$morpho was one of the few that didn't lose money and actually made a profit during this wave of decline. The main reasons for establishing a position in $morpho at that time were the following four points:

1. Bullish on Coinbase and the Base ecosystem, and $morpho is the lending protocol endorsed by the ecosystem. Since $base tokens are currently unavailable, buying $morpho as a substitute was an option. Of course, this was also part of my bottom-fishing logic for $virtual .
2. Optimistic about RWA (Real-World Assets). Traditional finance in the US is accelerating its integration on the blockchain, and those Wall Street elites don’t favor large protocols like AAVE. They need highly customizable, self-sovereign lending protocols, which $morpho perfectly fits.
3. $morpho is one of the few protocols in the market with genuine revenue, and its fee switch has not been activated yet, making it akin to a bullish option.
4. The relatively high inflation rate of $morpho has been a point of criticism, but the 15.2% founder’s share reached a re-locking agreement in 25 years, with the unlock cliff postponed to May 2026. This reflects the team’s vision and confidence on one hand, and provides a few months of safety margin on the other.
This is mainly a review of the logic, not investment advice.