[Analysis: Coinbase Deeply Integrated with DeFi Lending Protocol Morpho, Deposits Account for Over Half, Lending Volume Exceeds $1.2 Billion] BlockBeats News, June 21: On-chain data shows that Coinbase's assets have become the most significant source of traffic for the decentralized lending protocol Morpho. USDC and cbBTC together account for 53% of Morpho's total platform deposits, with Coinbase users contributing 83% of cbBTC deposits and 59% of USDC deposits. The lending side is similarly highly dependent on the Coinbase ecosystem. Of the $2.3 billion in USDC loans on the Morpho platform, approximately $1.2 billion comes from Coinbase users using cbBTC as collateral, accounting for more than half. Analysts point out that the two have formed a deeply symbiotic relationship: Coinbase handles user acquisition and asset inflow, while Morpho acts as the yield layer, channeling these assets into on-chain operations. This case once again demonstrates that in the crypto industry, the moat of distribution channels often surpasses that of the technology itself. [Original Link]