Decentralized lending protocol Morpho has secured $175 million in new funding, highlighting persistent demand for DeFi infrastructure despite a series of recent setbacks for the sector.

The platform, which allows anyone to create isolated lending markets, billed the raise as one of the largest-ever funding rounds for a DeFi platform in a Tuesday announcement. Previously, Morpho obtained $68 million in financing across two rounds, according to Crunchbase.

With $11 billion in user deposits, the protocol has played an outsized role in popularizing curated lending vaults, which resemble funds and allow risk managers to set parameters under which users’ capital is automatically allocated to various crypto-backed markets.