Difference between revisions of "Morpho (MORPHO)"
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===How it works=== | ===How it works=== | ||
* [https://doseofdefi.substack.com/p/modular-lending-more-than-a-meme From] Dose of | * [https://doseofdefi.substack.com/p/modular-lending-more-than-a-meme From] Dose of DeFi (30-5-2024): | ||
''"Morpho Blue is its primary lending [[stack]], on which it’s [[permissionless]] to create a [[vault]] tuned to whatever parameters it desires. Governance only enables what can be modified – currently five different components – not what those components should be. That is configured by the vault owner, typically a DeFi risk manager. The other major layer of Morpho is MetaMorpho, an attempt to be the aggregated [[liquidity]] layer for passive lenders. This is a particular piece focused on end-user experience. It’s akin to [[Uniswap]] having the DEX on [[Ethereum]] and also Uniswap X for efficient trade routing."'' | ''"Morpho Blue is its primary lending [[stack]], on which it’s [[permissionless]] to create a [[vault]] tuned to whatever parameters it desires. Governance only enables what can be modified – currently five different components – not what those components should be. That is configured by the vault owner, typically a DeFi risk manager. The other major layer of Morpho is MetaMorpho, an attempt to be the aggregated [[liquidity]] layer for passive lenders. This is a particular piece focused on end-user experience. It’s akin to [[Uniswap]] having the DEX on [[Ethereum]] and also Uniswap X for efficient trade routing."'' | ||
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===Other Details=== | ===Other Details=== | ||
==Oracle Method== | ==Oracle Method== | ||
* Pyth oracles were [https://messari.io/report/state-of-pyth-network-q2-2024 selected] (26-7-2024) by [[Gauntlet]] to secure its yield-bearing vaults on Morpho’s DeFi lending protocol. | |||
==Their Other Projects== | ==Their Other Projects== | ||
==Roadmap== | ==Roadmap== | ||
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*Full team can be found [here]. | *Full team can be found [here]. | ||
===Funding=== | ===Funding=== | ||
[https://medium.com/morpho-labs/morpho-raises-18m-co-led-by-a16z-and-variant-cd5cb694661 Raised] 18M in 2022. | |||
* Raised another [https://x.com/MorphoLabs/status/1819010855964479751 $50M] (1-8-2024) from [[Ribbit Capital]], @[[A16z crypto|a16zcrypto]], @[[Coinbase (Company)|cbventures]], @[[Variant Fund|variantfund]], @[[Pantera Capital|PanteraCapital]], @BHDigitalAssets, @[[BlockTower Capital|BlockTower]], @[[Kraken|KrakenVentures]], @[[Hack VC|hack_vc]], @[[IOSG Ventures|IOSGVC]], @[[Rockaway Blockchain Fund (RBF)|Rockaway_X]], @[[Semantic Ventures|SemanticVC]], @[[Mirana Ventures|mirana]], @[[Cherry Ventures|CherryVentures]], @[[Fenbushi Capital|fenbushi]], @LBV_VC, @[[Robot Ventures|robotventures]] and 40+ others. | |||
* [https://medium.com/morpho-labs/morpho-raises-18m-co-led-by-a16z-and-variant-cd5cb694661 Raised] 18M in 2022. | |||
===Partners=== | ===Partners=== | ||
Latest revision as of 05:58, 12 August 2024
Basics
History
Audits & Exploits
- Bug bounty program can be found here (since 17-6-2022).
- Audits can be found here, latest in end of 2023 on Morpho Blue.
Bugs/Exploits
Governance
Admin Keys
Has DAO and Operator signers, 5/9 and 3/9 respectively.
DAO
- From the Morpho docs (24-6-2024):
"MORPHO holders will be able to vote on changes to the protocol, including:
- Deployment and ownership of Morpho smart contracts;
- Turning on/off the fee switches built into Morpho Optimizer and Morpho Blue;
- Decentralize the hosting of the front end to the protocol and the governance;
- Govern the DAO Treasury."
Notable Governance Votes
Treasury
Token
Launch
The MORPHO token was launched as non-transferable, allowing the DAO to turn on transferability anytime (24-6-2024).
Token Allocation
"To date, 4.5% of the total supply of MORPHO tokens has been distributed to users."
- From the Morpho docs (24-6-2024):
"The token has a maximum total supply of 1,000,000,000 MORPHO. 80% of the tokens were minted by the DAO, and the association minted 20% of the tokens and sold 19% of them to investors across two rounds of funding in 2021 and 2022. As part of MIP1, the DAO distributed MORPHO tokens to the initial founders, Morpho Labs, and other independent contributors, researchers, and advisors. The minimum vesting is a 6-month lock-up followed by a 30-month vesting, which started on the 25th of December, 2022."
Inflation
Utility
Burns
Other Details
Coin Distribution
Technology
- Whitepapers or docs can be found here.
- Code can be viewed here.
How it works
- From Dose of DeFi (30-5-2024):
"Morpho Blue is its primary lending stack, on which it’s permissionless to create a vault tuned to whatever parameters it desires. Governance only enables what can be modified – currently five different components – not what those components should be. That is configured by the vault owner, typically a DeFi risk manager. The other major layer of Morpho is MetaMorpho, an attempt to be the aggregated liquidity layer for passive lenders. This is a particular piece focused on end-user experience. It’s akin to Uniswap having the DEX on Ethereum and also Uniswap X for efficient trade routing."
Fees
Upgrades
Staking
Validator Stats
Liquidity Mining
Scaling
Interoperability
Other Details
Oracle Method
- Pyth oracles were selected (26-7-2024) by Gauntlet to secure its yield-bearing vaults on Morpho’s DeFi lending protocol.
Their Other Projects
Roadmap
- Can be found [Insert link here].
Revenue
Usage
$1.8 billion in TVL as of 30-5-2024.
Projects that use or built on it
Competition
Pros and Cons
Pros
Cons
Team, Funding and Partners
Team
- Full team can be found [here].
Funding
- Raised another $50M (1-8-2024) from Ribbit Capital, @a16zcrypto, @cbventures, @variantfund, @PanteraCapital, @BHDigitalAssets, @BlockTower, @KrakenVentures, @hack_vc, @IOSGVC, @Rockaway_X, @SemanticVC, @mirana, @CherryVentures, @fenbushi, @LBV_VC, @robotventures and 40+ others.
- Raised 18M in 2022.
Partners
(:
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