Morpho Interface Listing Policy

1. What is this policy?

The Morpho protocol is permissionless. Anyone can deploy vaults and markets and interact with them directly onchain, without anyone's permission.

This policy applies exclusively to the app at morpho.org and any other front-ends operated by Morpho Association. Listing is the decision to display a curator, vault, market, or token in that interface. Delisting is the decision to stop displaying it. Crucially, delisting is a UI-level decision, not a protocol-level one. A vault or market that is never listed, or is later delisted, continues to operate exactly as it was programmed on the blockchain. Its smart contracts remain immutable and fully accessible; users retain the ability to deposit, withdraw, and interact with these assets directly via on-chain transactions, block explorers, or any other alternative interface, regardless of the Morpho Association's decision to display or hide it from morpho.org.

2. How listings works

Listing is a discovery decision. It is not:

• an endorsement, recommendation, or approval of a curator, vault, market, strategy, or asset;
• a risk assessment, audit, rating, or guarantee of safety, solvency, or performance;
• investment, financial, legal, or tax advice;
• a representation that a listed party is trustworthy, competent, solvent, or law-abiding;
• a warranty of any kind.

Morpho Association does not custody user funds, does not manage any vault, and does not assume risk on behalf of users. Risk management is fully externalized to curators, who are independent third parties responsible for their own strategy design, configuration, monitoring, and conduct. Users are solely responsible for their own due diligence and for any decision to deposit, borrow, or otherwise transact.

Any warnings, banners, or informational labels shown in the interface are provided for convenience only.

We do not review every vault and market individually the way a centralized platform would. Instead, the interface is organized around curators:

1. A curator is listed if it meets the standards outlined in this policy.
2. Vaults from a listed curator become eligible for listing if they meet our technical requirements.
3. Markets are surfaced when a listed vault allocates to them.
4. Assets are added to our token database so they render correctly and so warning logic can run.

3. Curator listing

A curator that wants to appear in the interface submits a listing application. Morpho does not prescribe how a curator should manage risk or run its strategy; that responsibility stays with the curator. The application instead asks a curator to set out its own approach across three areas, so we can form a basic, point-in-time view of whether it presents as a competent, accountable operator:

• Value and yield — what the vaults do, which assets and chains they target, the yield rationale, and why they add something the ecosystem does not already have.
• Risk mitigation — its approach to oracle selection, liquidation paths, monitoring, incident response, and continuity planning.
• Curator profile — track record, references, team structure, key-person risk, and operational and security practices.

What we look for in these answers is seriousness and operational rigor at the time of listing: evidence that the curator is a competent, accountable operator. This does not represent a guarantee. A curator that clears it can still be negligent, get compromised, or fail in basic ways.

3.1 Minimum requirements

The following are necessary but not sufficient conditions. Meeting them does not entitle any applicant to a listing.

• Identifiable and accountable operator. The curator must be an identifiable team or entity with a verifiable point of contact.
• Verifiable track record and references. Claims about prior deployments, managed capital, and experience must be checkable, and references must be reachable and must check out.
• Security and operational baseline. A sound owner/curator/guardian address architecture, appropriate use of multisig, a stated private-key management policy, and no unmitigated single points of failure.
• Credible capital plan. A realistic and evidenced plan demonstrating long-term commitment to the strategy and a genuine capital or seed commitment where required.
• Technical conformance of the vaults to be listed.

3.2 Discretionary evaluation

Beyond the minimums, listing is a discretionary decision. Morpho Association evaluates each application holistically across qualitative dimensions that include, without limitation, operational competence, credibility of execution, quality and originality of the strategy, growth prospects, security posture, and overall contribution to the ecosystem relative to the curators already listed.

Because these are qualitative judgments about what the interface surfaces, they are not reducible to a fixed checklist or numeric threshold, and no applicant is entitled to a listing by virtue of satisfying any subset of criteria.

3.3 Outcomes and process

An application may result in one of the following: acceptance, and progression to a listing process; a request for improvements, with the option to resubmit; or decline.

3.4 Reservation of rights

Morpho Association may, at its sole and absolute discretion, and at any time, decline any application, defer a decision, request changes, or list, restrict, or remove any curator, vault, market, or token, with or without prior notice and without any obligation to provide a reason. Nothing in this policy creates any right to be listed, any obligation on Morpho Association to list or to continue listing anything, or any entitlement to an explanation of a listing decision.

The criteria described in this policy are illustrative and non-exhaustive. Morpho Association may weigh additional factors and may apply, change, or waive criteria case by case. Publishing this policy does not limit that discretion.

Because the protocol is permissionless, a decision not to list, or to delist, never restricts anyone's ability to interact with the protocol directly on-chain. It affects only what the Morpho Association interface chooses to display.

4. Vault, market, and token eligibility

Vault listing is primarily an automated "meets best practices" gate, checked through the listing application. At a high level, a vault must be a Morpho Vault V2 that routes capital exclusively through Morpho-approved adapters — meaning it uses the official Morpho adapter registry and has abdicated the ability to change it — and must be created from official Morpho factories. It must satisfy the applicable timelock minimums on sensitive functions (or have permanently disabled them), must be properly seeded and must not impersonate Morpho in its name or symbol. Its owner and curator must be recognized for the target chain.

Markets appear in the interface when a listed vault allocates to them and their configuration parameters are set. Tokens are listed only when they are valid contracts, meet basic standards, pass security screening, and have reliable pricing data.

The authoritative, up-to-date technical checks are enforced by the listing application itself, which is the source of truth if this summary and the tooling ever diverge.

5. Ongoing enforcement

Listing is not permanent. We continuously monitor listed vaults and markets for configuration health, timelock compliance, asset and oracle sanity, and curator recognition status. Monitoring feeds user-facing warnings, internal alerts, and listing-state changes.

6. Warnings

The interface may display severity-graded warnings on vaults and markets — for example, to flag an unrecognized configuration, a stale or deviating oracle price relative to a reference, accumulating bad debt, an insufficient timelock, or an unrecognized asset.

Warnings are informational aids to help users exercise their own judgment. They are best-effort signals, not risk assessments, and they can be incomplete or lag behind reality. A vault showing no warning is not, for that reason, safe. A vault can be delisted without ever carrying a warning, and a warning can sit on a vault that stays listed.

7. Delisting

Morpho Association may remove a listing at any time. Grounds include, without limitation: failing a mandatory technical check (for example, a broken deposit path, a missing required timelock, an invalid adapter configuration, or a missing protective deposit); a critical risk signal (for example, an incorrect oracle configuration or an unrecognized core asset); a curator or owner ceasing to be recognized for a chain; prolonged inactivity; a breach of the listing agreement or of this policy; conduct that in our judgment poses a risk to users, to the ecosystem, or to Morpho Association; and any of the discretionary grounds mentioned above. In the event of a delisting, users may still interact with the protocol directly on-chain to withdraw or manage their positions.

8. Changes

Morpho Association may amend this policy at any time, effective on publication, without individual notice.

9. Disclaimers

The Morpho protocol is permissionless, non-custodial infrastructure. The interface operated by Morpho Association is one means of accessing it and is provided on an "as is" and "as available" basis, without warranties of any kind.

Nothing in this policy or in the interface constitutes an endorsement, a risk assessment, or investment, financial, legal, or tax advice, and nothing creates a fiduciary, advisory, or agency relationship between Morpho Association and any user or curator. Listing, non-listing, and delisting decisions are made at Morpho Association's sole discretion. To the maximum extent permitted by law, Morpho Association accepts no liability for any loss arising from the use of the interface or from any listing decision. Users transact at their own risk and are responsible for their own due diligence and for compliance with the laws applicable to them.