When everyone analyzes Morpho, they are looking at:
Matching efficiency
Interest rate
Risk pool
Liquidation mechanism
But I think its real ultimate task is —
to become a producer of on-chain credit.
① Collateral is not credit, and liquidation mechanisms are not credit
True credit is:
“The risk relationship between the borrower and the collateral asset is quantified, verifiable, and separable”
The credit of traditional finance is:
Risk level
Borrower history
Risk exposure
Asset correlation
Morpho is bringing these on-chain.
② Morpho Blue turns the risk pool into a “source of credit”
Traditional lending:
Collateral determines everything.
Morpho Blue:
The pool itself has 'credit characteristics'.
Each pool has:
Risk Parameters
Clearing Boundary
Independent Curve
Risk Control Model
Lending Logic
This means:
Each parameter pool = one credit product.
③ Credit can be combined, traded, packaged, and re-layered
Traditional finance has been doing this for decades:
Structured Debt
Risk Layering
Credit Packaging
Senior/Subordinated Asset Division
Risk Expansion Products
There is not yet a protocol on-chain that can do this,
Now Morpho Blue can do it.
④ Morpho will become 'the starting point of on-chain credit'
This means:
In the future, all on-chain lending, structured products, and institutional fund management may rely on Morpho's risk pool as:
Credit Benchmark
Risk Base Layer
Lending Rate Base
Clearing Model Standardization Entry
This is a huge track.
Do you think that credit on-chain will be more important than collateral on-chain in the future?
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