If you are bullish on Base (Coinbase's Layer 2) flipping Ethereum, you are betting on the wrong horse if you are just buying meme coins. The real infrastructure play on Base is not a dog coin—it’s Morpho.
Just 48 hours ago, a series of updates quietly confirmed that Morpho is becoming the "backend bank" for the entire Coinbase ecosystem. Here is why the "Base Supercycle" is actually a "Morpho Supercycle."
🏦 1. The "Coinbase Loans" Bombshell (Nov 21 News)
Did you miss the update? Coinbase just expanded their "Crypto Loans" feature.
The News: Users can now borrow up to $1 Million USDC against their ETH holdings directly on Coinbase.
The Tech: They didn’t build this from scratch. It runs on Morpho.
The Scale: We are talking about massive institutional volume flowing through Morpho’s smart contracts. Every time a Coinbase user clicks "Borrow," Morpho generates volume.
This is not a partnership. This is integration. Coinbase is treating Morpho as a core part of its own product stack.
📱 2. The "Neobank" Revolution (Deblock & Visa)
While crypto twitter fights over charts, a French Neobank called Deblock just raised €30 Million (Nov 20 News).
The Pitch: A regulated bank account where users get high yield on their Euros.
The Backend: Who generates that yield? Morpho.
The Meaning: Regular people are using Morpho without even knowing it. This is the "Fintech" phase of crypto. We are moving from "Degens farming yield" to "Banks using DeFi rails."
If one neobank is doing this, 50 more are watching. Morpho is becoming the standard API for Fintech yield.
🟠 3. The "cbBTC" Connection (Bitcoin on Base)
Coinbase recently launched cbBTC (their version of Wrapped Bitcoin).
The Dominance: cbBTC is exploding on Base chain.
The Destination: Where is all that Bitcoin going? It's being deposited into Morpho Markets to earn yield.
The Synergy: Coinbase mints the BTC, Base moves it, and Morpho monetizes it. It is a perfect "Trifecta" of value creation.
📈 4. The "Base" Data Don't Lie
Look at the on-chain stats for November 2025 on Base:
Efficiency: Morpho is consistently utilizing capital at 90%+ efficiency (compared to Aave's ~40-50% on some legacy pools).
Gas Fees: Because Base is cheap, Morpho’s complex "Peer-to-Peer" matching engine works flawlessly, saving users massive amounts on spreads.
Conclusion: Base is the "User Layer," but Morpho is the "Capital Layer." You cannot have a booming Base ecosystem without a thriving Morpho liquidity layer.
🏁 The Investment Thesi
We are seeing the formation of the "Coinbase Mafia" of 2025/26.
Just like PayPal created a mafia of tech giants, Coinbase is creating an ecosystem of winners on Base.
Aerodrome is the Exchange.
Morpho is the Lender/Bank.
If you believe millions of retail users are coming to Base (which they are), you have to own the bank they will be using. The institutional "Stamp of Approval" from Coinbase is the ultimate de-risking event.
Don't fade the infrastructure that the giants are building on.
Are you positioned for the Base Supercycle? 👇
