Institutional research on the Morpho Blue vault universe. Weekly, monthly, and quarterly notes — protocol-neutral, deterministic, decision-relevant. Every number traces to a documented derivation in our methodology. No paywalls, no segmentation, no gating.
First monthly edition. TVL is +24.2% since our last note, on fewer vaults. Curator HHI fell to 0.215, below 0.25 for the first time in this series. Spark USDC Vault took +$102.4M over 30 days; measured net flow was roughly flat, though 36% of TVL lacks a full 30-day history. Yield 4.63%, 99.97% sustainable, zero bad debt. HyperEVM shrank and now carries 5 of the 6 RED flags.