Impressive! Morpho raising $175M at this time really proves it can turn on-chain lending into institutional-grade infrastructure. I remember it initially optimized on Aave before pivoting. Aave acts like a unified big pool, while Morpho lets others build their own lending markets, set their own risk parameters, create their own vaults, and design their own frontends. This is super important for institutions—many asset management risk teams are using it for this purpose. The key turning point was probably when Coinbase integrated it.