morpho generating $15m in monthly fees, $12b in deposits, coinbase chose it over aave for base lending, fireblocks integrated it for 2,400 clients. apollo is accumulating 90m MORPHO governance tokens over 48 months. tokenholders currently receive $0 in fee distributions. a $696b AUM asset manager does not spend 4 years accumulating governance power in a fee-generating protocol to leave the fee switch off. the gap between protocol revenue and token value accrual is the widest in defi right now
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