Vault curation is a meme because there is no curation - there is only capital allocation and deallocation.

Every curator simply allocates capital to all the same markets so these markets stay somewhat liquid. No curator does the risk management, because there are no tools on Morpho to do any of it.

Wrong oracle? - bad luck, buddy, can't do anything cause the market is immutable and unpausable. Best thing the curator can do is deallocate first and leave the slower curator with a bad debt - these are all the tools available for risk management.

No advanced tools to set velocity-based limits, advanced oracles, unique interest rate curves, automated ceilings or market pauses, and many other things without which no proper lending market can exist nowadays are available to curators.

Risk in capital markets is not stale. What works today and has low risk does not necessarily work tomorrow. Imagine you are using a bank that lends your money with no risk controls in place - would you want to be a client of this bank?

So whenever I hear people say that some institutions will use Morpho as an onchain credit layer, well, I think people are misled in their understanding of lending markets, or these institutions will be at a huge disadvantage.

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