On point 1, most of the incentives don't come from Morpho: of $49.0M in Merkl rewards to Morpho users over 12 months, the DAO funded about a quarter, and Sentora alone paid $14.3M.

Under that TVL, the loan book grew even faster: loans in Morpho's markets went from $2.92B to $5.77B in a year, +97%, and about 90% of what's supplied is lent out.

On the Morpho point: Robinhood Chain is already Morpho's third-largest chain, with $545M supplied and $486M lent out on 26 Oct, behind only Ethereum and Base.

The curator on Earn+, @SteakhouseFi, is already the largest on Morpho: $2.46B of listed vault assets on 26 Oct, 38.1% of the total and more than twice the next curator.

RLUSD is already the second-largest asset in the vaults of Morpho's five biggest curators: $871M on 26 Oct, behind only USDC, with @SentoraHQ at $481M and SparkDAO at $390M. xitter.cf/Sumcap/status/21153529…

Morpho takes no cut, but its curators do: $11.85M of onchain vault fees over twelve months, led by @SteakhouseFi at $4.72M and @SentoraHQ at $2.73M. xitter.cf/Sumcap/status/21153529…

Same 0.51% FX fee, very different usage: EtherFi's card did $136M of spend in the last 30 days and Bitget Wallet's $1.8M. Plasma One did $29.1M, Ethena Pay $2.8M.

A lot has changed since: RedotPay's card went from $16M of onchain spend in January 2024 to $403M in September 2026, about 25x.

For scale, Aave's Equities Hub holds $11.8M of tokenized stocks today, backing $5.2M of USDC loans, with Google and Nvidia alone 61% of it.

The growth shows in the supply too: RLUSD is at $2.60B today, nearly 3x the $0.91B in circulation a year ago.

On @Morpho, Arc's lending markets run the hottest: $192M supplied on 26 Oct and 93.6% of it lent out, the highest utilisation of Morpho's five largest chains. xitter.cf/Sumcap/status/21153529…

Robinhood Chain is already Morpho's third-largest chain: $545M supplied and $486M lent out on 26 Oct, behind only Ethereum and Base. xitter.cf/Sumcap/status/21153529…

Midnight's early book already points that way: $60.0M of active fixed-rate loans on 28 Oct, up from $3.5M on 6 Oct, mostly in USDC lent against cbBTC, weETH and WBTC.