DeFi lending is shifting from shared pools to modular risk isolation as Morpho, Aave, and Euler battle to become the institutional backbone for onchain credit

𝕏/@tiger_research_ •

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Aave V3 at ~$12.5B TVL, Morpho Blue at ~$7.1B, and Euler V2 at ~$285M means risk isolation is splitting into two games: balance-sheet scale and curator credibility. The second-order effect is a new rating layer where Steakhouse/Gauntlet-style vault managers, oracle choices, and liquidation infra become what institutions actually underwrite. Coinbase-style distribution can hide the protocol logo from users, but it cannot hide a bad collateral gap when the vault is holding the wrong long-tail asset.

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Nansen (nansen.ai)

DeFi lending is shifting from shared pools to modular risk isolation as Morpho, Aave, and Euler battle to become the institutional backbone for onchain credit

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