When the market declined, Morpho’s DeFi metrics recently showed an impressive recovery. Morpho’s active borrow volume has returned to $4.3 billion, nearing its all-time high of $4.5 billion in October 2025—achieved through genuine borrowing demand, not incentives. This growth stems from: - Strong demand for stablecoin borrowing (especially USDC), - Deep integration with Coinbase, - Expansion across multi-chain networks and optimized V2 vaults, - Organic growth, and - Inflows from RWA and institutional investors. However, the community is debating an issue known as “interest rate disparities across chains”—meaning that, despite being the same protocol, Morpho’s borrow rates and supply APYs vary significantly between chains. This is a direct consequence of Morpho Blue/V2’s AdaptiveCurveIRM (Interest Rate Model), which is designed to target ~90% utilization individually for each market. While Aave struggles with its own innovations and legal disputes, Morpho is steadily solidifying its position. Although it remains far behind the market leader, its momentum cannot be ignored. With Base set to launch its $BASE token soon, is Morpho a project worth paying attention to?