Morpho Governance

We propose to extend the program for 30 days, with 15k USDC from Renzo and 20k MORPHO allocated over the period on the ezETH / WETH (86%) market. NB: distribution of incentives by the MORPHO DAO does not signify endorsement of market risks.

We propose to update the rewards rates on wstETH / WETH markets, adapting to the migration of MetaMorpho vaults liquidity to markets with exchange rate oracle: wstETH/WETH (94.5%, Morpho ChainlinkOracle): 4 666.66 MORPHO / day + 0.255 wstETH / day from Lido wstETH/WETH (94.5%, Morpho ChainlinkOracleV2 Exchange Rate): 2 022.22 MORPHO / day + 0.1105 wstETH / day from Lido wstETH/WETH (96.5%, Morpho ChainlinkOracleV2 Exchange Rate): 1 088.88 MORPHO / day + 0.0595 wstETH / day from Lido The wstETH/USDC (86%, Morpho ChainlinkOracle) market would continue to receive 7 777.78 MORPHO / day + 0.425 wstETH / day from Lido

formerly on Morpho Optimizers. To date, 4.5% of the total supply of MORPHO tokens has been distributed to users. However, managing MORPHO rewards is a slow and cumbersome process, requiring frequent DAO votes and many operational tasks for the DAO multisig. To reduce the operational burden, the Morpho Association proposes creating a Rewards Committee Multisig responsible for handling MORPHO rewards as part of Morpho reward programs.

2024 marks an Olympic Year, and the Morpho Association proposes that Morpho joins the festivities by introducing the Morpho Olympics, where up to 10M MORPHO would be awarded as grants to MetaMorpho curators.

The Morpho Association has recently deployed Morpho Blue and its periphery contracts with the same configuration as on Ethereum on the Base L2. The Morpho Association proposes to transfer the ownership of the smart contract to the Morpho DAO multisig.

We propose to start distributing rewards on markets with a MetaMorpho vault as collateral listed in either the RE7 USDA vault or the Gauntlet USDA vault. The rate on these markets would be 100 MORPHO per day. NB: distribution of rewards by the MORPHO DAO does not signify endorsement of market risks

We propose to update the rewards rates on wstETH / WETH markets to help the migration of liquidity to markets with exchange rate oracle: wstETH/WETH (94.5%, Morpho ChainlinkOracle): 5,444.44 MORPHO / day + 0,2975 wstETH / day from Lido wstETH/WETH (94.5%, Morpho ChainlinkOracleV2 Exchange Rate): 1,555.55 MORPHO / day + 0,085 wstETH / day from Lido wstETH/WETH (96.5%, Morpho ChainlinkOracleV2 Exchange Rate): 777.78 MORPHO / day + 0,0425 wstETH / day from Lido The wstETH/USDC (86%, Morpho ChainlinkOracle) market would continue to receive 7 777,78 MORPHO / day + 0,425 wstETH / day from Lido NB: distribution of incentives by the MORPHO DAO does not signify endorsement of market risks.

We propose to allocate a total of 6,667 MORPHO on the ETH+/ETH for a 30-day period. NB: distribution of incentives by the MORPHO DAO does not signify endorsement of market risks.

Given the strong growth of the market, we propose to extend this campaign by a month, distributing 10k USDC from ether.fi and 13.33k MORPHO. NB: distribution of incentives by the MORPHO DAO does not signify endorsement of market risks.

We are making a request to whitelist each “Superform” contract to move MORPHO tokens before token transferability is enabled. As new MetaMorpho vaults are listed to Superform, each listing will create a new Superform contract which would need to be whitelisted in order for any MORPHO rewards from that vault to be distributed. If possible, this request could also serve as an approval to whitelist any future MetaMorpho Superform contracts created via the SuperformFactory 1. Subsequent MetaMorpho Superform contracts could be whitelisted on a monthly basis.

We propose to multiply the reward distribution on PYUSD markets by 3 to bring the total to 1500 MORPHO per day. Following the relative sizes of the markets, we propose to split it this way: WBTC/PYUSD (86%): 1000 MORPHO per day wstETH/PYUSD (86%): 500 MORPHO per day The wbIB01/PYUSD (96.5%) market, which is currently the only one receiving rewards, would no longer receive any.

The Morpho Association proposes to: 1. Pause supply and borrow on the following markets: CompoundV2 Optimizer: COMP ($827.59), WETH ($67.1k), UNI ($117.57k), USDT ($319.28k) AaveV2 Optimizer: CRV ($275.16k) AaveV3 Optimizer: DAI ($486.78), WBTC ($74.73), cbETH ($8919.33), sDAI ($0.10), USDT ($0) 2. Deprecate CRV on AaveV2 Optimizer. 3. Stop MORPHO rewards on these markets. 4. Divide by 2 the total number of MORPHO rewards distributed to Optimizers’ users.

The Morpho Association proposes to allocate the following amount of MORPHO over the three month period: wstETH/USDA: 66,667 MORPHO rsETH/USDA: 33,333 MORPHO ezETH/USDA: 33,333 MORPHO The ANGLE and MORPHO distributions would follow the Standard method 4 for distributing rewards on Morpho Blue markets. NB: distribution of rewards by the MORPHO DAO does not signify endorsement of market risks.

The Morpho Association proposes to distribute 2534 MORPHO per day on the sDAI/WETH market to avoid losing volume on this market, and to further consolidate it.

The current campaign for rewards on the wstETH markets will end on April 9th. We suggest continuing to distribute MORPHO on these markets to further bootstrap them. Some MetaMorpho vaults have started to list wstETH / WETH markets with exchange rate oracles. We propose to distribute rewards on these markets as well to help the migration of liquidity. These rates would be set on April 9th at the end of the current campaign.

The Morpho Association proposes to allocate a total of 60k MORPHO as incentives over a three month period to help grow the mTBILL / USDC market, to be distributed alongside 30k USDC from Midas. Execution will be conditioned on the receipt of the USDC amount on morpho.eth and the actual inclusion of the market in a MetaMorpho vault. NB: distribution of incentives by the MORPHO DAO does not signify endorsement of market risks.

The Morpho Association proposes to allocate a total of 60k MORPHO as incentives over a three month period to help grow the mTBILL / USDC market, to be distributed alongside 30k USDC from Midas. Execution will be conditioned on the receipt of the USDC amount on morpho.eth and the actual inclusion of the market in a MetaMorpho vault. NB: distribution of incentives by the MORPHO DAO does not signify endorsement of market risks.

The Morpho Association proposes to allocate 500k MORPHO as incentives over a three month period to the 5 markets to grow along 357k CRV from Curve. Execution will be conditioned on the receipt the first payment CRV payment of 160k CRV to morpho.eth and the actual inclusion of the market in a MetaMorpho vault. NB: distribution of incentives by the MORPHO DAO does not signify endorsement of market risks.

The Morpho Association proposes to allocate a total of 60k MORPHO as incentives over a three month period to help grow the mTBILL / USDC market, to be distributed alongside 60k USDC from Midas. Execution will be conditioned on the receipt of the USDC amount on morpho.eth and the actual inclusion of the market in a MetaMorpho vault. NB: distribution of incentives by the MORPHO DAO does not signify endorsement of market risks.

The Morpho Association proposes to allocate a total of 90k MORPHO as incentives over a three month period to help grow the USDe and sUSDe markets. The incentives would be split 7/12 and 5/12 between USDe/USDT and sUSDe/USDT, in line with Ethena shards distribution. Execution will be contingent upon the shards distribution and the inclusion of the two markets in a MetaMoprho vault. NB: distribution of incentives by the MORPHO DAO does not signify endorsement of market risks.

The Morpho Association proposes to allocate a total of 150k MORPHO as incentives over a three month period to help grow the apxETH/WETH market, to be distributed alongside 75k BTRFLY from Redacted. Execution will be conditioned on the receipt of the BTRFLY amount on morpho.eth and the actual inclusion of the market in a MetaMorpho vault. NB: distribution of incentives by the MORPHO DAO does not signify endorsement of market risks.

This vote is about whitelisting Gauntlet vaults address to allow the transfer of potential $MORPHO rewards to their depositors.

The Morpho Association proposes to allocate a total of 90k MORPHO as incentives over a three month period to help grow the ezETH/WETH market, to be distributed alongside 45k USDC from Renzo Protocol.

This vote is about whitelisting Flagship USDT and sDAI MetaMorpho vaults address to allow the transfer of potential $MORPHO rewards to their depositors.

This vote is about whitelisting Steakhouse Financial wUSDM, PYUSD and USDT MetaMorpho vaults address to allow the transfer of potential $MORPHO rewards to their depositors.