Append `.md` to any docs page URL below for its raw Markdown (e.g. `https://docs.morpho.org/get-started.md`), or fetch the whole corpus at `https://docs.morpho.org/llms-full.txt`.

# Morpho Docs

> Documentation for Morpho — the open credit network.

- Get Started

  - **Introduction**
  - [Morpho](/get-started)
  - [Products](/get-started/products): Build powerful financial applications with Morpho's decentralized lending infrastructure.
  - [Customer Stories](/get-started/customer-stories): Powering builders of tomorrow's finance.

  - **Resources**
  - [Whitepapers](/get-started/resources/whitepapers)
  - [Morpho Apps](/get-started/resources/app-ecosystem)
  - [Morpho Interface Listing Policy](/get-started/resources/interface-listing-policy)
  - [Contract Addresses](/developers/contracts/addresses/)
  - [Morpho Blog](https://morpho.org/blog/category/101-content/)
  - [Landing Page](https://morpho.org/)
  - [Data Page](https://data.morpho.org/)
  - [Brand Assets](https://brand.morpho.org/)
  - [Disclaimer](https://morpho.org/disclaimers/)
- Learn
  - [Introduction](/learn)

  - **Fixed Rate Markets (Midnight)**
  - [What is Midnight?](/learn/concepts/midnight)
  - [Offers](/learn/concepts/midnight/offers)
  - [Liquidation](/learn/concepts/midnight/liquidations)
  - [Gates](/learn/concepts/midnight/gates)

  - **Variable Rate Markets (Blue)**
  - [What is Blue?](/learn/concepts/blue)
  - [Interest Rate Model](/learn/concepts/irm)
  - [Liquidation](/learn/concepts/liquidation)

  - **Vaults**
  - [Vault V2](/learn/concepts/vault-v2)
  - [Public Allocator](/learn/concepts/public-allocator)
  - [Curator](/learn/concepts/curator)

  - **Protocol Utilities**
  - [Oracle](/learn/concepts/oracle)
  - [Rewards](/learn/concepts/rewards)
  - [Bundles](/learn/concepts/bundles)

  - **Governance**
  - [Organization](/learn/governance/organization)
  - [MORPHO Token](/learn/governance/morpho-token)

  - **Resources**
  - [Risks](/learn/resources/risks)
  - [Audits](/get-started/resources/audits/)
  - [Formal Verification](/learn/resources/formal-verification)
- Curate
  - [Overview](/curate)

  - **Concepts**
  - [Roles](/curate/concepts/roles)
  - [Liquidity Curation](/curate/concepts/liquidity)
  - [Yield](/curate/concepts/yield)
  - [Fee](/curate/concepts/fee)
  - [Timelock](/curate/concepts/timelock)
  - [Gates](/curate/concepts/gates)
  - [Adapter Registry](/curate/concepts/adapter-registry)
  - [Security Considerations](/curate/concepts/security-considerations)

  - **Tutorials Vault V2**
  - [Create Vault](/curate/tutorials-v2/vault-creation)
  - [Vault V2 Dead Deposit](/curate/tutorials-v2/dead-deposit)
  - [Curate Roles](/curate/tutorials-v2/roles)
  - [Sentinel Actions](/curate/tutorials-v2/sentinel)
  - [Liquidity Curation](/curate/tutorials-v2/liquidity-curation)
  - [Public Allocator](/curate/tutorials-v2/public-allocator)
  - [(De)List Adapters](/curate/tutorials-v2/listing-adapters)
  - [(De)List Markets](/curate/tutorials-v2/market-listing)
  - [Abdicate Gates](/curate/tutorials-v2/abdicate-gates)
  - [Configuration Checklist](/curate/tutorials-v2/checklist)
  - [Bad Debt Consideration](/curate/tutorials-v2/bad-debt)
  - [Unwind Vault V2](/curate/tutorials-v2/unwind-vault-v2)
  - [Emergency](/curate/tutorials-v2/emergency)

  - **Tutorials Variable Rate Market**
  - [Deploy Oracle](/curate/tutorials-market-v1/deploying-oracle)
  - [Create Market](/curate/tutorials-market-v1/creating-market)
  - [Set Rate at Target](/curate/tutorials-market-v1/setting-rate)
  - [Variable Rate Market Dead Deposit](/curate/tutorials-market-v1/dead-deposit)
  - [Permissioned assets](/curate/tutorials-market-v1/permissioned-assets)

  - **Legacy Tutorials Vault V1**
  - [Create Vault](/curate/tutorials-v1/vault-creation)
  - [Vault V1 Dead Deposit](/curate/tutorials-v1/dead-deposit)
  - [Curate Roles](/curate/tutorials-v1/roles)
  - [Manage Markets](/curate/tutorials-v1/manage-markets)
  - [Manage Allocations](/curate/tutorials-v1/manage-allocations)
  - [Manage Bad Debt](/curate/tutorials-v1/bad-debt)
  - [Unwind Vault V1](/curate/tutorials-v1/unwind-vault-v1)
  - [Emergency](/curate/tutorials-v1/emergency)
  - [The Morpho Tool Suite](/curate/tool-suite)
- Developers
  - [Developers](/developers): Build on Morpho with product integrations, data tools, and open-source examples.

  - **Products**
  - Fixed Rate Markets (Midnight)
    - [Get Started](/developers/midnight/get-started)
    - Concepts
      - [Market Mechanics](/developers/midnight/concepts/market-mechanics)
      - [Collateral, Health, Liquidations](/developers/midnight/concepts/collateral-health-liquidations)
      - [Mempool & Router](/developers/midnight/concepts/mempool-router)
      - [Callbacks](/developers/midnight/concepts/callbacks)
      - [Multi-Market Offers](/developers/midnight/concepts/multi-market-offers)
      - [Tick Structure](/developers/midnight/concepts/tick-structure)
      - [Fees](/developers/midnight/concepts/fees)
    - Tutorials
      - [Lend at a fixed rate](/developers/midnight/tutorials/lend-at-a-fixed-rate)
      - [Borrow at a fixed rate](/developers/midnight/tutorials/borrow-at-a-fixed-rate)
      - [Redeem lend at maturity](/developers/midnight/tutorials/redeem-lend-at-maturity)
      - [Exit borrow at maturity](/developers/midnight/tutorials/exit-borrow-by-repaying-in-full-at-maturity)
      - [Exit lend early](/developers/midnight/tutorials/exit-lend-early)
      - [Exit borrow early](/developers/midnight/tutorials/exit-borrow-early)
      - [Display positions](/developers/midnight/tutorials/display-positions)
    - Guides
      - [Guide: How to Monetize Your Midnight Product](/developers/midnight/guides/monetize-midnight-product)
    - [Resources](/developers/midnight/resources/all)
  - Earn - Morpho Vaults V2
    - [Get Started](/developers/earn/get-started)
    - Concepts
      - [Vaults & ERC4626 Mechanics](/developers/earn/concepts/vault-mechanics)
      - [Yield & Fees](/developers/earn/concepts/yield-fees)
      - [Rewards for Lenders](/developers/earn/concepts/rewards)
      - [How can distributors generate revenue on Morpho?](/developers/earn/concepts/generate-revenue)
      - [Fee Wrapper](/developers/earn/concepts/fee-wrapper)
      - [Wallet Structures](/developers/earn/concepts/wallet-structures)
    - Tutorials
      - [Depositing & Withdrawing from Vaults](/developers/earn/tutorials/assets-flow)
      - [Support forceDeallocate withdrawals](/developers/earn/tutorials/force-deallocate)
      - [Exit an illiquid vault in kind](/developers/earn/tutorials/in-kind-redemption)
      - [Get Data](/developers/earn/tutorials/get-data)
      - [Integrate Rewards for Earn Products](/developers/earn/tutorials/rewards)
    - Vault App UX
      - [UX Requirements](/developers/earn/vault-ux/ux-requirement)
      - [Best Practices for Vault Integrators](/developers/earn/vault-ux/best-practices)
    - [Resources](/developers/earn/resources/all)
  - Borrow - Variable Rate Market (Blue)
    - [Get Started](/developers/borrow/get-started)
    - Concepts
      - [Market Mechanics](/developers/borrow/concepts/market-mechanics)
      - [Collateral, LTV & Health](/developers/borrow/concepts/ltv)
      - [Interest Rates](/developers/borrow/concepts/interest-rates)
      - [Shared Liquidity](/developers/borrow/concepts/shared-liquidity): Show and use liquidity that the Public Allocator can move into a Morpho Blue market.
      - [Liquidation](/developers/borrow/concepts/liquidation)
      - [Rewards for Borrowers](/developers/borrow/concepts/rewards)
    - Tutorials
      - [Supply Collateral, Borrow, Repay & Withdraw Collateral](/developers/borrow/tutorials/assets-flow)
      - [Get Data](/developers/borrow/tutorials/get-data)
      - [Vault V2 Public Allocator](/developers/borrow/tutorials/public-allocator): Build a Vault V2 reallocation snapshot, plan shared liquidity, and attach it to a Morpho Blue action.
      - [Integrate Rewards for Borrow Products](/developers/borrow/tutorials/rewards)
    - Guides
      - [Guide: How to Monetize Your Borrow Product](/developers/borrow/guides/monetize-borrow-product)
    - [Resources](/developers/borrow/resources/all)
  - Rewards
    - [Get Started](/developers/rewards/get-started)
    - Concepts
      - [Reward Campaigns on Morpho](/developers/rewards/concepts/reward-campaigns)
      - [Merkl Distribution System](/developers/rewards/concepts/distribution-system)
    - Tutorials
      - [Create a Rewards Program](/developers/rewards/tutorials/create-program)
      - [Fetch Rewards Data](/developers/rewards/tutorials/fetch-rewards-data)
      - [Claim Rewards](/developers/rewards/tutorials/claim-rewards)
      - [Integrate Rewards Display](/developers/rewards/tutorials/integrate-display)
    - [Resources](/developers/rewards/resources/all)

  - **Integration Methods**
  - API
    - [Get Started](/developers/api/get-started)
    - [Morpho Midnight](/developers/api/morpho-midnight)
    - [Morpho Blue](/developers/api/morpho)
    - [Morpho Vaults](/developers/api/morpho-vaults)
    - [Vault V2 Public Allocator](/developers/borrow/tutorials/public-allocator/)
    - [Rewards](/developers/api/rewards)
    - [Changelog](/developers/api/changelog)
  - SDKs
    - [Get Started](/developers/sdks/get-started)
    - Morpho SDK
      - [Morpho SDK](/developers/sdks/morpho-sdk)
      - [Vault V2](/developers/sdks/morpho-sdk/vault)
      - [Variable Rate Market - Blue](/developers/sdks/morpho-sdk/blue)
      - [Fixed Rate Market - Midnight](/developers/sdks/morpho-sdk/midnight)
  - Contracts
    - [Morpho Contracts](/developers/contracts)
    - [Addresses](/developers/contracts/addresses)
    - [Midnight](/developers/contracts/midnight)
    - [Blue](/developers/contracts/blue)
    - [Morpho Vaults V2](/developers/contracts/morpho-vaults-v2)
    - [MorphoMarketV1AdapterV2](/developers/contracts/morpho-market-v1-adapter-v2)
    - [Blue Public Allocator](/developers/contracts/blue-public-allocator)
    - [Oracles](/developers/contracts/oracles)
    - [Interest Rate Models](/developers/contracts/irm)
    - [Bundles](/developers/contracts/bundles)
    - [Universal Rewards Distributors (Deprecated)](/developers/contracts/rewards)
    - [Morpho Optimizers (Deprecated)](/developers/contracts/morpho-v0)
  - Agents
    - [Get Started](/developers/agents/get-started): Connect Claude Code, Codex, or Cursor to Morpho — query vaults, markets, and positions, and prepare unsigned transactions from your agent.
    - [Morpho MCP](/developers/agents/mcp): Morpho's hosted MCP server — query vaults, markets, and positions, and prepare unsigned transactions from any MCP-compatible agent.
    - [Skills](/developers/agents/skills): Install Morpho's builder skills to build, update, and review Earn and Borrow products.
    - [llms.txt](/developers/agents/llms)

  - **Ecosystem**
  - [Community Oracles](/developers/ecosystem/oracles)
  - [Bots and Automations](/developers/ecosystem/bots-and-automations)
  - [Data Dashboards](/developers/ecosystem/data-dashboards)
- API Reference
  - Midnight
    - Transactions
      - [List market transactions](/api/midnight/transactions/list-market-transactions)
      - [List user transactions](/api/midnight/transactions/list-user-transactions)
    - Markets
      - [List markets](/api/midnight/markets/list-markets)
      - [Get market](/api/midnight/markets/get-market)
      - [Get market state](/api/midnight/markets/get-market-state)
    - Positions
      - [List positions](/api/midnight/positions/list-positions)
      - [List market positions](/api/midnight/positions/list-market-positions)
      - [Get position](/api/midnight/positions/get-position)
      - [Get Midnight position performance](/api/midnight/positions/get-midnight-position-performance)
    - Offer Groups
      - [List Midnight offer groups for a user](/api/midnight/offer-groups/list-midnight-offer-groups-for-a-user)
    - Books
      - [List books](/api/midnight/books/list-books)
      - [Get book](/api/midnight/books/get-book)
      - [List book price levels](/api/midnight/books/list-book-price-levels)
      - [List book takeable offers](/api/midnight/books/list-book-takeable-offers)
      - [Get quote](/api/midnight/books/get-quote)
      - [List maker takeable offers](/api/midnight/books/list-maker-takeable-offers)
    - Mempool
      - [Validate a mempool payload](/api/midnight/mempool/validate-a-mempool-payload)
  - Blue
    - [List markets](/api/markets/list-markets)
    - [Get market liquidity](/api/markets/get-market-liquidity)
    - [Get market](/api/markets/get-market)
    - [Get market state](/api/markets/get-market-state)
    - [Get market state history](/api/markets/get-market-state-history)
    - [Get market APY averages](/api/markets/get-market-apy-averages)
    - [Get market APY history](/api/markets/get-market-apy-history)
    - [User market position](/api/markets/user-market-position)
    - [User market position history](/api/markets/user-market-position-history)
    - [User market position performance](/api/markets/user-market-position-performance)
  - Vaults V2
    - [User V2 vault position](/api/vaults-v2/user-v2-vault-position)
    - [List user V2 vault positions](/api/vaults-v2/list-user-v2-vault-positions)
    - [User V2 vault position history](/api/vaults-v2/user-v2-vault-position-history)
    - [User V2 vault position activity](/api/vaults-v2/user-v2-vault-position-activity)
    - [User V2 vault position performance](/api/vaults-v2/user-v2-vault-position-performance)
    - [List V2 vaults](/api/vaults-v2/list-v2-vaults)
    - [Get V2 vault](/api/vaults-v2/get-v2-vault)
    - [Get V2 vault state](/api/vaults-v2/get-v2-vault-state)
    - [Get V2 vault state history](/api/vaults-v2/get-v2-vault-state-history)
    - [Get V2 vault caps history](/api/vaults-v2/get-v2-vault-caps-history)
    - [Get V2 vault allocations](/api/vaults-v2/get-v2-vault-allocations)
    - [Get V2 vault realized average APY](/api/vaults-v2/get-v2-vault-realized-average-apy)
    - [Get V2 vault APY history](/api/vaults-v2/get-v2-vault-apy-history)
    - [Get V2 vault pending governance actions](/api/vaults-v2/get-v2-vault-pending-governance-actions)
    - [Get V2 vault withdrawal options](/api/vaults-v2/get-v2-vault-withdrawal-options)
  - Vaults V1
    - [User V1 vault position](/api/vaults-v1/user-v1-vault-position)
    - [List user V1 vault positions](/api/vaults-v1/list-user-v1-vault-positions)
    - [User V1 vault position activity](/api/vaults-v1/user-v1-vault-position-activity)
    - [User V1 vault position history](/api/vaults-v1/user-v1-vault-position-history)
    - [User V1 vault position performance](/api/vaults-v1/user-v1-vault-position-performance)
    - [List V1 vaults](/api/vaults-v1/list-v1-vaults)
    - [Get V1 vault](/api/vaults-v1/get-v1-vault)
    - [Get V1 vault state](/api/vaults-v1/get-v1-vault-state)
    - [Get V1 vault state history](/api/vaults-v1/get-v1-vault-state-history)
    - [Get V1 vault allocation history](/api/vaults-v1/get-v1-vault-allocation-history)
    - [Get V1 vault allocations](/api/vaults-v1/get-v1-vault-allocations)
    - [Get V1 vault realized average APY](/api/vaults-v1/get-v1-vault-realized-average-apy)
    - [Get V1 vault APY history](/api/vaults-v1/get-v1-vault-apy-history)
    - [Get V1 vault pending governance actions](/api/vaults-v1/get-v1-vault-pending-governance-actions)
  - Periphery
    - Oracles
      - [Get oracle state](/api/oracles/get-oracle-state)
    - Blocks
      - [Get block timestamp](/api/blocks/get-block-timestamp)
    - Chains
      - [Get chains](/api/chains/get-chains)
    - Token
      - [Get token](/api/global/get-token)
      - [Get token price](/api/global/get-token-price)