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Introduction: When DeFi Meets a “Midlife Crisis” Since the second half of 2024, a noteworthy phenomenon has emerged in the DeFi lending sector: several leading protocols have simultaneously begun adjusting their governance structures, shifting from pure DAO governance to more flexible hybrid models. Behind this change lies a collective exploration by the entire industry in the face of institutionalization, regulatory pressure, and efficiency bottlenecks. Morpho’s MetaMorpho curator system launched in 2024, Aave’s attempt at an institution-only marketplace, and Compound’s discussions surrounding Treasury all point in the same direction: the traditional “one person, one vote” governance model is revealing its limitations in the face of rapidly changing market demands. This article attempts to answer a core question by comparing and analyzing the strategic adjustments of several major protocols in 2024-2025: How…