Morpho

Morpho is a lending protocol built around isolated markets. Instead of one pool where every asset shares the same risk settings, anyone can create a market by fixing its collateral, its loan asset, its oracle and its liquidation threshold at deployment. Those parameters never change afterwards, so a bad market cannot spread its losses to the rest of the protocol.

That design is why Morpho dominates Base by size. Most of the value sitting in it arrives through curated vaults rather than from depositors picking markets themselves, which is how firms like Steakhouse and Gauntlet come to appear near the top of the Base rankings in their own right. DefiLlama tracks Morpho Blue and Morpho Midnight separately, and the protocol runs across dozens of chains, though Base holds a large share of the total.