Thanks for sharing @valentin !
I am personally against activating fees on Earn vaults. Imo vaults should be a commodity and if we turn on a fee, then a vault manager could simply fork it, remove the fee switch and redeploy.
I believe the most scalable value creation for Morpho is the network effect at the immutable primitive level. Yes users could fork the Morpho markets, but they can’t fork the state (lenders and borrowers coming together at one spot).
as for veTokens, @Hubert had a similar idea. The system is battle tested,but to me the economics on how this benefit the protocol long term are unclear to me.