Morpho CEO Paul Frambot posted on X that he communicated with several large institutions over the past week to understand their views on the current DeFi landscape, and the core conclusions are as follows: First, institutional interest will not disappear. The reason is simple: distribution channels will not disappear—massive assets under management (AUM), payments, and lending are going on-chain. Almost all fintech companies want to achieve full on-chain functionality. For institutions, this is not a question of "whether or not," but "must." Second, they have lost trust in the pool/hub model. Institutions and distributors want control over everything, including control over the code, risk, and compliance. At the same time, they also want flexibility, that is, the ability to isolate their own business and connect to a compatible global liquidity network.