MIP 118 - MORPHO Token Deployment and Incentives on Hyperliquid

Morpho Blue Rewards
1

Summary

Deploy the MORPHO token on HyperEVM using LayerZero, and authorize an initial incentives budget of 100k MORPHO.

Detail

HyperEVM is the standout success of Morpho’s builder-focused multichain deployments framework, with a current TVL of over $500M despite no official Morpho frontend support or incentives spend.

The Morpho Association has concluded it is timely to provide additional support to Morpho stack builders in the Hyperliquid ecosystem (Felix and Hyperbeat) and provide an opportunity for additional curators to access this market.

Therefore:

  1. The Morpho Association plans to provide full Morpho frontend support on HyperEVM.
  2. The Morpho Association proposes to deploy the MORPHO token via the same LayerZero implementation used on Arbitrum, approved by the DAO in MIP-113, and authorize an initial rewards budget of 100k MORPHO.

If approved, this budget will be governed under the existing optimistic rewards framework.

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Details on the configuration:

  • Wiring
    • Eth ←→ HyperEVM (lock & mint)
    • Arb ←→ HyerEVM (burn & mint)
  • Rate limiting:
    • 500k tokens monthly to and from HyperEVM. This amount is high enough to cover the bridging of MORPHO tokens, including:
      • The token supply allocated for rewards.
      • Onboarding investors who want to use Morpho with HyperLiquid
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