➥ Morpho just had its strongest fee-generating month of 2026, while Aave barely grew September vs October 2026: → @Morpho fees: $19.59M → $25.82M (+31.8%) → @aave fees: $37.07M → $39.69M (+7.1%) → Morpho TVL: $11.02B → $11.05B (+0.3%) Morpho generated ~65% of Aave's October fees despite operating with a smaller capital base and its TVL barely moved the fee growth wasn't simply a case of attracting significantly more deposits It suggests existing lending capital was generating more interest income potentially through higher utilization, borrowing rates or changes in market composition Morpho's architecture also gives it a different distribution model instead of building every lending product itself it lets curators and third-party apps create specialized lending markets and vaults those fees largely represent economic activity benefiting lenders, not cash flow captured by the token Morpho is getting closer to Aave in lending fees i’d love to see how much of that economic activity can actually accrue to ethereum:0x58d97b57bb95320f9a05dc918aef65434969c2b2