Founder of Morpho: 1. Institutional demand isn’t going away 2. The pooled lending model has lost trust; isolated lending will become mainstream In my opinion, institutions prefer isolated lending for two reasons: First, they can make money, whereas it’s hard for them to profit under the Aave model. Second, they have high requirements for risk control. The pooled model forces them to passively take on risks and rely on DAO decisions, which is too unpredictable. It’s clear that institutions need to go on-chain and require a certain level of decentralization, but what they need even more is autonomy and control. This naturally aligns with isolated markets and the Curator model. That said, pooled lending will still exist. It’s suitable for collateral markets composed of strong consensus assets. New collateral should be accepted cautiously—risk control is above all else.