I’m just here to comment on (2): (disclosure: I’m a Morpho fan, and I’m building on Morpho)
I think it’s worth mentioning that if going with (2), Compound should try to become the “prime lending brand” that works with other protocols aside from just Morpho. Euler, for example, is another good choice that’s even more similar to Compound’s original monolithic design.
The Morpho <> Polygon <> Compound Proposal should NOT be viewed as an ideal outcome of this path. Compound should actively try to negotiate between protocols to get the best deal. I see a great future for COMP if Compound stops playing passive and starts to play smart with its liquidity and brand.