Why institutions should build on Morpho? (recurring questions) Some element of answers: 1. Building secure and scalable smart contracts is underestimated in terms of how hard it is. Our protocol team is literally spending months or years to ship contracts that are just a few hundred lines of code. The reason why Morpho is still here today is because we've made security our number 1 priority. The last thing we want to do to enable a new integration is write contracts. Recreating this expertise is not an easy endeavor. 2. Innovation does not happen in silos but on open platforms. It's not intranets that gave us Airbnb or Uber. It's the internet, an open protocol that lets everyone build websites and apps. The Minitel had a great start, but only the surface of the network was decentralized; the core was not. It hindered what could be built on top. It could not compete with the World Wide Web. The same principles will apply to financial services. 3. Institutions already own the distribution, trust, and relationships. DeFi does not compete for this. In the long term, DeFi might not even be called as such. It will just be part of the financial infrastructures that have replaced spreadsheets and COBOL, which only a few could read and update. This will make institutions' backends much more efficient, allowing them to stay relevant in a space that is more competitive than ever. 4. Neutrality is key: just as Dee Hock formed Visa out of a consortium of competitive entities, Morpho provides a neutral infrastructure for credit. At the time, BankAmericard had too many limitations while owned and operated by Bank of America. The fact that Visa was an independent consortium of competitors brought the required neutrality for those entities to cooperate and maximize the value of card payments. Morpho is providing that truly neutral infrastructure for credit: no governance, immutable code, etc. This is what will make entities that wouldn’t otherwise trust each other actually cooperate or at least share markets. For end users it means deeper liquidity and better rates. An entity that tries to do everything on its own won’t benefit from Morpho’s network effects, which means worse rates and a harder time competing. At the end of the day, the end customer is the one who benefits.