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.
Catch-up weekly. $4.56B across 329 vaults. The -3.8% contraction we flagged last week was rotation, not exit — net flow snapped back to -0.2%. Gauntlet is still the lone large net loser (-7.6%), but the wind-down is decelerating. Curator HHI plateaued at 0.256. And the answer to last week's open question — Felix HYPE was the #1 inflow universe-wide at +$30.0M: those HyperEVM caps filled in days.