BlockBeats News, June 21st - On-chain data shows that assets under Coinbase's custody have become the most significant source of traffic for the decentralized lending protocol Morpho. USDC and cbBTC collectively account for 53% of Morpho's total platform deposits, with Coinbase users contributing 83% of cbBTC deposits and 59% of USDC deposits.

The lending side also heavily relies on the Coinbase ecosystem. Out of the $2.3 billion USDC borrowed on the Morpho platform, approximately $1.2 billion is from Coinbase users using cbBTC as collateral, accounting for over half of the total.

Analysts point out that the two have formed a deep symbiotic relationship: Coinbase acts as the user acquisition and asset inflow function, while Morpho, as the revenue layer, brings these assets into on-chain operation. This case once again confirms that in the crypto industry, the distribution channel is often stronger than the technology itself.