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MORPHO transferability FAQ

General Token Information​

What is the maximum supply of MORPHO Tokens?

There is a maximum supply of 1,000,000,000 MORPHO. Find more details about the token here.

What is the expected circulating supply on transferability date?

The expected circulating supply on transferability date is approximately 11.2%. Find more details about the token supply, breakdown, and vesting here.

What are the contract addresses of MORPHO?

Ethereum:

Base:

Why are there two MORPHO tokens? What’s the difference between them?

The original, now legacy, MORPHO token was deployed as an immutable contract and lacked functionality associated with onchain vote accounting. The Morpho DAO voted to create a contract to wrap the legacy tokens into wrapped MORPHO to enable onchain vote tracking functionality in MIP-75.

In addition to onchain vote tracking, using an upgradeable token makes it possible to conform to a crosschain interoperability standard in the future, minimizing friction for MORPHO holders who want to move their tokens between chains.

Although legacy MORPHO tokens can be freely converted to wrapped MORPHO 1:1 via the wrapper contract, there could be a risk that legacy tokens might be used mistakenly in external integrations, such as exchanges. To prevent this, only the wrapped MORPHO will be transferable. Users can easily wrap their existing legacy MORPHO tokens on the Morpho App (see How to wrap here).

For more information about about vesting, breakdown, circulating etc.

Please refer to the docs.

Transferability Event​

When will MORPHO token be transferable?

With the vote finalized on Nov 6, 2024, the MORPHO token is expected to be made transferable on Thursday, 21th November 2024.

Do I need to do anything with my tokens?

Once transferability is enabled, existing holders of legacy MORPHO tokens on Ethereum will need to wrap their tokens on the Morpho App.

MORPHO on Base will already be wrapped, so there are no additional steps.

Swapping​

Will MORPHO be listed on CEXs?

Contributors of Morpho do not decide which CEXs will list MORPHO or at what time. However, OKX, Bybit, Bitget, Kraken, MEXC, Gate.io, and Kucoin, have announced they plan to list the MORPHO token. More CEXs may choose to list MORPHO in the future.

Exchanges plan only to support wrapped MORPHO. Once transferability is enabled, users will be able to wrap existing legacy MORPHO tokens on the Morpho App.

Will MORPHO have liquidity on DEXs?

Yes, the Morpho DAO has voted yes to Aera’s proposal on providing liquidity for MORPHO/ETH on Uniswap V3 on both Base and Ethereum. More details on this here.

Note that these pools are for wrapped MORPHO.

Where can I swap my MORPHO?

OKX, Bybit, Bitget, Kraken, MEXC, Gate.io, and Kucoin have announced they will list the wrapped MORPHO token. There may be more CEXs in the future.

MORPHO liquidity will also be provided to MORPHO/ETH Uniswap V3 pools on Base and Ethereum.

If you are holding legacy MORPHO tokens, you’ll need to wrap them on the Morpho App once transferability is enabled.

Can I swap the legacy MORPHO token?

You will need to wrap legacy MORPHO tokens before swapping.

If you hold legacy MORPHO tokens, you’ll be able to wrap them using the Morpho App once transferability is enabled.

Rewards​

Will MORPHO rewards distribution stay the same after transferability?

Yes, MORPHO rewards will continue being distributed until the Morpho DAO votes to change it. Please note that future MORPHO tokens distributed on Ethereum and Base will be wrapped already.

What version of MORPHO tokens have been distributed on Ethereum & Base?

To date, MORPHO rewards distributed on Ethereum have been the legacy token. Existing holders on Ethereum will be able to wrap their tokens once MORPHO is transferable.

All MORPHO rewards on Base will already be wrapped. There is no additional action required.

When can I claim my MORPHO tokens on Base?

Shortly after the token is made transferable, MORPHO token rewards on Base will be claimable under the rewards tab of the Morpho App. All tokens claimed on Base will already be wrapped.

When will the MORPHO rewards rate change?

The rate of the uniform reward rate model set by the Morpho DAO and will only change when the Morpho DAO agrees to change it via governance process.

How often are rewards claimable?

Currently, every 2 weeks. The aim is to shorten this to a few hours by the end of the year.