We believe on-chain lending is an essential DeFi primitive, but users must choose between pooled liquidity or full order books. We’re excited to announce our investment in @MorphoLabs, combining the best of both worlds to offer a Pareto improvement in lending and borrowing rates. 
Morpho builds on Compound, offering a fully-decentralized peer-to-peer lending protocol on top of Compound’s underlying peer-to-pool protocol. Using a novel on-chain matching engine, the Morpho protocol is able to autonomously coordinate better rates for users.
Having launched last month, the protocol is already attracting strong usage. With the majority of volume matched peer to peer, the protocol has demonstrated the Pareto rate improvement in practice. compound.morpho.xyz/?network=mainn…
Morpho has the potential to significantly lower the cost of decentralized capital and increase capital efficiency across DeFi. We believe this will expand the design space, and are excited to see builders extend Morpho to create apps that weren’t previously possible.
When we first met @PaulFrambot we were immediately impressed. With both a strong technical vision and the magnetism to attract an equally impressive team and community, it was clear that he was building something special.
@PaulFrambot and @MorphoLabs are shining stars of the thriving Paris crypto community. We're thrilled to continue to support crypto founders in Paris and look forward to meeting more of the community at #EthCC next week.
We’re excited to partner with @PaulFrambot and @MorphoLabs to create efficient, decentralized, and secure lending services for humanity. Read more here!
medium.com/@PaulFrambot/m…
medium.com/@PaulFrambot/m…
None of the above should be taken as investment advice; please see a16z.com/disclosures for more information.
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