Morpho is building the infrastructure layer for other businesses to run credit products on top of. Curators handle the risk and integrators bring the distribution. The protocol stays underneath while the participants on top earn the revenue. The model is more efficient than peer-to-pool. Morpho's isolated pools run tighter than Aave's shared pool, and top USDC vaults beat both Aave and Compound on supply rate net of fees. The Kelp exploit put Aave under real stress. The intervention to protect borrowers trapped suppliers for five days while four of its biggest markets froze. On Morpho, AdaptiveCurve would have adjusted rates automatically as utilization climbed and isolated pools would have kept the damage contained.