Morpho凭借不可变、无需许可的借贷基础设施、Vault V2和Coinbase集成达到72.2成熟度，但协议收入为0和费用开关未启用仍是瓶颈。
Investment View
Morpho已从借贷应用演进为链上信用基础设施，但仍需把使用量转化为DAO财务和代币价值捕获。
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Report Type
Project Maturity Analysis
Version
v1
Analysis Date
2026年6月17日
Language
zh
Disclaimer: This report is generated through AI-powered analysis and market data. This is not investment advice. All investment decisions should be made at your own risk.