Research, conviction & capital as catalyst. Σ DeFi-native yield fund.
Joined October 2021
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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.
Morpho sits low on value accrual for a clear reason: borrowers paid $149.3M of interest over twelve months, curators kept $11.85M as vault fees, and the protocol took nothing because its fee switch is off.
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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.
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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.
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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.
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Robinhood Chain is already Morpho's third-largest chain: $545M supplied and $486M lent out on 26 Oct, behind only Ethereum and Base.
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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.
Those campaigns are a big part of Morpho's economics: $49.0M of rewards in 12 months, about a third of the $149.3M borrowers paid in interest, with @SentoraHQ the largest creator.
On the borrowing side, Midnight's active loans went from $3.5M on 6 Oct to $60.0M on 28 Oct, most of it after @ethena and @maplefinance added lending offers last week.
That allocation call sits with curators, and three of them steer 69.7% of listed vault capital: @SteakhouseFi 38.1%, @SentoraHQ 17.7% and SparkDAO 14.0%.
