Aug 10, 2026 · 1 hr 9 min · 12 segments
Is DeFi’s future invisible financial infrastructure? This week, Cofounder & CEO of Morpho, Paul Frambot, joins to explore Morpho’s ambition to bring global credit markets onchain for fintechs and…
Jason YanowitzHost
Paul FrambotGuest
Why do you think it'll be a winner take all market when that's not actually how it looks in traditional capital markets?
Um, I think there is a more theoretical fundamental reason, which is the protocols that are gonna unlock the most amount of value for the end user are the one that are gonna aggregate the most amount of, of capital, of people, right? So if you think, for example, of a credit network like, like, like Morpho, Morpho works as its, as its best when it's connecting every single lender to every single borrower.
So if you're a borrower, you come to borrow, you wanna be commit- connected to the entirety of the world, and you wanna have the entirety of the world compete for you and assess your opportunity.
It's also true in TradFi, so why is that not the case in TradFi? Well, in TradFi, that would be a pretty bad monopoly.
The good news is that we have decentralized networks, and I think most of the value prop of being decentralized is gonna be to, to have, you know, the sort of like standards that are gonna unify everybody and no one's gonna care if it's...
Like, those, those companies are competing with one another, but they trust the neutrality of the network.
Why do you think it'll be a winner take all market when that's not actually how it looks in traditional capital markets?
Um, I think there is a more theoretical fundamental reason, which is the protocols that are gonna unlock the most amount of value for the end user are the one that are gonna aggregate the most amount of, of capital, of people, right? So if you think, for example, of a credit network like, like, like Morpho, Morpho works as its, as its best when it's connecting every single lender to every single borrower.
So if you're a borrower, you come to borrow, you wanna be commit- connected to the entirety of the world, and you wanna have the entirety of the world compete for you and assess your opportunity.
It's also true in TradFi, so why is that not the case in TradFi? Well, in TradFi, that would be a pretty bad monopoly.
The good news is that we have decentralized networks, and I think most of the value prop of being decentralized is gonna be to, to have, you know, the sort of like standards that are gonna unify everybody and no one's gonna care if it's...
Like, those, those companies are competing with one another, but they trust the neutrality of the network.
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