Two very unique aspects of @Morpho's market & vault curation design that we dont talk about much: 1. Own your vault. When you own a Morpho Vault, the business belongs to you, not Morpho. You decide how it operates and responsibilities are delegated. Morpho has no special admin rights to take over your vault or revoke your ownership. 2. Neutral markets aggregate liquidity. No party can own the underlying markets so even users or businesses with competing interests can share the same markets. If markets were owned, it would lead to competition between markets and cause liquidity fragmentation

I think crypto founders’ lack of long-term ambition did more to erode this industry’s talent density than we admit. Crypto is fundamentally trust infrastructure. Building something that meaningfully improves the financial system is a (long) compounding game. It takes a decade of focus. But when prices go crazy every year, there are endless ways to make stupid money: speculation, advisory gigs, scattered investments, farming. It’s been very easy to get distracted. The good news: it’s gotten SO MUCH better. Many short-sighted founders and projects have moved on. Tangible impact attracts the best people. And we’re finally seeing concrete improvements in payments, financing, and trading from bringing them onchain. As an industry, we should do more to make those improvements visible. Our “ChatGPT moment” will come when people open their financial app and feel a step change in what they can do and at what price, without needing to know that stablecoins, DeFi, or tokenized stocks made it possible. I think we’re close. That’s what will drive the next wave of adoption, and make the most ambitious people want to build here.

Thanks to everyone who joined us at @Vault__Summit Singapore! We keep getting asked why Morpho hosts a Vault Summit when we say our focus is primarily credit markets, not vaults. TLDR: If Vaults win, Onchain Credit wins. Bringing $200T of global credit onchain will take millions of credit markets, enough to serve every risk profile and every financing need. Thousands already run on Morpho, and they’re getting more sophisticated, like Morpho Midnight markets. Vaults are how a lot of that liquidity is coordinated and reaches markets in an efficient way. We built Morpho Vaults as open source so the curators a distributors ecosystem could grow. We think onchain vaults and curation will become one of the biggest categories in the industry, and it deserves its own stage. Hence Vault Summit. See you at the next one!