David

And if you look at any individual Morpho market, it's very, very clean and simple.

Every market is made up of just five things, a collateral asset, a debt asset, a liquidation value, an Oracle price, and an interest rate model.

It's very, very simple and clean.

And that's just what institutions want.

Exactly.

And if you think about it, let's say I'm a fintech like NewBank and I want to implement an earn feature like Coinbase has for my users.

I don't want my users to be exposed to the entirety of a given lending market.

I would like them to have exposure to just individual markets because, again, that is significantly higher EV than having exposure to probably a lot of long-tail assets you just don't want exposure to.

What I will add is that Aave V4 is moving much more towards this Morpho-esque architecture.

So that's definitely an important consideration.

Beyond that, another thing that I think about is I wonder how lending economics is going to work.

The same way stablecoin issuers pass a lot of economics back to the front end.

I wonder if

The same thing will happen with the lending market as well.

And I'll also say the lending market isn't quite a duopoly yet.

Like obviously Morpho and Aave are really the big winners.

You still do have folks on, you know, you have like Solana, I'm sorry, Camino and Solana.

And then probably the one you have to really account for is Fluid actually had a phenomenal year.

They kind of came in out of nowhere and took a bunch of market share.

And I didn't see that coming.