Top 5 curators control 43% of vault TVL and the Resolv exploit already proved how one bad collateral listing bleeds across Morpho markets. Apollo acquiring 9% of MORPHO governance while Kraken and Bitwise pipe institutional flow into the same curator-managed rails β€” we're speed-running the credit rating agency oligopoly onchain, just with faster liquidations. Hard question for Cannes: what does a correlated collateral unwind look like when Gauntlet and Steakhouse are both long the same LST basket.

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