Morpho DAO Governance
Morpho Protocol governance is intentionally limited in scope. The core smart contract code is immutable. The powers of the Morpho DAO include:
- Control over the MORPHO tokens in the DAO treasury
- Ownership of the upgradeable MORPHO token contract
- Activating and adjusting the fee switch(Link:https://github.com/morpho-org/morpho-blue/blob/main/src/Morpho.sol#L123) (capped at a maximum of 25% of interest paid by borrowers) and setting a set a fee recipient address
- Whitelisting new LLTVs and IRMs for use in the Morpho Protocol
- Granting licenses of the Morpho Protocol code by updating the ENS record at morpho-blue-core-license-grants.morpho.eth
- Ownership of the morpho.eth ENS domain and subdomains, which are used for clearly labelling relevant protocol addresses
MORPHO token-holders can vote on the actions taken by the DAO using the Snapshot interface at vote.morpho.org. 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 DAO. Once approved by a DAO vote, actions are implemented by the 5/9 DAO Multisig whose members are decided by the Morpho DAO.
Morpho Association
The Morpho Association is a French nonprofit entity grouping the main contributors and users of the Morpho protocol.
Its aim is to develop the Morpho protocol by funding contributors, or by facilitating access to the protocol for users and developers. In practice, the association:
- Hosts a front end to the protocol to facilitate the access of new users to Morpho: morpho.org
- Hosts technical documentation to facilitate the work of new Morpho developers: docs.morpho.org
- Holds the intellectual property of open-source codebases such as morpho-optimizers and hosts it on the morpho-org GitHub under a GPL3 license.
The association does not research or develop Morpho software, contributors such as Morpho Labs or Institut Louis Bachelier (ILB) do.
Multisig and Addresses
| Name | Address/Details |
|---|---|
| Morpho Ownerless Admin | 0x6F073477672F7202272b2684A56AB81Fc0dBaEF4 |
| SafeOwner | 0x0b9915C13e8E184951Df0d9C0b104f8f1277648B |
| MorphoContracts | See the Addresses section |
| Zodiac Delay Modifier | 0x68d11129a514C45716e55B9771813f117c4c2FA5 |
| Zodiac Roles Modifier | 0xa8b9650935EFb3F2972D1Ca4D3A8BA752D1A807A |
| Morpho DAO | morpho.eth (5/9 multisig): 0xcBa28b38103307Ec8dA98377ffF9816C164f9AFa |
| Morpho Operator | morpho-operator.eth (3/9 multisig): 0x640428D38189B11B844dAEBDBAAbbdfbd8aE0143 |
| MORPHO Rewards Multisig (Ethereum) | 0xF057afeEc22E220f47AD4220871364e9E828b2e9 (3/5) |
| MORPHO Rewards Multisig (Base) | 0x5Eb982bb1E620cC3927E5CF8A5D207e667643297 (3/5) |
Contributors
Morpho Labs is a core contributor to the Morpho protocol.
The company researches and develops new protocols to improve Morpho Additionally, it creates various tools to enhance the functionality and capabilities of Morpho. For example, the company:
- Researches, formalizes, and proves advanced decentralized lending mechanisms.
- Develops, tests, and secures the formally described protocols.
- Develops the necessary tooling, e.g., to host a front end or to format protocol data.
- Holds code being developed for Morpho in a private repositories until it is finished. Upon completion, ownership of the code is transferred to the Association under GPL3 license.
- Does not host any front end to the Morpho protocol.