Morpho Governance

Morpho Protocol governance is intentionally limited in scope. The core smart contract code is immutable. The powers of the governance include:

• Control over the MORPHO tokens in the governance treasury
• Ownership of the upgradeable MORPHO token contract
• Activating and adjusting the fee switch(Link:https://github.com/morpho-org/morpho-blue/blob/78a059bd7318418465b06b8da96dc133e31ed3d9/src/Morpho.sol#L122-L145) (capped at a maximum of 25% of interest paid by borrowers) and setting a fee recipient address
• Whitelisting new LLTVs and IRMs for use in the Morpho Protocol
• Ownership of the morpho.eth ENS domain and subdomains, which are used for clearly labelling relevant protocol addresses

The governance discussions happen on the Morpho governance forum. This discussions can lead to proposals that will be voted on.

MORPHO token-holders can vote on the actions taken by the Morpho governance using the Snapshot interface at snapshot.org/morpho.eth.

Anyone who holds or has delegated to them at least 500k MORPHO tokens can submit a proposal for voting. This threshold is adjustable by the governance. Token holders can also give their voting power to a delegate: see Delegate your MORPHO to check or change yours.

Once a proposal reaches the required majority, the outcome of the vote binds the collective body of MORPHO token-holders, regardless of how any individual token-holder voted or whether they participated in the vote.

Governance decisions are taken in the interest of the Morpho network as a whole, and do not necessarily confer a direct or individual benefit on each token-holder taken separately. Once approved by a governance vote, actions are implemented by the 5/9 governance Multisig whose members are decided by the Morpho governance.

Morpho Association

The Morpho Association is a French nonprofit entity whose mission is to grow Morpho's network effects through research, development and promotion of the Morpho protocol.

In practice, the Morpho Association:

• Supports the development, growth, security and adoption of the Morpho protocol
• Hosts a front end to the Morpho protocol to facilitate the access of new users to Morpho: morpho.org
• Hosts technical documentation to facilitate the work of new Morpho developers
• Holds the intellectual property of open-source codebases such as morpho-blue, metamorpho-v1.1 or vault-v2 and hosts it on the morpho-org GitHub.

Multisig and Addresses