morpho generated $19m in gross fees in may, $228m annualized run rate against a $1.13b mcap. that's 6x fees. it holds 39% of all RWA lending deposits across chains, more than aave at 21%. coinbase routes $2.3b through it on base. bitgo launched defi vaults on it. figure markets hit $100m in home equity loan deposits. apollo and SG_Forge originated $2b through it. the protocol retains zero net earnings by design, every dollar flows to vault curators and risk managers. morpho is pricing like a mid-tier defi app while operating as the invisible credit layer between stablecoins and tokenized debt. $175m raise at $2b from paradigm and a16z was not a narrative bet, it was underwriting proven infrastructure. 6x fees on a protocol that briefly outpaced aave in daily fee generation is mispriced infrastructure or the market needs to go read the intelligent investor