DeFi· ★★★· neutral·

Morpho's curator model leans on offchain fees and subsidies, not onchain revenue

  • —Morpho deposits have surpassed $3 billion
  • —Curators charge 5-15% of vault performance or management fees
  • —A $100M vault at 5% yield pays a curator roughly $500K a year
  • —Morpho Association raised $175 million led by Paradigm and a16z crypto
Why it matters: Curator concentration and reliance on subsidies could weaken Morpho's ecosystem and its institutional deposit base.
Source: Crypto Briefing