Well written. Aave V4 feels more like a defense of the Morpho paradigm, but the fundamental differences remain unchanged: Aave V4 still heavily relies on the project team’s own risk management and governance capabilities, and the market’s willingness to adopt it stems primarily from trust in the team’s ability to manage risks and handle crises. The Morpho paradigm represents another path—minimizing governance, enabling permissionless lending markets, and decoupling curation functions—making it better suited as DeFi infrastructure.