Prologue – Why Pool-Based Lending Ran Out of Steam Aave-style pools boot-strapped DeFi, but they silo liquidity into one-size-fits-all tubs. Every new asset needs a new tub; risk is priced by a crude utilization curve; idle liquidity still splits yield, creating “dead-weight capital.” Curated vaults (Euler, Morpho, Kamino V2) softened the pain—professional curators move funds between tubs—yet they still leak value: managers compete, borrowers over-pay, and each vault re-fragments liquidity. T...

Prologue – Why Pool-Based Lending Ran Out of Steam Aave-style pools boot-strapped DeFi, but they silo liquidity into one-size-fits-all tubs. Every new asset needs a new tub; risk is priced by a crude utilization curve; idle liquidity still splits yield, creating “dead-weight capital.” Curated vaults (Euler, Morpho, Kamino V2) softened the pain—professional curators move funds between tubs—yet they still leak value: managers compete, borrowers over-pay, and each vault re-fragments liquidity. T...