Morpho Apps

This section details the critical applications developed by Morpho Association for effective vault management and ecosystem participation.

Consumer

Main App - app.morpho.org

Purpose: Interface for both lenders interacting with Morpho vaults and Borrowers interacting with Morpho Markets.

• View listed Morpho Markets & Morpho Vaults
• Deposit, manage, and exit positions in Morpho Vaults
• Enter, manage, and exit from borrow positions
• Track vault performance metrics
• Monitor position health and market statistics

If the main App is not accessible

If you don't want to use the Main Morpho app (https://app.morpho.org/) or if you are not able to access it, it is always possible to interact with Morpho via alternative apps, the Fallback app or at contract level via explorers.

Morpho Warnings

Morpho has a warning system built within the Morpho API. These warnings allow to surface potential risk that could impact markets or vaults on Morpho. Some of this warnings are used and featured in the main Morpho app.

The tables below explicitly explain some of the reasons why warnings may appear:

Market V1 Warnings

Vault V1 Warnings

Vault V2 Warnings

Vault V2 Timelock Requirements

Refer to this risk documentation to be sure you understand all the risks.

Tokens checks

Tokens are added to the Morpho database to enable their use on the Morpho apps. Before being added to the token database here, checks are performed to ensure compatibility. The token list is then available on the Morpho API here.

Here are the checks performed:

• Contract Existence - A valid smart contract exists at the provided address
• ERC-20 Compliance - The contract implements the core ERC-20 interface (name, symbol, decimals)
• Non-zero total supply - The token’s total supply is greater than 0
• DefiLlama Price Data - The token has a recent price data available on DeFiLlama
• Logo Availability - Token logo exists in Morpho database
• Not already listed - The token is not already listed on the chain

Policy

Asset blocking policy

The Morpho protocol is a self-executing, permissionless, decentralized series of smart contracts that cannot be changed by anyone except the governance for given parameters.

Morpho Association maintains one of many ways to interact with the Protocol (the Morpho Interface for instance), and as a non-profit association based in France is subject to certain laws and regulations.

As such, there may be certain circumstances under which Morpho Association blocks access to certain markets and vaults through our the interface provided.

Criteria for Restricting Access on Morpho Association Interfaces

1. Morpho Association will block some components of the Protocol for the following reasons:
   1. Risks to users. Morpho Association believes there are technical, fraud, or other risks that could significantly affect user safety.
   2. Legal and regulatory requirements.
   3. Fraud allegations.
2. Morpho Association will block individual or smart contract addresses that are subject to U.S. government sanctions or associated with certain types of illegal activity.
3. Morpho Association may block individual or smart contract addresses for any other reason at their discretion. For example, Morpho Association might have reason to believe that an address is associated with fraud, theft, or market manipulation, or that a smart contract has unacceptable security vulnerabilities.

Additional disclosures

Interface Warnings are created using information from third-party data providers. Morpho Association does not guarantee their accuracy and makes no representations or warranties about their relevance or currentness. The Morpho Protocol operates on a permissionless and decentralized basis, allowing Markets and Vaults to be established and administered by any third-party individual or entity. Any information provided by the Morpho Association on Vaults, Markets or any of their parameters does not constitute an endorsement of the Markets or Vaults and is provided solely for informational purposes. It does not represent an endorsement, recommendation, or any form of advice on how to engage with or utilize the Morpho Protocol.

Morpho Association Token Lists and Interface Warnings are not investment advice and should not be construed as such. Morpho Association strongly advise that before engaging in any financial, legal, technical, or other significant decisions related to the Morpho Protocol, you perform your own research (including, but not limited to, an analysis of the market or vault's structure, the assets involved, the parties responsible for its creation and management, and the potential risks and rewards associated with participation) and consult with an independent professional who is licensed and qualified in the relevant field. Such advice is crucial to ensure that your decisions are well-informed and take into account the specific nuances and complexities of your situation.

Slippage Considerations

When interacting with Morpho Markets and Morpho Vaults through the Morpho Interface, slippage protection is implemented to safeguard users against unexpected price movements between transaction submission and execution. Understanding how slippage is handled is crucial for both users and developers.

Types of Slippage Protection

1. Token Wrapping Operations
   • Applied to: stETH → wstETH conversions, ERC4626 deposits (including Morpho Vaults deposits)
   • Fixed maximum slippage: 3 basis points (0.03%)
2. Market Operations
   • Formula:
   $$e^{4 \cdot r_{\text{target}} \cdot d} - 1$$
   • Where:
     • r_target is the target interest rate
     • d is the expected transaction duration (15 minutes for EOA, 45 minutes for Safe)
3. Vault Operations
   • Formula:
   $$\left( 1 + r_{apy} \right)^{\frac{d}{yearInSeconds}} - 1$$
   • Where:
     • r_apy is the Annual Percentage Yield
     • d is the expected transaction duration (15 minutes for EOA, 45 minutes for Safe)
     • yearInSeconds is the number of seconds in a year

Shares Conversion and Slippage

In operations involving asset-to-share conversions (e.g. borrowing, repaying, Morpho Vaults deposits/withdrawals), the interface accounts for worst-case slippage scenarios. This is particularly important in the following cases:

• Asset-Based Operations: Borrowing, partial repayments, Morpho Vaults deposits/partial withdrawals, supplying/withdrawing collateral
• Shares-Based Operations: Maximum repayments, Morpho Vaults deposits in rehypothecation, maximum Morpho Vaults withdrawals

Note: Slippage can significantly impact transactions combining asset-based and shares-based operations for the same token.

Special Considerations for Morpho Vaults

Morpho Vaults ERC4626-compliant tokens are treated differently depending on the context:

• As assets when supplied as collateral
• As shares when supplied as deposits

In rehypothecation, they are treated as shares during Morpho Vaults Deposit and as assets during Supply Collateral.

At which level is it implemented?

These slippage calculations are automatically applied in relevant bundlerActions to protect users from adverse price movements during transaction processing.

Fallback App - fallback.morpho.org

Purpose: Built for emergencies, this app prioritizes resilience over speed. This interface is for both lenders interacting with Morpho vaults and Borrowers interacting with Morpho Markets.

• View your Morpho Markets & Morpho Vaults positions
• Exit positions from Morpho Vaults and Morpho Markets

Rewards - app.merkl.xyz

Purpose: Monitor reward campaigns on Morpho, track rewards linked to a specific address, and claim rewards.

Merkl is an application developed by a third party allowing to interact with rewards distributed on Morpho. The Morpho Association does not endorse or guarantee its functionality. Use at your own discretion.

Prime

Curator App V2 - curator.morpho.org

Purpose: Delivers specialized tools for Morpho Vault V2 curators to manage vault operations.

• Create and deploy new vaults V2
• Manage adapter listings and parameters
• Configure vault settings and permissions
• Set allocation caps, strategies and timelocks

Version: Beta deployment with ongoing feature development

Implementation Note: For actions not yet implemented in the Curator App, use direct interaction with vault contracts through verified sources such as Etherscan. Always verify contract addresses before interaction. See curate section here.

Curator App V1 - curator-v1.morpho.org

Purpose: Delivers specialized tools for Morpho Vault V1 curators to manage vault operations.

• Create and deploy new vaults V1
• Manage market listings and parameters
• Configure vault settings and permissions
• Set allocation caps, strategies and timelocks

Version: Beta deployment with ongoing feature development

Implementation Note: For actions not yet implemented in the Curator App, use direct interaction with vault contracts through verified sources such as Etherscan. Always verify contract addresses before interaction. See curate section here.

Other

Oracle Portal - oracles.morpho.dev

Purpose: Aid oracle configurations to ensure price feed accuracy and security.

• Decode oracle configurations
• Verify price accuracy against reference sources
• Test oracle configurations
• Identify configuration issues

Version: Production

Implementation Note: Always verify oracle data configurations before deploying to production environments. Use this tool to:

1. Confirm correct asset pricing
2. Validate operational parameters
3. Test edge case scenarios

Liquidation App - liquidation.morpho.org

Purpose: Provides manual liquidation capabilities for unhealthy positions.

• Identify liquidatable positions
• Execute manual liquidations
• Calculate liquidation profitability
• Monitor position health metrics

Version: Production and requires supplemental automation

Implementation Note: Develop and deploy automated liquidation bots for production environments. The liquidation app serves primarily as a backup mechanism when bots fail or for testing purposes.