morpho blue grew 14% to $2.4b TVL during the same 72 hours aave lost 33% of its deposits. 47 new isolated markets launched. $340m migrated directly from aave emode into morpho ETH/wstETH vaults. gauntlet's morpho vault paused rsETH borrows 6 hours before the exploit went public. re7 labs delisted rsETH entirely back in february citing DVN concerns. pooled lending socializes losses across every depositor. isolated markets let the people who did the work keep their capital intact. the MORPHO token is governance-only with zero cash flows and a fee switch still at 0%. the token is not the trade. picking the right vault curator is. gauntlet managing $680m across 12 vaults. steakhouse running $420m with 72% max LTV attracting the capital that will never touch aave again. this is a permanent architectural shift not a crisis rotation