morpho crossed $1b active loans on base. steakhouse usdc vault alone holds $400m. 10x growth year over year. this isn't yield farming, it's structured credit. peer-to-peer matching gives both sides 20-30% better rates than aave. base capturing 70% of l2 revenue makes morpho the only institutional credit layer that matters. coinbase has 108m users. even 1% migration puts morpho at $10b+.