0xResearch Morpho, Hyperliquid & The State of HyperEVM | Charlie, Felix Protocol
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Nov 10, 2025 This week, the hosts dive into the fallout from Stream’s DeFi disaster and its implications for Morpho. They explore permissionless markets versus curated safety, and the exposure of curators in the XUSD incident. The discussion also covers the evolving landscape of HyperEVM and the potential of Hyperliquid. Topics include multi-asset margin flows, AMM performance issues, and the strategic choices Hyperliquid faces. They also speculate on optimal collateral strategies and governance trade-offs, making for a thought-provoking conversation.
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Keep Morpho As Infrastructure
- Morpho should remain infrastructure for building lending markets rather than policing market risk.
- Curators and risk managers, not Morpho, must bear responsibility for vetting market collateral and borrowers.
XUSD Blowup Exposed Curator Risks
- The XUSD event highlighted curator-led risk: big curators like MEV Capital and RE7 may have been exposed.
- That exposure shows strict-listing curators could still be the ones causing systemic losses.
Prefer Slow, Centralized Risk Moves
- Prefer fewer, slower-moving risk decisions like Aave's model when managing core collateral.
- Pool liquidity efficiently and focus on the core collateral assets that drive most borrowing demand.