Introduction

Morpho is a decentralized lending protocol with different entities and individuals contributing to its development and adoption. As a result, the documentation refers to different areas of “Morpho” which are worth distinguishing.

• The Morpho Protocol:
  A decentralized, noncustodial lending protocol implemented for the Ethereum Virtual Machine. The protocol had two main steps in its evolution with two independent versions: Morpho Optimizers and Morpho (formerly known as Morpho Blue).

• The Morpho Interface:
  A web interface allowing easy interaction with the Morpho protocol. This interface is one of many ways to interact with the Morpho protocol. More details in the Morpho Interface section.

• Morpho Governance:
  A governance system for governing the Morpho Protocol, enabled by the MORPHO token.

• Morpho Labs:
  The company that developed the Morpho Protocol, Interface, and many developer tools.

• Morpho Association:
  A France-registered association that regroups the main contributors like Morpho Labs to promote the development and the decentralization of the Morpho Protocol. The Morpho Association hosts the Morpho Interface.

Morpho

Morpho is the most recent protocol version and is independent of Morpho Optimizers.

Morpho is a simple lending primitive layer that allows the creation of immutable and efficient lending markets in a permissionless way.

The protocol comes with EVM smart contracts which facilitate interactions and integrations.

Morpho Optimizers

The first version of the Morpho Protocol is named Morpho Optimizers. It is built on top of incumbent lending pools and improves the lending and borrowing rates of users with a peer-to-peer matching algorithm while preserving the same liquidity and risk parameters.

The three instances of Morpho Optimizers are:

• Morpho AaveV3-ETH Optimizer,
• Morpho AaveV2 Optimizer,
• Morpho CompoundV2 Optimizer.