Looking back, one of the biggest realization from building Morpho across V0, V1, and V2 is how much harder it is to build a permissionless, modular smart-contract stack—one where any distributor, any asset manager can take control and use it. It’s an order of magnitude harder, technically and operationally, than building a smart contract where you control everything end-to-end. Building for end users is relatively straightforward: you get consumer feedback and iterate. Building for builders is far trickier—every decision compounds, every interface becomes a long-term commitment, ...