Merlin Egalite | Morpho 💙
@MerlinEgalite
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Cofounder @MorphoLabs Wizard making finance a public good Farcaster:
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Joined November 2018
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I'm excited to share that Morpho secured $50m in funding led by Ribbit Capital.
There was also participation from
@a16z
@coinbase
@variantfund
@PanteraCapital
and 50+ others who will help guide the future of Morpho.
From a student project to one of the fastest-growing and now
We're excited to announce that Morpho has secured $50M, led by Ribbit Capital!
The funding from Ribbit and other strategic partners further enhances Morpho's decentralization and supports its mission to make financial infrastructure a public good.
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Having a proper office is clearly underrated.
We've just moved to an office where any team member can sit anywhere, and it feels so great.
Being remote-friendly is awesome for attracting worldwide talent and maximizing talent density, but having a proper office and people
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Just traded on
@zksync
with
@argentHQ
and deposited some ETH on
@LidoFinance
, the experience is just 🤯🤯🤯🤯
Congrats guys for the work, keep building fintechs are not ready 👀
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Interesting idea: moving the Reentrancy Guard at the proxy level to prevent any type of reentrancy (even view reentrancy)
I'd say you should make sure that no reentrancy is possible by enforcing check-effect-interaction but this can be another layout of
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Morpho is opening the gate for Fintech businesses.
Today
@swissborg
is joining the Morpho Ecosystem with a brand new USDC Earn product for its users.
SwissBorg users, often unfamiliar with DeFi, can now easily earn a yield on USDC with just one tap through the SwissBorg app.
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Even though many users are criticizing the
@paraswap
airdrop, I think this is a good attempt to avoid sending tokens to airdrop hunters.
And also remember that this is FREE money. Outside DeFi nobody is giving you these amounts 🙃🤯
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Here is a drawing on how the
@coinbase
attestation X
@centrifuge
X
@MorphoLabs
integration works behind the scenes, as I received many questions.
6 steps are bundled into 1 single tx.
Pretty sure that Arthur C. Clarke would have said the following: “Any Morpho integration is
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I recently finished my internship at
@Kleros_io
, a de centralized justice court which is worth being known by everybody in this ecosystem.
I learnt a lot during those 6 months and just wanted to thx the whole team! 🙏
This allowed me to begin a new journey
@MorphoLabs
🦋👀
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I'm in an air bnb with 4 friends. None of them were in crypto before.
They're all buying $ETH, setting a
@MetaMask
wallet and applying to
@proofofhumanity
right now.
$UBI was the trigger💧
Is this the best way to onboard new people in the journey? 🧐
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With numerous security reviews, protocols shipped, and war rooms over 2 years, we’ve learned a lot about securing a protocol, sometimes the hard way.
Below are some key takeaways (while some may sound obvious, they are worth reiterating):
1/ Make a place for debates and
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THREAD - The most noticeable things in
@solidity_lang
seen on
@SolidityFridays
I watched
@LinumLabs
videos and gathered the most striking things about code style, tricks and tips that some protocols use.
After reading it, I guess you'll want to read the code in depth👇
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@0xlawlol
First and foremost, we welcome feedback on the interface; however, labeling this as a scam is false.
The claim that “Any users who tap max withdraw when repaying will be automatically liquidated, unlike any other reputable lending platform or even non-reputable ones” is
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I was not supposed to go to
@EFDevconnect
as it requires taking a plane (and I try to avoid that for our 🌍).
But guess what? Europe is full of trains, so I might go for a train-only trip from Paris to Istanbul! 🚞
Who will go there?
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1/ Today, we're releasing Morpho Blue's whitepaper & code 🟦
Morpho Blue is a trustless, efficient, and flexible lending primitive opening a completely new era for the lending space.
1/ Today, we unveil Morpho Blue 🟦
A trustless lending primitive that offers unparalleled efficiency and flexibility.
It will serve as a new base layer for decentralized lending.
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Most exciting panel you could have wished for the
@sparkdotfi
night 👀
@lemiscate
@euler_mab
@MonetSupply
&
@PaulFrambot
on the stage
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I first did not get the tornado gov attack trick, so I reproduced a POC to understand it.
TLDR; you can deploy 2 contracts sequentially with different logic but the same address using CREATE, CREATE2 & SELFDESTRUCT.
Explanation below and in the gist 👇
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Who’s going to the
@EthCC
in Paris? 🇫🇷🥖
First I thought I couldn’t attend to but it seems I’ll join with the
@Kleros_io
team now! ⚖️🔥
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Retails are slowly but surely entering the DeFi space 👀
~$160k have been deposited into
@swissborg
's Morpho Vault.
Morpho is opening the gate for Fintech businesses.
Today
@swissborg
is joining the Morpho Ecosystem with a brand new USDC Earn product for its users.
SwissBorg users, often unfamiliar with DeFi, can now easily earn a yield on USDC with just one tap through the SwissBorg app.
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I did my first half marathon today in 1’37’39.
Not too bad but organizers don’t know I cheated with my magic Morpho Socks 🧦
Btw I heard that only Morpho’s builders at the next
@ETHGlobal
hackathon in London will have some of them 👀
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Random Solidity tip:
The simplest way to use CREATE2 is the following:
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Today, Morpho Blue is officially based 🔵🎉
For the first time, a Morpho contract is available on an L2, making permissionless lending widely accessible.
This timing is perfect with Permissionless Fault Proofs recently deployed on
@Optimism
and very soon on
@base
🧵
The wait is officially over.
Morpho is now LIVE on
@base
.
Earn, borrow, and build on Morpho.
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Users don't want super highly optimized contracts.
Users want contracts that work.
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Things that you can do to prevent bugs in prod (not exhaustive):
1. Small codebase
2. Simple codebase
3. Unit tests
4. Integration tests
5. Fuzzing tests
6. Invariant tests
7. Formal Verification
8. Asking for reviews/advice
9. Internal reviews by another team (not the
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Surprise, the $100m mark on
@base
was crossed a few days ago, in fact!
It seems that an asset was not priced in the analytics🙈
Chasing ghosts now 👀
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I feel that we are not sharing enough about our learnings at
@MorphoLabs
on what it is to build a DeFi protocol.
Who would like that I share the up and down of such journey?
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Morpho is Blue, Base is Blue, and Blue is Based 💙
Onchain summer is coming and today I’m as based as
@jessepollak
for this announcement.
The Morpho Association proposes to transfer the ownership of Morpho Blue on
@base
to the DAO.
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3y ago I started writing a newsletter about blockchain to share my knowledge and stopped. I missed writing ✍️
This year I decided to start writing again about various topics (DeFi, health, climate, startup, etc).
The first piece: Why I am into DeFi 👇
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Morpho Blue has entered the top 10 protocols in terms of TVL on
@base
after less than a week, according to
@DefiLlama
.
This is just getting started.
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Presenting the Morpho merch.
The most secure, efficient & flexible merch in the world.
Ping me if you want some👌
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We are looking for a Smart Contract Engineer (remote or based in Paris) to join the onchain team I lead at
@MorphoLabs
🦋
We are looking for a strong Software Engineer, who ideally has existing web3 developer experience or is very eager to transition from web2 to web3 (and can
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Idea to better align incentives with auditors.
If the contract gets exploited or a critical vulnerability is found, the auditors would participate in covering the cost (a few percent). If the project is successful and generates revenues, part of this revenue is redirected to
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Who are the web3 auditors in this space?
There are smart contract auditors but we struggle to find web3 auditors checking:
- Web2 stack
- Third services: Alchemy, TheGraph
- Contract interactions
- Credentials/CI
- ...
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Who better to protect Morpho Vault users than the depositors themselves?
That's what
@AragonProject
has enabled; Morpho Vaults with mini DAOs run by depositors.
Many risk curators such as
@SteakhouseFi
,
@LlamaRisk
,
@Re7Capital
, and
@MEVCapital
have already integrated this
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Just a few hours after the release, total deposits have already reached > $6m
This is just starting to get based 🔵
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Morpho Blue is officially live! 🟦
Deploying Morpho Blue was like fitting together all the small puzzle pieces we've been working on for a year, and seeing the complete picture for the first time 🧩
It’s time to
#MoveToMorpho
1/ Morpho Blue is officially live on Mainnet! 🟦🦋
Lend and borrow on the most efficient lending protocol on Ethereum.
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Massive news: DeFi's leading risk management firm,
@gauntlet_xyz
, partners with Morpho.
Gauntlet's proven expertise will help curate high-quality MetaMorpho vaults on top of Morpho Blue.
This collaboration is accelerating a paradigm shift within DeFi lending toward an
1/ We are thrilled to announce that
@gauntlet_xyz
is joining Morpho!
Gauntlet will curate various MetaMorpho vaults on top of Morpho Blue and contribute to the sophistication of the Morpho ecosystem.
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Just heard that Facebook planned to recruit 10 000 people in EU to build a metaverse.
Please, if you’re a developer, a researcher or whatever. Don’t go working for a Big Tech. There are plenty of awesome projects out there whose aim is not to extract value from the entire world
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Just published an article on the security framework used to make Morpho Blue the most secure lending protocol in the world.
It covers each phase of a protocol lifecycle:
- pre-build (design)
- build and test
- pre-deployment (audits, contest..)
- post-deployment
The goal with Morpho Blue was to create the most secure lending protocol.
Our latest article covers the security framework in detail, making the process available to everyone.
As always, we welcome all feedback to better our security practices.
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Migrate your supply from AaveV3?
Easy, it's 1 click.
Same for AaveV2, Morpho-AaveV3, and even more to come 👀
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1/ Finally giving security contests a shot after longing for it. They're the perfect supplement to standard security reviews.
With Morpho Blue around, now is the ideal time. Excited to launch the first public contest with
@cantinaxyz
🔹 $200k
🔹 3 weeks
🔹 Nov 13th
🔹 ~2500 LOC
🪐 Introducing Cantina Competitions 🪐
With
@MorphoLabs
! 🦋
• $200,000
• 2500 SLOC
• Cantina Code assisted (much bigger than you think)
• Invite Code ONLY
A new era for web3 security begins today.
👇No invite code? Huge opportunity below👇
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Meet the awesome
@MorphoLabs
team today and tomorrow at our booth (building B on the right) 🦋
PS: we have some merch for you 👀
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DeFi Lego is going wild.
@spectra_finance
+
@usualmoney
+
@MEVCapital
+
@MorphoLabs
= 🤯
Just build on Morpho.
Introducing industry-first yield market on top of
@MorphoLabs
vault -
@usualmoney
Boosted USDC curated by
@MEVCapital
.
Unlocking fixed rates, yield trading, enhanced yield for Usual Boosted USDC lenders + MORPHO & Usual Pills exposure.
How it works and how to get started ↓
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I just want to thank the whole
@EFDevconnect
team.
The organization was perfect, from the website to the coworking space and the side events.
Huge congrats and thank you so much 🙏
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During a call, one auditor asked why we are not making more noise about what we are doing about security internally (testing, formal verif, code reviews, audits, etc).
The reason is: idk
Perhaps:
- Laziness?
- We're bad at marketing ourselves?
- No time to write articles?
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One thing that
@Uniswap
did very well is separating the brand from the protocol.
If someone is rugged by swapping a shady asset, they won't blame Uniswap; they'd blame themselves.
This must hold true on Morpho Blue as well and for every other fully permissionless protocol.
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I wrote Universal Rewards Distributor this weekend. It allows the distribution of any reward token (different reward tokens are possible simultaneously) based on a Merkle tree distribution.
It's just a few lines of code, super simple to read and reuse!
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One thing that excites me the most with the recent deployment on
@base
is that Morpho is now accessible to all users who were outpriced by the gas fees on Ethereum.
Tx fees on Morpho are ~ 1/10 of a cent.
This will be a key driver for adoption & new types of integrations 👀
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I've noticed many people discussing the Lindy Effect in relation to lending protocol risks. There seems to be significant misunderstanding, with two distinct types of Lindy emerging:
→ The true Lindy Effect (which CT should discuss)
→ The experienced Lindy Effect (which CT
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Largest flashloan so far on Morpho Blue by
@indexcoop
- 0 fee
- $15.71M
- Gas cost = the 2 required transfers of tokens, nothing else
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This is a very sad day for DeFi. The Euler team has been pushing innovation in this space since the beginning.
I am sending all my support to the team.
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We're hiring at
@MorphoLabs
:
→ Quant Analyst (Integration Team)
→ Senior Web3 Engineer (Integration Team)
→ Protocol Researcher (Protocol Team)
The next months will be intense & fun; join us if you want to scale lending to the masses.
Job offers below 👇
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Come get your
@MorphoLabs
’ swag at our booth.
Heard this morning: « This is the best merch by far »
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The
@MakerDAO
naming convention makes me laugh lmaoo 😆😆 ...until I remember that I must read their contracts and recall each of those weird names 🫠
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Aave V3 gives us some hard work as this version of
@AaveAave
is more complex than the V2 with new features such as eMode, isolation mode, etc.
We spend much time debating (a lot) and redesigning Morpho to fit these new edge cases. Super happy to share the codebase today!
🔔 We are excited to open the code base for Morpho's AaveV3-ETH Optimizer!
- Minimalist code
- Average gas costs reduced by 30%
- Optimized and fairer matching engine
- Permit2
- Account management
& much more!
🔗
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⚠️
@MorphoLabs
Security Checklists ⚠️
Inspired by
@Nascent
security checklist, we use these checklists for:
• Contract deployments
• Contract upgrades
• Asset listing
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Account Abstraction (AA) is much needed to scale Web3 to billions.
Here are a few reasons 👇
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Less is Morpho
Morpho Product Naming Update
The goal is to:
1. Simplify things
2. Cement the Morpho Blue vision as Morpho's overall vision
From now on:
Morpho Blue → Morpho
Morpho Blue Markets → Morpho Markets
MetaMorpho → Morpho Vaults
There haven't been any changes to the products. It's
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So if you're using
@OpenZeppelin
libs <= v4.9.3 you should definitely switch to v5.0.0 if you're running out of contract size.
Earn ~1.5KB on a contract that was at the limit (without optimizer). I guess it's mostly due to the removal of error strings.
It feels good.
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Just discovered Murky from
@dmfxyz
a "Merkle Generator and Prover in Solidity".
Just awesome. You can play with Merkle trees without writing any js lines 🤯
Side effect: you js skills decline even more...
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🥳 I'm now a (really really) small contributor to
@AaveAave
, thx
@miguelmtz
!
Can I retire now? 😆
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Our awesome protocol researcher
@Q_Garchery
at
@MorphoLabs
is giving a talk on formal verification at
@summit_defi
right now. Don’t miss that! 🔐
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🤜🦋🤛
We need to add
@pendle_fi
to the team now
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Simple math:
Account Abstraction (through a
@safe
here) +
@Sismo_eth
= infinite new use cases
It won't surprise me if they become the ingredients bringing crypto to the masses
how many times you were out and an exploit occurs w/o access to your hw wallet? 🫠
account abstraction fixes this ✅
welcome 🔏 Revoke .
@safe
Module 🧯
delegate your hot wallet or a 3rd party to revoke permissions on your behalf
a 🧵
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If a hack happens on Morpho,
@chainalysis
will be immediately warned to track funds and identify the exploiter.
With the recent events, we'll strengthen as most as possible the security of the protocol.
Reminder we have an
@immunefi
bounty available here:
1/ Morpho Labs has partnered up with
@chainalysis
to strengthen the Incident Response Plan for Morpho protocol! 🦋🛡️
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On Morpho, the Morpho contract is doing delegate calls to a logic contract called PositionsManager.
But why doing this? Is it safe?
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Me reviewing multiple
@MorphoLabs
integrators' contracts with the solidity team.
Bullishness lvl 100
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Few realized that you can earn ~15% by just supplying USDC on Morpho Blue right now
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Morpho Blue now has a $2.5M bug bounty on
@immunefi
.
This makes it the 2nd largest bug bounty of any lending protocol, according to
@BountyVision
.
That's nearly $4k per line of code.
Bounty hunters, enjoy 🫡
The Morpho Bug Bounty has been raised to $2.5M
It is now the second-largest bounty for any lending protocol, providing an added layer of security to Morpho's heavily audited and formally verified code base.
More details below.
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Seems that you can borrow 500k against
@ethena_labs
' sUSDe or USDe rn 👀
Small droplets before the incoming storm⚡️
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Fun moment today: almost one year ago we met for the first time IRL with
@MorphoLabs
’s team at
@ethcc
Today Morpho:
- is live
- reaches $100M
- is backed by incredible players like
@a16z
and
@variant
Ready for
#FutureOfFrance
🥖
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Upsides of having his birthday on the 26th of Dec:
-
Downsides:
- approaching liver failure
- no friends available
- less presents
Thinking about pursuing my parents rn
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I did a small internal retrospective on the development of Morpho-AaveV3. I don't know if we're shipping fast, but I'm sure we can be even faster while increasing product quality.
Below are 4 things we'll work on or improbe:
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At
@MorphoLabs
we're thinking about doing more and more open-source projects that could help Morpho and the ecosystem as a whole, in the same way that
@Uniswap
made the permit2 contract.
What are the most needed tools, and pieces of code to help the ecosystem?
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Today at 12:30, I'll be speaking at
@TheTrustX
The perfect moment to learn more about:
- Morpho Blue 🟦
- Our vision on protocols and products at
@MorphoLabs
- How it drives design choices to enhance security
- The
@cantinaxyz
competition starting today 20:00 UTC
See you there!
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Morpho just crossed $300M in supply! 🥳
Week's news:
✅ Over $300M
✅
@Instadapp
integration announced
✅ Team in Barcelona for
@ethgathering
to build
The 3 bullet points in the following tweet are thus checked!
So bullish for next week for Morpho! 🔥
- > $300M
- Big announcement coming
-
@ethgathering
in Barcelona to build like crazy
This maxi bear is a buidler window. Keep going folks!🔨
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We’re building a culture where every single line of code we write is questioned.
Is this design useful or just to please developers?
Is this feature necessary or just nice to have?
Will most users still use the product without it?
Is this optimization really worth it?
If it’s a
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« Let’s grab a coffee at ethcc »
I can barely sleep after 2 coffees. How am I supposed to sleep next week???
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Give me another team whose employee is a DJ except
@MorphoLabs
.
@GoldmanSachs
is not a valid answer.
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We've been grinding for the last 2 years. Things are just getting started.
There are so many things that will happen in the next few months...
Morpho unseats Compound to become second-biggest DeFi lender on Ethereum
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The most undervalued smart contract suite is definitely
@GnosisGuild
's one.
There’s a huge market opportunity to become the toolkit for DAOs.
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