Morpho launched without a governance token. No hype cycle. Just better lending rates than the alternatives by cutting the overhead. CT mostly ignored it. Borrowers paid $170M in interest over the last year. Weekly fees started hitting $5M+ by October. The protocol grew while everyone was looking elsewhere. This week they launched an MCP server a direct interface for AI agents to access DeFi lending on Ethereum and Base. Not a dashboard. Not an API wrapper. Agents borrowing, repaying, and managing positions autonomously, on-chain. The efficiency story just became an infrastructure story. Nobody's running the numbers on what on-chain volume looks like when agents operate 24/7. Morpho just handed them the keys. What does TVL mean when the depositor is an agent?
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