The Milk Road Show

How Coinbase Is Powering the Next DeFi Boom w/ Morpho & Aerodrome Founders

Sep 12, 2025
Alexander Cutler, co-founder of Aerodrome, and Merlin Egalité, co-founder of Morpho Labs, dive into the transformative potential of DeFi. They discuss how Coinbase is routing billions through Morpho and Aerodrome without owning them, signaling a new era in decentralized finance. The duo explores the DeFi mullet concept, balancing traditional ease with on-chain benefits, and compares innovative tokenomics to old equity models. Insights on growth metrics reveal a promising future, with regulations and institutional interest predicted to boost DeFi engagement.
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INSIGHT

Meta-DEX Combines Best Primitives

  • Aerodrome packages the best DEX primitives into a single meta-DEX that prioritizes execution, rewards, and token-holder value.
  • It aims to deliver superior rates and liquidity by combining Uniswap, Curve, and convex-like designs.
INSIGHT

Composable Lending Primitive

  • Morpho builds a lending primitive that other services can layer on to create on-chain loan products.
  • The goal is global, composable lending infrastructure anyone can integrate to serve end customers.
INSIGHT

DeFi Has Reached Product-Market Fit

  • DeFi has crossed the chasm: protocols now show product-market fit and token utility tied to protocol operation.
  • Coinbase plugging DeFi into its front end (the "DeFi mullet") can scale on-chain products to millions of users.
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