What are Programs?

A reward program defines a strategy to incentivize Morpho users.

• This section describes the process to create a reward program.
• You can access to all published program using rewards.morpho.org/v1/programs

Market programs

A market program incentivize supply and/or borrow and/or collateral using a linear distribution during a timeline. It is set for Morpho users.

MarketProgram Object

{
  "id": "0x2923a47dfacb9296e95586241349f77cbd7b48b992597011901080320cfe5957",
  "creator": "0x0C2553e4B9dFA9f83b1A6D3EAB96c4bAaB42d430",
  "start": "1714525200",
  "end": "1717030800",
  "created_at": "1713968975",
  "type": "market-reward",
  "distributor": {
    "id": "0x330eefa8a787552DC5cAd3C3cA644844B1E61Ddb-1",
    "address": "0x330eefa8a787552DC5cAd3C3cA644844B1E61Ddb",
    "chain_id": 1
  },
  "asset": {
    "id": "0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0-1",
    "address": "0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0",
    "chain_id": 1
  },
  "market_id": "0x423cb007534ac88febb8ce39f544ab303e8b757f8415ed891fc76550f8f4c965",
  "supply_rate_per_year": "37758620689655172413",
  "borrow_rate_per_year": "0",
  "collateral_rate_per_year": "0",
  "chain_id": 1
}

• id: The unique identifier of the program.
• creator: The address of the creator of the program.
• start: The start timestamp of the program.
• end: The end timestamp of the program.
• created_at: The creation timestamp of the program.
• type: The type of the program.
• distributor: The distributor of the program.
  • id: The unique identifier of the distributor.
  • address: The address of the distributor.
  • chain_id: The chain id of the distributor.
• asset: The asset of the program.
  • id: The unique identifier of the asset.
  • address: The address of the asset.
  • chain_id: The chain id of the asset.
• market_id: The id of the market.
• supply_rate_per_year: The annualized supply rate per year.
• borrow_rate_per_year: The annualized borrow rate per year.
• collateral_rate_per_year: The annualized collateral rate per year.
• chain_id: The chain id of the program.

Vault programs

A vault program incentivise vault supply using a linear distribution during a timeline. It is set at the level of the Morpho Vaults (formerly known as MetaMorpho) users.

VaultProgram Objects

{
  "id": "0x2923a47dfacb9296e95586241349f77cbd7b48b992597011901080320cfe5957",
  "creator": "0x0C2553e4B9dFA9f83b1A6D3EAB96c4bAaB42d430",
  "start": "1714525200",
  "end": "1717030800",
  "created_at": "1713968975",
  "type": "vault-reward",
  "distributor": {
    "id": "0x330eefa8a787552DC5cAd3C3cA644844B1E61Ddb-1",
    "address": "0x330eefa8a787552DC5cAd3C3cA644844B1E61Ddb",
    "chain_id": 1
  },
  "asset": {
    "id": "0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0-1",
    "address": "0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0",
    "chain_id": 1
  },
  "vault": "0x423cb007534ac88febb8ce39f544ab303e8b757f8415ed891fc76550f8f4c965",
  "rate_per_year": "37758620689655172413",
  "chain_id": 1
}

• id: The unique identifier of the program.
• creator: The address of the creator of the program.
• start: The start timestamp of the program.
• end: The end timestamp of the program.
• created_at: The creation timestamp of the program.
• type: The type of the program.
• distributor: The distributor of the program.
  • id: The unique identifier of the distributor.
  • address: The address of the distributor.
  • chain_id: The chain id of the distributor.
• asset: The asset of the program.
  • id: The unique identifier of the asset.
  • address: The address of the asset.
  • chain_id: The chain id of the asset.
• vault: The id of the vault.
• rate_per_year: The annualized rate per year.
• chain_id: The chain id of the program.

Uniform rate programs

The following information are retrievable in this forum post.

A uniform rate program applies a consistent reward rate for each dollar supplied in a curated market.

This uniform rate will be determined by the formula:

$$r_S = \begin{cases} r^0_S & \text{if } S \le S_\text{limit} \\ r^0_S*\frac{S_\text{limit}}{S} & \text{if } S > S_\text{limit} \end{cases}$$

• $r^0_{S}$ is the base rate (MORPHO per dollar deposited per day)
• $S$ denotes the total supply on eligible markets, excluding supply not eligible for rewards

The formula ensures that each new dollar of supply is rewarded at a consistent MORPHO rate, up to a predetermined limit to cap the total daily distribution amount.

Below is a graphical representation of the uniform rate rewards:

The values of $r_0$ and $S_{lim}$ can be adjusted by governance as the protocol expands, and customized for each chain where Morpho (formerly known as Morpho Blue) is deployed. The Morpho DAO deployed this system on Morpho with the following values on the Supply side:

On Ethereum

• $r_0 =$ 1.45E-04 MORPHO per dollar deposited per day
• $S_{lim}=\$500,000,000$

On Base

• $r_0 =$ 2.20E-04 MORPHO per dollar deposited per day
• $S_{lim}=\$50,000,000$

And the following values on the Borrow side:

On Ethereum

• $r^b = \frac{r^s}{10}$
• Eligible loan assets (WETH, USDC, USDT, PYUSD, USDA, wUSDM)

On Base

• $r^b = \frac{r^s}{3}$
• Eligible loan assets (WETH, USDC, USDA, wUSDM)