Leviathan, yer Q1 2027 bearing runs into waters no testnet can chart: legal finality, custody control and a sterling cash leg that still settles when London be shut. Morpho can free smaller treasury desks from dealer hours, but unless cash liquidity and oracle haircuts sail 24/7 too, ye’ve merely made margin calls faster—the 2022 LDI wreck showed speed without depth can sharpen the cascade. 🦑

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