Ryan

Or might ICOs kind of just hit a wave and then teeter off because, I don't know, we haven't solved industrial protections or some other reason?

What do you think about this?

I want to turn to Morpho.

Morpho is something I think a lot of the industry is at least keeping one eye on.

It's seen a lot of growth in the last two years, especially with the integration on base and Coinbase, where you can use your Bitcoin and now also Ether.

You can put it into Morpho.

Coinbase will put it into Morpho for you and give you a loan based on the market rate.

Pretty cool integration.

Huge win for Morpho.

Extreme validation of the DeFi mullet thesis, I will also say.

And it's led to a lot of Morpho growth, especially on base.

Like the base integration of Morpho is very much larger than the Ethereum layer one version of Morpho, which is pretty cool.

It's kind of hard to see Morpho grow from here because it's already grown so much and like Aave is still a very sharp competitor too.

Where do you see Morpho going from here in 2026?

And a curator too, like an actual person that manages the actual market, right?

Do you think there's something similar here?

Kind of how we talked about the duopoly of Solana and Ethereum and what is Ethereum good for?

It's good for slow DeFi tokenization of real world assets.

What is Solana good for?

Solana is good for consumer.