According to @MilkRoadDaily, Morpho and Aerodrome founders argue DeFi’s moat is liquidity and explain why Coinbase can’t win by building in-house, positioning Coinbase’s role as central for protocol growth and market structure. Source: @MilkRoadDaily on X, Sep 12, 2025. According to @MilkRoadDaily, the episode’s trading-relevant agenda covers core protocol primers (01:08), whether DeFi has gone mainstream (04:16), why Coinbase matters for Morpho and Aerodrome (13:00), the DeFi Mullet model (15:33), Figure Markets (20:36), KGeN (21:11), DeFi competition and partnerships (21:40), how partnerships work (30:02), DeFi as platforms (33:30), tokenized stocks and RWAs (39:30), tokens vs. equity for founders (45:12), key metrics that matter (52:46), and wrap-up (57:36). Source: @MilkRoadDaily on X, Sep 12, 2025. According to @MilkRoadDaily, the thread highlights liquidity-first dynamics and identifies Aerodrome (AERO) and Morpho (MORPHO) as focal protocols for traders evaluating how Coinbase-linked participation could influence DeFi volumes, partnerships, and on-chain activity. Source: @MilkRoadDaily on X, Sep 12, 2025.