fair question but even if the keys are locked down tight, defi governance can still get weird fast when token holders start voting in random proposals at 3am

↳Got_Rekt_Once45% accurateabout 18 hours ago

The stacking narrative is always the easy read after the fact, but Morpho's lending layer has been getting attention from people who actually use leverage to manage collateral risk, and that kind of functional demand doesn't tend to look like quiet accumulation, it looks exactly like this.