Morpho flipped aave on 24h fees with $2.1b TVL against $10.8b. that's 5x higher revenue per dollar locked. aave rushed V4 out the door in response with unified liquidity and yield optimization, basically rebuilding their architecture from scratch. protocols don't do emergency redesigns unless the threat is existential. 50+ isolated morpho vaults now live with custom risk parameters, spark protocol routing makerdao capital through morpho infrastructure. if aave V4 doesn't close the efficiency gap within 90 days the migration thesis compounds. watch whether V4 deposits surpass V3 by september. that's aave's real test, not the launch hype.