Paul Frambot | Morpho
@PaulFrambot
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Making finance a common good @MorphoLabs 🦋 - Farcaster:
Paris, France
Joined February 2016
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1/ Today, we are releasing the whitepaper and the code of 𝗠𝗼𝗿𝗽𝗵𝗼 𝗕𝗹𝘂𝗲 🟦.
A new trustless lending primitive that enables a whole new level of efficiency and flexibility.
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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I spent 2 years building in DeFi. Despite Morpho reaching $1B in deposits in the middle of the bear market, we chose to rebuild everything with Morpho Blue.
Here are key insights and takeaways that guided this decision:
1/ We must acknowledge that, in its current state, DeFi
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Today, Morpho is launching on
@base
, the first L2 in its history.
For the past two years, I have been opposed to deploying on any other chain because I wanted Morpho to maintain a narrow focus. At the time, we couldn't envision a new deployment doubling Morpho’s TVL. But things
The wait is officially over.
Morpho is now LIVE on
@base
.
Earn, borrow, and build on Morpho.
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So. Aave is attempting to prevent the growth of Morpho by introducing Merit, a rewards program. Although I prefer to avoid drama/politics to focus on Morpho, I have been asked countless times to comment on this proposal. Hence, I will simply provide some clarifications on the
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Marc, unlike on Aave, Morpho users are free to choose which assets they use as collateral, the oracle and the Liquidation LTV.
Does that mean that all strategies are risk-free? Of course not! Users can take the risk they want.
Morpho Blue is a permissionless lending and
This is called a turkey chart.
When your protocol, by design takes shortcuts on risk and oracles everything great until suddenly it’s not.
Just use Aave.
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I have made over 200 calls but it was worth it 👇
1️⃣
@a16z
and
@variantfund
co-lead.
2️⃣ 20+ funds:
@nascentxyz
,
@SemanticVC
@CherryVentures
,
@Coinbase
,
@MechanismCap
,
@sparkcapital
,
@standardcrypto
, …
3️⃣ 60+ angels.
Morpho is now ready to reshape DeFi as we know it.
We're excited to announce Morpho’s $18 million funding round co-led by
@a16z
and
@variantfund
to transform decentralized lending!
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Today marks a historic shift for DeFi lending.
We are thrilled to announce that
@Gauntlet
decided to build their own MetaMorpho vaults on top of Morpho Blue!
Learn more below 👇
1/7
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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People always tell me I should tweet more, as most crypto founders do.
But
1- We reached $500m with 10k followers.
2 - Idk what to say.
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After two years of building in DeFi, I have become so bearish on complex protocols.
If a contract is feature-oriented, then it is a product, not an actual protocol.
The simpler the primitive is, the better.
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How token incentives can actually slow down DeFi ecosystem growth
🧵
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The Two Paths Ahead For DeFi:
Decentralized Brokers vs. Protocols.
🧵
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Maker DAO is proposing to ramp up its usage of Morpho’s lending infrastructure from $100m to $600m.
Many tweets on Maker's move, but a lot of misunderstanding too.
Let me briefly recap what is happening👇
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The grind really never stops...
Flying to Denver today!
Will be going to our Morpho x
@gauntlet_xyz
Happy Hour on Friday. Hit me up if you want to chat there!
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Morpho flipped Compound in borrowing volume!
Two and a half years ago, we were writing the first lines of code for Morpho's Compound optimizer. Now, Morpho has $900m borrowed and Compound $860m.
We have come a long way.
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Unpopular opinion: I love the current CT; so quiet, less bs/noise.
In contrast, every team is actually building like never before.
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Morpho Labs designed three entirely new lending protocols over the last year.
However, we were only partially satisfied with each of them, so we abandoned all three.
After months of endless research and debates, we finally converged on Morpho's upcoming lending primitive.
🟦
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Advisory & investments in projects are forbidden for the
@MorphoLabs
core team.
As it is quite uncommon (especially in crypto), and people always ask me, I thought I’d explain
👇
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Introducing The Morpho Stack.
Not Monolithic, Not Modular, But Aggregated.
📝 Full article:
🧵 Recap thread below
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After discussing DeFi risk management
@EthCC
the whole week, I don't think people realize how critical, opaque, and centralized it is currently.
This is really worrying; I should write about it someday.
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School Project: Those last 13 days, we built a cross-platform messaging app using
@iotatoken
(rgpd friendly thx to encryption)
We’ll shortly be building the desktop version!
If some of you are interested, I can publish an English version on stores -> let me know :)
#IOTA
#btc
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The amount of support I am getting from Morpho's investors such as
@a16z
or
@variantfund
is completely crazy.
Is it the same in web2 (or other industries)?
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Morpho is the world's most audited DeFi platform, but we never really shared our internal security practices:
Audits, contests, pre-bounties, bounties, FV, mutants, fuzzing, unit, invariant, coding principles, …
There's a LOT to share. Thinking about making an open playbook.
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Turning 23 today, telegram & slack offered me 150 new notifications to tackle between my 9 calls.
🫡
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DeFi really needs to wake up. It has been 7 years, yet every week, new large-scale hacks, incidents freezing platforms, economic attacks, .... without mentioning all the hot fixes that are not publicly revealed ...
Yes, some incidents are handled properly, but how? By actual
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1/ Morpho Blue, the simplest and most efficient lending protocol on Ethereum, is now alive 🦋!
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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Feels like
@Uniswap
is now entirely an internet protocol rather than a financial service.
Fee tiers and oracles were the only opinionated/quant parts remaining, and they were removed.
The Web3 and the "internet of value" vision is slowly but surely becoming a real thing 🥰
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One week later,
@MorphoLabs
Twitter account is still locked because we set a date of birth to 1 yo ...
Every attempt to recover the account seems to have failed.
Now calling CT for rescue:
#UnlockMorpho
@TwitterSupport
@TwitterFrance
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This is it. Morpho is now part of
@MakerDAO
's endgame.
$100m DAI are being minted in the newly created
@sparkdotfi
MetaMorpho vault ⚡️🦋.
@ethena_labs
's $sUSDe and $USDe holders are now able to borrow $DAI on Morpho in size.
Morpho Enters Maker’s Endgame.
@MakerDAO
is deploying $100m DAI to sUSDe/DAI and USDe/DAI markets on Morpho Blue via
@sparkdotfi
's DAI MetaMorpho Vault, providing unmatched liquidity for users who want to increase exposure to
@ethena_labs
assets.
Keep reading for more details.
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We made it to Forbes 30U30 Europe btw.
Morpho’s linkedin street cred is reaching ATH.
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After just 3 months of operations,
@Re7Capital
is doing half a million dollar in ARR with their Morpho vaults.
They aren't consulting for the Morpho DAO, they just build on the permissionless and immutable Morpho Stack.
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Hello
@NatriumProtocol
, your codebase look familiar.
I don't remember that the Morpho DAO granted you the permission to do this.
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It’s time to talk about DeFi’s risk management problems.
We have avoided this topic for too long … and we're now paying the price.
🧵
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Morpho has been very quiet over the last 9 months.
This is about to change.
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How is it that nobody talks about Morpho already at $250m?
Morpho definitely has the best (total deposits / marketing) ratio in
#DeFi
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Slowly but surely, the building blocks are coming together during this bear market.
Every complexity of crypto is being abstracted.
We all know what that means👇
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What good can DeFi truly unlock? Or how I learned to stop hating finance. 📝
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With
@ajnafi
and
@eulerfinance
joining the party, the path forward for DeFi lending is clear: externalizing risk management from the protocol.
Excited for all the innovations of 2024: similar vision, different executions. We will all learn a lot!
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$3B deposited 🫡
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More than ever, AaveV4 sets a clear boundary in lending platform design.
1- Managed liquidity platform: omni-pool, abstracting away risk management, cross chain, UX, … essentially like a broker but open and decentralized.
2- Lending market infra: immutable markets,
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Angle is the most underrated crypto project I know.
Today
@pablo_veyrat
& team are announcing $USDA. It excels at everything you should expect from a decentralized stable: transparency, liquidity, yield,...
And of course:
@SteakhouseFi
's Morpho vaults in the background!
1/ We are thrilled to introduce USDA, Angle's USD stablecoin! 🇺🇸
USDA will offer:
- a Savings solution 💰
- the same liquidity as USDC 💧
- anti-depeg mechanisms 🛡️
- borrow/leverage features 📈
Paired with EURA, USDA will boost onchain forex trading!
All you need to know🧵👇🏼
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DeFi keeps getting hacked…
It will persist unless we radically change how we design protocols
Stop adding numerous features to your DeFi base layer. Focus on perfecting one thing and let others develop the features they excel at
Safely managing trillions has no alternative
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Gauntlet leaving Aave was inevitable in retrospect.
Working as a risk consultant for DAOs is very challenging:
- Incentives are poorly aligned.
- Cashflow is very uncertain and not scalable.
- Politics get mixed with complex maths (not good and even risky if you ask me).
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😂 indeed, I never liquidated a position, and I am glad I don't have to.
On Morpho Blue, one doesn't need me to stay awake 24/7 to make sure positions are liquidated properly to ensure the platform does not go bankrupt.
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I'll be speaking at
@EthCC
to explain the current limits of decentralized lending and what we can do about it.
Reminder: If Morpho has reached $1B TVL then (currently 600m), the whole
@MorphoLabs
team will do a rap on the mainstage disguised as butterflies.
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Web3 builders still lack so much focus.
Founders have multiple projects.
Projects have multiple products.
Yet, very few are close to achieving actual, non-endogenic adoption.
Bullish on laser-focused teams.
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$999 billion to go before we disrupt TradFi.
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Super excited to welcome Pantera in the Morpho DAO!
As I was asked multiple times, this is not a new fundraise 👀.
Last year, some investors bought the stake of early investors and it was announced today.
1/ We’re excited to announce our investment in
@MorphoLabs
, a decentralized lending and borrowing protocol.
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Just realized it has been officially 1 year since
@MorphoLabs
was born:
- 13 pure chads and incredible human beings (more to come).
- Raised $20M in two rounds.
- Morpho exploded during 2 months of bear market with $150M supplied.
- The 2 biggest releases are around the corner.
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Morpho’s P2P engine just matched $80 million in one tx.
+0.9% on WETH APY compared to base APY.
Fully on-chain.
Running on L1.
Whale Spotted! 👀🐳🦋
New Supply on Morpho-Aave-V2!
Amount: $79,194,387.748 of WETH
P2P Improvement: 100% matched ✅
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Don't want to repeat myself too much but ... nearly $400m now.
How is it that nobody talks about Morpho already at $250m?
Morpho definitely has the best (total deposits / marketing) ratio in
#DeFi
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There is so much going on this is crazy ...
Glad that Morpho is immutable and externalizes risk management to all the best experts/DAOs in the space so I don't have to do it myself 😜
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@variantfund
just raised a $450M.
As a founder backed by the firm, I would highly recommend any web3 start up to read through their thesis and the ownership economy in general. I personaly learnt a lot from their vision.
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Morpho does one job: Lending.
No risk management, features, stablecoin, DEX, …
Contributors have one incentive: The Morpho token.
No equity, advisory, investment, …
MORPHO's value is tight to one thing: Morpho's network.
No fees on risk management, maintenance, app, ...
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Even though Morpho continues to grow and just crossed the $400M milestones, I have never been so doubtful about DeFi.
The more I dive deep into DeFi products & mechanisms VS market data and people’s actual needs, the more I feel like huge changes are needed in the ecosystem …
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Me: what can I tweet to shill Morpho today?
Dune analytics: Morpho-Compound is the second biggest Compound supplier this quarter.
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Web2 start-ups can iterate very fast without too many security problems.
Web3 projects have just a few shots to find PMF since every development cycle is super slow to guarantee security.
This is particularly frustrating for founders/product people (but vgood when it works).
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Offsites with the Morpho team are always 👌
Preparing the next 6 months. Going to be 🔥
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$2B 👉👈
Back-to-back milestones. Now over $2B supplied on Morpho! 🦋
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Gm to all the European web3 builders out there.
Was thinking that we definitely need agEur from
@AngleProtocol
or jEur from
@Jarvis_Network
to be accepted on the main CEXes.
Goodbye 1% usd-eur fee, welcome 0.3% DEX fee.
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One of Morpho’s core values is to be laser focused.
So far, we haven't considered deploying Morpho outside Ethereum as the upside seamed marginal.
We believe Base could change that 🔵. Should we deploy there? 👇
Morpho on Base?
The Morpho Association has recently deployed Morpho Blue and its periphery contracts on
@base
. Now, the association proposes transferring ownership to the Morpho DAO to begin the official launch.
Keep reading for more details on Morpho's expansion to Base.
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The more time you spend in defi, the more bullish you become on governance minimized stuff like
@Uniswap
or
@LiquityProtocol
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Crazy the number of people that are already in Paris preparing for
@EthCC
.
Feels like this is gonna be the best edition ever.
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The Metamorphosis DeFi Lending Needs 🦋
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Morpho's security process before deployment:
- Four Tier 1 audits across all contracts with
@OpenZeppelin
and
@SpearbitDAO
- Formal verification with
@CertoraInc
- $200k Code contest with
@cantinaxyz
- $100k Pre-deployment bounty with
@HatsFinance
- [Soon] Traditional bounty
Incoming $100k pre-deployment bounty 🔒
The scope will cover Morpho Blue, MetaMorpho, and periphery contracts before and after going live on Mainnet.
Soon on
@HatsFinance
.
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Casual $80m deposit on Morpho Optimizer on a Sunday afternoon...
This guy is dangerously taking us closer to the EthCC rap on stage.
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Took two days off last week for the first time since the beginning of Morpho ...
... and I missed Morpho Blue crossing $1B
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Exciting times for DeFi lending. So many innovations popping up every day: New collateral, new chains, and new mechanisms. Love to see it!
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Twitter is literally begging for Morpho’s new lending primitive.
Can't wait to unveil it.
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Last year, $MORPHO was launched as non-transferable.
Quick thoughts a few months later 👇
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My favorite color has always been 🟦.
Tomorrow is going to be a good day for DeFi.
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DAI, Ethena, LRTs, LSTs, WBTC, RWAs, ... Glad to see a wide range of use cases developing fast on Morpho Blue across so many different MetaMorpho vaults.
Still a very long way to go but happy with the results in less than 3 months.
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Seeing hundreds of Morpho users pay sub-$0.01 gas fees to lend/borrow is unexpectedly satisfying.
Today, Morpho is launching on
@base
, the first L2 in its history.
For the past two years, I have been opposed to deploying on any other chain because I wanted Morpho to maintain a narrow focus. At the time, we couldn't envision a new deployment doubling Morpho’s TVL. But things
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Today, we unveil Morpho Blue’s Public Allocator, providing borrowers with just-in-time liquidity.
tl;dr:
- Isolated lending markets with shared liquidity.
- Borrowers can borrow much more from a given market.
- UX does not change.
- Smart contract risk does not change.
1/6
1/ Today, we unveil the Public Allocator
A new feature that provides borrowers with just-in-time liquidity by reallocating liquidity between markets to increase the borrowable liquidity on a selected market.
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Sending all our support to Euler’s users and builders.
Euler has one of the most skilled and experienced teams in the space. I am confident they will do everything possible to recover from this.
Those days are absolutely merciless...
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The grind over the last two months has been at another level.
Maker and Spark using Morpho's infrastructure for their lending activities is awesome news, but that's just the tip of the iceberg.
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Which DeFi project is really thinking out of the box right now?
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1/ The
#FutureOfFrance
gave us all we needed to start
@MorphoLabs
, proud to announce that now, it is our time to give back to this amazing ecosystem 🇫🇷🧵👇
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So. We are excited about Morpho Blue’s potential: trustless, efficient, flexible, … However, it may be more challenging to use for passive depositors.
UniswapV4 also appeared to be difficult to use … until the introduction of UniswapX.
See you tomorrow for another one 🫡🟦
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The number of people asking technical questions on Morpho's Discord has literally 10x. This is really a building season.
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People think we will only announce Morpho's new lending primitive.
They don’t know we have at least two additional major announcements in the upcoming months.
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Morpho is being or has been integrated into 200+ platforms, protocols, funds, websites, etc.
What are the places where Morpho is not listed yet? What protocol should be using it?
Please let me know, that would be super helpful to keep growing 🙌
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Interesting post by
@euler_mab
from
@eulerfinance
, discussing one of my tweets from August.
While I agree with much of the content, I'll focus on the few areas where I disagree.
TLDR: imo, features should very rarely be built inside DeFi base protocols; they should be built
Protocols vs Products
I recently saw this claim: "If a smart contract is feature-oriented, then it is a product, not a protocol."
I thought this was an interesting distinction worth exploring in more detail, especially given the current trend of people advocating for the
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Excited to see Morpho Blue with $50M of deposits in just a few days.
The three markets listed on the app are just the very (very) beginning. Here is a quick look at some of the things coming to Morpho 👇
1/ More assets
Had conversations with pretty much every major stablecoin,
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Research Team:
"Don't tease the Yellow paper; this is research, and we should not hype it."
Me:
@MorphoLabs
One of the highest quality modern solidity codebases out there, good shit y’all.
but wen yellow paper
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It is hard not to be excited about Ethereum ecosystem development lately.
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BlockAnalitica, Bprotocol, Steakhouse Financial, re7, … and now Gauntlet.
Don’t you see what is happening? DeFi lending has been unbundled. Risk management has been completely externalized from the core protocol.
Three MetaMorpho vaults curated by
@gauntlet_xyz
are officially LIVE!
The WETH Prime Vault, USDC Prime Vault, and MKR Blended Vault are now available to depositors with 0% fees for the first six months.
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Everybody: Account abstraction is going to change web3 adoption.
Instadapp: What about gas/network/account abstraction?
1/8 🥑 Say hello to Avocado, the next-gen smart contract wallet to simplify and onboard the next billion users to web3!
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Morpho Blue has come 1% of the way to the Morpho Optimizer flippening.
Things are (really) just getting started. Blueish.
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Spent the last 5 months scaling the Morpho Labs team.
We are now close to 20 persons working full-time on developing the Morpho protocol, its adoption, and decentralization.
Took me some time but super excited by the incredibly talented team we succeeded in putting together.
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Many thanks to everybody who came to FutureOfFrance (2nd edition) yesterday.
It was a pleasure to host this event in Paris, really glad it was so well received.
Next year it will have to be an even bigger one I guess!
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Gauntlet released an in depth analysis of what happened yesterday with their lending vault. I do recommend reading it!
tldr - 0.1% of losses, covered by 2 days of interest
1/ Following the ezETH liquidity crunch and price drop, we posted a Morpho forum update covering the impact on Gauntlet LRT Core.
tl;dr - LRT Core suppliers in the vault for more than 2 days are net positive in their supply position given accrued interest.
More below 🧵 👇
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As Compound deactivated COMP rewards on $WBTC holders. Native yield opportunities on this asset become extremely rare.
With Morpho's P2P matching, borrowers now pay 3x less and earn 14x more on their $WBTC.
(without mentioning the bonus in $MORPHO)
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A friend brought us this at
@MorphoLabs
offices. Probably my tenth butterfly-related present in the year but definitely one of the coolest!
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