As a builder on Morpho Blue (I built an alternative UI monarchlend.xyz to support direct supply & borrow on MorphoBlue markets), I think unlocking the transferability of token could be a huge step forward for bringing more devs into the ecosystem
Once enabled, the Morpho DAO can start planning grant programs (can be done by streaming tokens to grantees with tools like Sablier), which is a very important and direct way to incentivise builders. With competitors like Euler V2 launching soon, it might be a good time to consider this.
For me a big downside of unlocking transferability of any token is noice. Once there’s a “market price” to the token abd price is down, everyone becomes less excited about the project, and their feedback may become biased. This might affect the product in the long term if the core team doesn’t have a concrete roadmap. Judging from the outside, I think the core team is ready to take this leap, face a higher risk in return for a future with much higher potential of Morpho.