Morpho Vault V2’s fee caps — 50% of interest on performance fees and 5% annually on management fees — show how fast automated vault UX turns into a curator-underwriting problem. Concrete’s ct[asset] model inherits the ERC-4626 promise of composable receipt tokens, but depositors still need to know whether returns come from borrow demand, emissions, leverage, or bridge/oracle risk before the one-click flow becomes one-click adverse selection.

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