintech, and bank that wants to participate in the next era of finance will connect to this network. After four years of being heads down building Morpho, we now count more than $11B in deposits and integrations with leading financial institutions including @Coinbase, @Binance, @FireblocksHQ, @SG_Forge, @krakenfx, @Bitwise, and dozens of others building on Morpho to offer better products to their users. But this is just the beginning. This raise will allow us to accelerate: activating the global credit network at scale, building the go-to-market engine to match our ambition, and bringing more institutions onto the network faster. Having any kind of onchain strategy in this era will mean going through Morpho at some point. Reach out and let's talk. And if you want to help build the open credit network for the world, we have plenty of open roles. Let’s fly 🦋

Since the KelpDAO exploit in mid-April, Aave's marketshare of active loans has fallen from 61% to 45% and is the first time the protocol has controlled less than half of all onchain lending since February 2024. The lending space has since stabilized at around $22.5B in total active loans, but where is the capital moving? @Morpho has been the biggest beneficiary, growing its share from 15% to 20%. On a broader view over the last 30 days, Morpho ( 15%), @0xfluid ( 26%), @kamino ( 18%), @maplefinance ( 21%), and @JupiterExchange ( 53%) have all seen lending activity rise. Meanwhile Aave is down 16%. Interestingly, this decline has continued despite a full industry bailout of $300M through DeFi United to cover the bad debt, signaling a structural element to the downtrend. data: @tokenterminal

USDC added $30B in 2025 ( 70%). In 2026, growth has stalled: just 2.5% YTD. And it's concentrating, not expanding: nearly all net growth has come from Ethereum ( $2.6B), while Solana has seen supply drop 21% (-$2B). The next phase of USDC growth won't come from new chains. It will come from where capital actually trades. That's why Hyperliquid matters. Billions in perpetuals volume clears there daily, with billions more through HIP-3 and HIP-4 markets. But it has no dominant collateral layer yet. Coinbase stepping in to deepen USDC liquidity here is a bet on owning that layer before anyone else does. data: @tokenterminal