Morpho (MORPHO)

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release:

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.

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:

1. Deployment and ownership of Morpho smart contracts;
2. Turning on/off the fee switches built into Morpho Optimizer and Morpho Blue;
3. Decentralize the hosting of the front end to the protocol and the governance;
4. Govern the DAO Treasury."

Token

Launch

The MORPHO token was launched as non-transferable, allowing the DAO to turn on transferability anytime (24-6-2024).

Token Allocation

• From their Snapshot (25-5-2024):

"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."

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."

Oracle Method

• Pyth oracles were selected (26-7-2024) by Gauntlet to secure its yield-bearing vaults on Morpho’s DeFi lending protocol.

Roadmap

• Can be found [Insert link here].

Usage

$1.8 billion in TVL as of 30-5-2024.

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.

(:

Knowledge empowers all and will help us get closer to the decentralized world we all want to live in!

Making these free wiki pages is fun but takes a lot of effort and time.

If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information.

ETH tip address: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31