MORPHO'S FEE SWITCH IS NOT COMPARABLE TO UNISWAP'S

Summary from the TLDR Crypto newsletter

Morpho's fee would have to come from suppliers (lowering yield on portable capital), curators (compressing margins and pushing them toward riskier vaults or other platforms like Aave V4), or both, unlike Uniswap, where liquidity benefits from the volume it attracts. Morpho still needs to prove pricing power, noting that Uniswap's recent strength came from an outlier month driven by Robinhood meme speculation, with volume now down about 71% from its September peak.