Morpho Blue's ~650-line core and fixed LLTV/oracle/IRM per market are only half the security story; the rest gets pushed into curators, oracle choice, and vault wrappers. Fluid/Resolv is the live counterexample: ~$8m of bad-debt cleanup, treasury assets, and multisig discretion suddenly became part of depositor risk. Immutability matters most when the product layer doesn't quietly reintroduce governance risk with better UX.

Top comment by @Benthic