$175M, def one of the largest raise defi has ever seen. The idea started small but landed pretty strong. 1) Morpho optimizers, a p2p matching layer on top of aave and compound, optimizing better rates out of pools that already existed. Clever, but boxed in by someone else's design. 2) So they built their own. Morpho blue, one minimal, immutable, permissionless primitive for lending. 3) That's what kicked off the broader modular lending stack. 4) Anyone could spin up isolated markets and build on top. 5) The curators turned it into an industry. @gauntlet_xyz, @SteakhouseFi alone manage/ curate over $1B each. Now OG teams like @wintermute_t also joining in with armitage and hundreds more, running hundreds of vaults, owning the risk and providing results. 6) This is the stage that really pulled tradfi in. The "beauty of vaults". 7) This is the defi distribution era now, the defi mullet. tradfi ux up front, morpho's noncustodial rails underneath. 8) @coinbase earn and btc loans, steakhouse curating. @krakenfx btc vaults. trezor stablecoin earn. 9) Can find your way to morpho markes via almost all leading venues, from @TrustWallet to @utila_io. 10) @deel paying contractors in latam. and with the clarity and genius acts sorting what's compliant onchain, the mullet stops being a workaround and becomes the default. 11) $11B+ in deposits. Wait not done yet. 12) Tradfi assets came back the other way, onchain as collateral. @Figure ( a @Nasdaq listed lender), putting home equity loans on morpho and vaults curated via @SentoraHQ. apollo's acred credit fund. eventually everything from s&p 500, treasuries. 13) @gauntlet_xyz now running rwa markets, the fastest-growing market iirc. 14) I also heard the @Vault__Summit on the @NYSE floor was dope af. Still not done. 15) Now the coolest unlock, midnight. Fixed rate, fixed term, the thing every institution always asked for, because you can't fund a 5-year plan on a rate that moves daily. 16) Capital stays productive on blue until the offer's taken, so liquidity doesn't fragment. minimal primitive, curators build, distribution scales. 17) Unlocking crazy new primitives and upgrading the existing inefficient tradfi ones. 18) The mega modular playbook for credit. This is the whole thesis. (And i didn't even get into v1/ v2, tokenized private credit quietly becoming the biggest rwa market on morpho, compliant KYC-gated vaults via @KeyringNetwork, and a lot more). 19) Three years ago it started off more like a "lending primitive." Now it's the open credit network. The $200T market. 20) Stablecoins became the money rails. Morpho's becoming the credit rails. Banks don't get replaced, they get re-plumbed. Congrats to the entire morpho team @PaulFrambot, @MerlinEgalite, @talkintokens, @maccanomics, @Crotts__