When Curators Become a Risk Variable in DeFi Lending, How Can Algorithms Reshape the Market?
The article argues that the current "Curator" model in DeFi lending, as seen in protocols like Morpho and Euler, reintroduces human moral risk and inefficiency. It traces the evolution of lending markets, highlighting that early pooled models (e.g., Compound, Aave) sacrificed lender risk control for borrower convenience, while isolated markets (e.g., Morpho Blue) fragmented liquidity. Curator vaults attempted to bridge this gap but reintroduced trust assumptions and discretionary decision-making.
The author proposes a new paradigm inspired by traditional order books: a two-tier architecture separating risk definition from order matching. In this model (exemplified by Avon), lenders deposit into isolated, parameter-defined "strategies" (retaining full risk control), while a shared order book algorithmically aggregates and routes borrower requests across compatible strategies atomically. This eliminates the need for human curators, enhances transparency, and improves liquidity utilization. The approach also benefits RWA by allowing compliance at the strategy level while pooling global liquidity. Built on high-performance chains like MegaETH, this CLOB-based system aims to automate lending coordination without sacrificing lender autonomy or borrower experience.
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