Morpho is becoming the lending backend for institutions. The cbBTC/USDC market on Base alone has over $1B in active borrows, largely driven by Coinbase's lending product and settling onchain. Total deposits across Morpho have hit $11B and doubled over the past year with utilization across the top markets running 86 to 90%. Gauntlet alone curates over $1B in vault deposits across the protocol. The liquidity for all of them lives on Morpho.(Delphi Digital)