morpho blue hit $4.1b in active borrows. that's 35% of aave v3's entire $11.7b borrow book, achieved in 18 months. the mechanism is simple: aave's pooled model bleeds $50m+/year in spread inefficiency between lenders (3-4% on USDC) and borrowers (5-8%). morpho's isolated markets and curator model collapse that spread, paying lenders 6-9% at comparable or lower borrow rates. gauntlet curates $1b+ in morpho vaults. steakhouse manages $600m+. bitwise onboarded in april. coinbase routes BTC-backed loans through morpho. aave's dominance went from 70% to ~47% and V4 has no launch date. every quarter morpho locks in another curator relationship is a quarter aave can't get back. the lending market is repricing around capital efficiency and the rotation has barely started.