Maker also does a lot of deals which require a

huge amount of in-house talent to assess risk. Curve doesn’t do that (giving out loans in crvusd to offchain entities).

Eg maker gives out loans to offchain entities that buy treasury bills and give some of that profit to maker. This sounds good in principle but too risky in terms of regulatory scrutiny (you may look like a common enterprise), or too much risk of default etc. (What if they take money and leave? Maker can get money back but so much hassle), or it just becomes too unscalable in the long term.

And what happens when rates go down ?

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thats why the take on 1 year rwas to limit exposure, also some custodial deals were embedded such that funds can be accessed despite default of debtor

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