Delphi: Modular lending is the next stage of the DeFi market

1. Current status of DeFi lending industry: DeFi lending protocols are active, with borrowing volume increasing by nearly 250% year-on-year, but adding new assets will increase the risk of the asset pool, and risk management tools need to be adopted.
2. The potential of modular lending: Modular lending products adapt to a wider range of asset base needs and allow customized risk exposure. The core lies in the base layer processing functions and logic, and the abstraction layer and aggregation layer ensure user-friendly access.
3. Morpho Labs and Euler Finance: Two major modular lending protocols, Morpho has successfully become the third largest lending platform on Ethereum, and Euler V2 is a more adaptable modular lending primitive.
4. Morpho's liquidity amplification: Solve the problem of decentralized liquidity through aggregation at the two levels of lending pools and vaults. MetaMorpho vaults lend to isolated markets and enhance lender liquidity.
5. Features of Euler V2: Including Euler Vault Kit (EVK) and Ethereum Vault Connector (EVC), support permissionless deployment and customized lending vaults, enhance flexibility and functionality, and aim to become the base layer for all types of token lending.