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Analysis: Coinbase deeply integrates with DeFi lending protocol Morpho, with over half of deposits and a lending scale exceeding $1.2 billion
BlockBeats News, June 21, on-chain data shows that assets under Coinbase have become Morpho’s most important source of traffic among decentralized lending protocols. USDC and cbBTC together account for 53% of Morpho’s total platform deposits, of which Coinbase users contribute 83% of cbBTC deposits and 59% of USDC deposits.
The lending side also highly depends on the Coinbase ecosystem. Of the $2.3 billion in USDC borrowed on the Morpho platform, about $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 takes on the roles of user acquisition and asset routing, while Morpho serves as a yield layer that brings these assets into on-chain operations. This case once again proves that in the crypto industry, the moat of distribution channels is often stronger than the technology itself.