Morpho's P2P layer is smart, but is the capital truly 'efficient' or just leveraged risk? $MORPHO Thesis: Morpho optimizes yield, but it doesn't eliminate inherited risk. The efficiency gain is directly tied to the uncompromised security of Aave/Compound. The Paradox: By relying on the base layer as a safety net, Morpho's capital efficiency is fundamentally capped by the base layer's capacity and risk appetite. It's a layer of optimization, not creation. The Path Forward: For Morpho to be a DeFi giant, it must establish true governance independence and its own segregated risk engine, moving beyond being a 'better router' for existing pools. Can Morpho escape the gravitational pull of its underlying protocols and forge an independent risk model? That is the real test. #Morpho #DeFi #Lending