The deHYB collateral / USDC borrow market on Morpho reaches $15M TVL. Phase 2 supply-side incentives have deepened lending capacity. Phase 3 LP top-up incentives are active and borrow rate subsidies are being weaned off as organic demand sustains the loop.
By this milestone, the program demonstrates: (1) durable TVL growth driven by real loop economics, not pure subsidy; (2) functional curator infrastructure scaling toward institutional capacity; (3) clear retirement path for OP subsidies.