The recent events on lending markets is a testament of the @MorphoLabs design strength. As @stutireal points out, Morpho is an infrastructure for curators. It is not the product. Both our Prime and High Yield products are based on Morpho. And Morpho is a great tool allowing curator to be very precise in what they want to express yet sharing liquidity. Prime didn't have any impact of the whole xUSD drama even if built on top on Morpho. High Yield (Smokehouse) did produce very juicy yield without the xUSD exposure. There was less liquidity, but those complaining are not users. We had 2/3 of outflow showing liquidity wasn't a constraint. Morpho worked fine as expected, so what was the issue if any? Main point is that we are still quite early in building the financial ecosystem. Lending against Ethena collateral should be arbitrage between different lending protocol. Especially Morpho as you can be super precise. It wasn't done. We also saw borrowers acting to slowly to unleverage on no slippage positions. Part of it is surprise and technical challenges. Markets are far from efficient, but that takes time to come and everyone is building everyday to make it better. What we don't need, is crypto twitter spreading FUD, hate and people trying to push their stuff using fake arguments. All current products are immature compared to what we will have in 10 years. We should have healthy and nuanced discussion to find the best way forward. I always said that for most people they should only allocate to prime vaults. You should actually be invested in a regulated G-MMF, but regulators are forcing you to take risk. I don't make the rules.(Sébastien Derivaux)