Monitor lending flows and surface on-chain BD opportunities for modular DeFi lending protocols, in this case Morpho. Track protocol health, asset utilization, and cohort retention to inform partnerships and incentive design.
Screenshot: Morpho TVL chart (April 2024 - Jan 2026)[DefiLlama]
- Caption: Morpho Protocol Total Value Locked - 21-month trend showing protocol growth and capital inflows across 30 chains.
- Insight: TVL peaked at about 5.2B on [17th September 2025], indicating strong market support [Nasdaq Tokenization Proposal], institutional confidence across DEFI etc.
More specific to Morpho:major institutional integrations [Crypto .com and Société Générale’s digital asset subsidiary, SG Forge] to Morpho.
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Screenshot: [Dune]
Top: Cumulated Supply USD per market Bottom: Cumulated Borrow USD per market
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Caption: By overlaying borrow and supply trends across specific periods, we calculate utilization = borrow/supply to identify capital efficiency patterns → Specific period example : 6th January, 2026:
Utilization Rate = $1.6B ÷ $1.9B × 100 = 0.842 × 100 = 84.2%
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Insight: 84.2% utilization = Strong Capital Efficiency
Good for lenders: Their deposits are earning yield (not sitting idle) Risk signal for borrowers: Limited capacity for new large borrows without adding more supply BD implication: Protocol is near capacity → prioritize supply-side partnerships (attract more depositors) to enable further borrow growth
<50%: Underutilized (too much idle capital)
50-70%: Healthy range
70-85%: Strong efficiency (optimal)
85%: Risk zone (liquidity crunch possible)
- Screenshot: Dune Top Borrowers table
- Caption below image:Top 10 Borrowing Addresses - Priority targets for products and institutional partnerships.
- Insight: Top borrower Addresses with >$5M positions flagged for proactive BD outreach
- Screenshot:User Cohort Activity: Weekly active addresses tracked to measure protocol stickiness and retention patterns.
- Caption:Cohort framework - production version tracks 30/60-day user growth per chain.
- Insight:User Growth by Chain: Cumulative user base and 7-day momentum by blockchain - identifies high-growth markets for targeted BD and incentive campaigns.