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The end of Fragmented Capital starts at 8.30am. See you next week at the @TheBigWhale_ 🦋
Collateral Without Borders: The End of Fragmented Capital.
Next week in London, we’re bringing together the people rewiring how collateral moves across chains, venues and borders.
Two hours of breakfast and networking: luma.com/tbw_das_2026
On stage 🎙️
👉 @kugusha, Fintech GTM at @Morpho
👉 @baby_fisherman, Co-founder & CEO at @babylonlabs_io
👉 @DarrenCamas, Co-founder & CEO at @ipor_io
👉 @FahimSach, Ecosystem Partnerships at @zama
👉 @Raph_Bloch, CEO at @TheBigWhale_
Capital is stuck in silos. Collateral that can’t move is capital that doesn’t work. This is the conversation to have about it.
We’re already full. But if you want to be in the room, reach out to the team. We can always find a solution!View quoted post on X
stay safe out there. wild times
A difficult day for the industry. Thinking of everyone affected and the teams working around the clock.View quoted post on X
For onchain credit, moments like these are a reminder of why market structure matters, especially how risk is managed, shaped and contained.
Morpho was intentionally built this way:
- Markets are isolated. You choose which markets you're exposed to, and a problem in one market doesn't spread to the others.
- Collateral isn't rehypothecated for everyone, it is a choice.
- Counterparty exposure (eg sanctioned entity) can be controlled. Optional permissionning, like on Midnight or Vaults, lets participants define who can lend and borrow.
None of this eliminates risk entirely. Individual markets can still see liquidity constraints and rate volatility over the coming days as DeFi absorbs the shock. But these design choices are meant to prevent systemic risk and limit contagion in moments like this.
As more of finance moves onchain, thoughtful market structure will be fundamental to a more resilient financial system, especially if we want to be trusted by the world's largest players.
