MIP 98 - Telegram Mini App Frontend for the Morpho Protocol

[FanzeeLabs]

Summary

We propose to develop and deploy a user-friendly Telegram Mini App (TMA) frontend for Morpho Labs becoming a full-fledged Hybrid App, running live on the TON blockchain.

The TMA will directly be connected to the EVM contracts of Morpho deployed on TAC, enabling Morpho to become a Hybrid app accessible by any Telegram user.

In fact, the Morpho TMA will enable Telegram users to easily interact with Morpho’s depositing and borrowing functionalities directly within Telegram.

Users will be able to deposit, withdraw, repay and borrow assets, as well as access key Morpho protocol information, all seamlessly on Telegram.

In addition, Fanzee Labs as a project with great expertise and co-founded by The Open Platform is eager to support Morpho within the Telegram and TON ecosystem by providing assistance in marketing and UA using all possible resources.

Work on the TMA frontend for Morpho is scheduled to be completely finished within 6.5 weeks after the proposal approval.

Scope & Features

Telegram Mini App Interface:

• Onboarding Page: When opening TMA, the user is greeted by a page with basic information about Morpho and the possibility to connect a wallet via TON Connect.
• Earn Page: The user has the opportunity to explore and check all available Morpho Vaults on TON chain (via TAC), see a personal dashboard, and important information on each of the Vaults (name, loan asset logo, curator, APY, Total Deposits).
• Borrow Page: The user has the opportunity to explore and check all available Morpho markets on TON chain (via TAC), total loan in $ equivalent, described information about their positions, see a personal dashboard, and important information on each of the markets (collateral, loan, rate, liquidity).
• Personal Dashboard (Earn Page): Provides clear and concise information about current balances, open positions and Native APY (without rewards).
• Personal Dashboard (Borrow Page): Provides clear and concise information about current balances, open positions and Native Rate (without rewards).
• Individual vault page: When navigating to a particular vault, users will be able to access detailed information about that vault including an APY chart. They will also be able to provide Supply/Withdraw actions in a separate frame.
• Individual market (collateral/loan) asset page: When navigating to a particular market, users will be able to access detailed information about that vault important to track the health factor and possible risks. They will also be able to provide Borrow and Repay/Withdraw actions in a separate frame.
• Account management: Users will have the ability to track transaction history with specific labels to track their onchain actions with complete details within Morpho TMA. In addition, they will be able to smoothly switch between Testnet/Mainnet.
• On-chain interaction: Integrating with TON Connect for communication with TON wallets, including Telegram Wallet (@Wallet) and vast Telegram userbase
• Additionals: Full Screen mode.

User Experience:

• Native Telegram Experience: Designed to provide a seamless and intuitive user experience within the Telegram ecosystem with all the latest Telegram features.
• Mobile-First Design: Optimized for mobile devices, ensuring accessibility for Telegram’s vast mobile user base.
• TON Connect Integration: Leverages TON’s assets, its low transaction fees, a vast reach and a smooth user experience.
• Fanzee Labs Expertise: Built by Fanzee Labs, a team with extensive experience in developing high-quality TMAs.

Pre requirements (Testnet&Mainnet):

Frontend development for Morpho will also depend heavily on the following tasks:

• Smart Contracts: The Morpho team deploys its core solidity contracts on the TAC EVM chain.
• Proxy Contracts: TAC Core team develops proxy contracts for Morpho’s deployed smart contracts.
• Morpho’s Data: TAC Core is deploying the Morpho subgraph to TAC so that it can receive market dates via the Goldsky service. The service itself already live on TAC

Initial Support:

• Chain: TON mainnet and TON testnet (with EVM smart contracts’ deployment on TAC chain);
• Initial Assets: Vaults and markets’ support for key TON-based assets (e.g., TON, USDT, NOT, and other relevant assets deployed on TON, including Testnet);
• Earn/Borrowing Functionalities: Implementation of core earn and borrowing features for the supported assets.
• Real-time Data: Display of up-to-date protocol metrics and asset information.

Data Infrastructure:

• TAC SDK: Important component for the frontend development including TON adapter that will open a capability to connect TON wallet interactions in TMA to smart contracts that live on the TAC EVM Layer. It handles all the complex cross-chain message passing and transaction execution so developers don’t have to worry about it. Link
• Historical Data: Because of the MVP framework for displaying historical data on the frontend, we will use all possible data that will be available through the Morpho subgraph in Goldsky.

Below is a visualisation of the overall picture of the interaction of all the major components.

Scalability:

• Modular Design: The TMA will be designed with a modular architecture to facilitate the addition of new features and assets in the future.
• TON Ecosystem Growth: The TMA will be built to scale with the growing TON and Telegram ecosystems and Morpho’s adoption on the platform.
• New vaults and Markets: Capabilities to add new assets and open new markets for TON and Telegram users.
• Testnet&Mainnet: Initial launch in TON testnet and support migration to TON mainnet after TAC’s mainnet.

Alignment with Morpho:

• Hybrid App: The developed Telegram Mini App for the Morpho protocol will be an important milestone in the realization of the Hybrid App and will introduce Morpho to the huge Telegram audience.
• TON Ecosystem Integration: Strengthens Morpho’s presence within the rapidly growing TON ecosystem and leveraging TON’s high-performance transaction layer.
• Increased User Engagement: Provides a powerful and seamless way for Telegram users to interact with Morpho’s lending and borrowing functionalities within a huge userbase.
• Smart Contracts: Using the novel TON adapter introduced by TAC, the developed frontend will interact with the core logic of the Morpho smart contracts, which will continue to use the solidity codebase.

Project Phases:

Phase 1: UI/UX design

Objective: Development of a complete optimised UI/UX design.

Key Activities:

• Interface Optimisation for Telegram: Research of the current core UI/UX inside Morpho web version and render layouts with TMA optimized design for each component and feature.

Completion Criteria: Completed designs for UI/UX.

Phase 2: Frontend and Development

Objective: Develop and thoroughly test the Morpho TMA on the TON blockchain using TON adapter.

Key Activities:

• TMA Generation: Create Telegram Mini App for Morpho using official Telegram tools and guidelines.
• Proxy App: Synchronisation with the TAC core team that will be developing the EVM Proxy App that will handle cross chain messaging operations between TON and TAC.
• Data Integration: Synchronisation with the TAC core team that will be deploying Morpho open source subgraph on Goldsky so that the Fanzee Labs team can use the entire non-budgeted date from Morpho to display on the frontend.
• TAC SDK and TON Adapter: Setting up TON Connect using the TON Adapter and TAC SDK that will trigger Morpho’s solidity code deployed on TAC.
• Smart Contracts: Writing code to implement the logic in which a user will interact with Morpho smart contracts through methods that the team decides to proxy into the TON network to interact with Telegram and the TON audience through the TMA frontend.
• Testing: Important phase of TMA frontend testing which will include: manual frontend tests + proxy contract tests + e2e tests on working with TAC SDK.

Completion Criteria: A fully functional and tested Morpho TMA live on TON Mainnet/TON Testnet.

Phase 3: Post Launch Support

Objective: Deliver two months of comprehensive post-launch support for the TMA, while strategically utilizing Fanzee Labs resources to accelerate user growth and adoption within the Telegram ecosystem.

Key Activities:

• Hosting & Infrastructure: Reliable hosting and infrastructure, including live data access using subgraph on Goldsky, will be provided for the TMA frontend.
• Telegram User Acquisition: Fanzee Labs project co-founded by The Open Platform - one of the biggest and significant builders within Telegram (Notcoin, Tonkeeper, STON.fi, Getgems and etc), is eager to support Morpho GTM strategies and use all possible resources of Fanzee Labs and The Open Platform, including listings and marketing posts will be provided on the official Telegram Apps Center TMA, which reaches over 1 million monthly active users (MAU) and in Fanzee Lab’s projects.
• New Markets and Vaults: Adaptable support for the integration of new TON(TAC)-Morpho vaults and markets as required by the Morpho team.
• Mainnet Migration: In the case of the initial deployment of TMA within the TON testnet, we will also be responsible for maintaining the main TON network once TAC goes mainnet (if this happens during the period of cooperation between Fanzee and Morpho).
• Bugs and Stability: Ensuring stability through bug fixes and patches for all issues that may arise.

Fanzee Labs will host and maintain the frontend. Following a two-month period, long-term sustainability will be assessed based on user adoption and governance feedback, with potential funding models including performance fee splits or additional grants.

Open Source:

The TMA’s frontend code will be open-sourced under GPLv3 license, fostering transparency and community contributions.

Funding Request:

Fixed Fee:

We are requesting 50’000$ in $MORPHO tokens, with a timeline to completion of 6.5 weeks.

• Phase 1: UI/UX design - 1.5 weeks
• Phase 2: Frontend Development - 4 weeks
  • Testing: Full-fledged TMA testing - 1 week
• Phase 3: Post Launch Support

As an addition to our core technical work, we are also open to revenue sharing logic, as required by the Morpho DAO, considering Fanzee Labs’ assistance with marketing, user acquisition and growth strategies within Telegram, utilizing all the strongest tools we can to help Morpho.

Note: To determine the $MORPHO amount for disbursement, the 7-day TWAP will be calculated using data from the seven days prior to the actual disbursement of funds.

Executive summary:

This horizontal chart outlines the approximate timelines for each phase, providing a visualization of how the frontend development work for Morpho Labs will be laid out by the Fanzee Labs team.

“Additionally” - Because the frontend work will also depend on the progress of other tasks that need to be done in parallel with the frontend development, we have also included them in the timeline in a separate section. At the same time, in case of delays with these tasks, we will not be able to fully complete the frontend *

Team:

We are Fanzee Labs, a team specializing in building high-quality Telegram Mini Apps. Our team has extensive experience in developing user-friendly interfaces and integrating with TON blockchain technologies.

Past Relevant Projects:

• Curve.fi: Biggest stableswap DEX live on TON testnet with their own Telegram Mini App.
• Battles: The first and largest prediction market in Telegram.
• Mini Heroes: High-risk, fast-paced prediction game where only one mascot loses each round.
• Spiritual: Mindfulness app aggregator, Telegram based consumer app
• TON Tarot: Create your own tarot spreads for any questions, without needing a tarot reader or physical cards.
• Jetbi: Binary-styled financial market in Telegram.
• CULT: Major-style app where users can dive into fan clubs.
• Astro: The first daily, monthly, and yearly horoscope in Telegram.

Why Telegram Mini Apps and TON?

• Massive User Base: Telegram has over 950 million + of monthly active users, providing access to a huge potential user base.
• Seamless Integration: TMAs provide a native user experience within the Telegram messenger.
• TON’s Advantages: TON offers a rapidly growing ecosystem with 100+ million active addresses.
• Mobile-First Approach: TMAs are inherently mobile-friendly, catering to the majority of Telegram users.

This proposal aims to demonstrate the value and feasibility of a Morpho Labs Telegram Mini App on TON via TAC, leveraging Fanzee Labs’ expertise to deliver a seamless and engaging user experience.

[OneTrueKirk]

Strongly supportive of this proposal. TAC is one of the most exciting chains I’ve evaluated for launch under the crosschain deployments framework. As the primary communication app for millions of people around the world, Telegram offers an excellent opportunity to reach users who are not already active in DeFi and grow Morpho’s TVL. TON and associated liquid staking tokens also represent an interesting new collateral type that is not well served in DeFi today. With notable DeFi protocols like Curve planning to launch on the chain, it is strategic for Morpho to deploy and become the premier lending protocol for the Telegram ecosystem.

The funding request is reasonable given the timeline and scope of work, especially given that the resulting code will be open source.

[MorphoAssociation]

The proposal is now live for voting on Snapshot.

[antonttc]

I like the idea of building mini apps, especially if it’s open sourced.

But I tried with a few examples from the list, and overall, I wasn’t particularly impressed:

• Curve: Only testnet for now; can’t verify for usage.
• Battles: Nice app, but the biggest prediction markets now have only around 500K to 4M SPARK votes each, with 100K equivalent to $2.2 USDT. This amounts to just $10 to $100 per pool, can’t justify massive usage claimed.
• Spiritual: Didn’t load

While I think a mini app is a good avenue worth exploring, I don’t see a reason to commit to a $50K down payment for this proposal. As I’ve commented many times about “building proposals,” I believe MorphoDAO should initiate programs if we want to go in a certain direction. In this case, perhaps we should create an open call for all mini app builders to submit their proposals, instead of voting YES / NO without competing proposals.

[croll83]

Hey @antonttc gm sir.

Marco here, TAC co-founder and growth lead.

Thanks for taking the time to engage with the proposal, it’s always great to see multiple points of view.

I’m not representing Fanzee, as i’m on the side of the EVM environment that will host and run the morpho onchain contracts, but i can talk a bit about overall strategies and give some context.

The TON ecosystem is super attractive for the amount of net new users in the space. The tap game meta onboarded tens of millions of new users that went onchain, setup TON wallets and get some assets on them but then they had no utility as there is not a big ecosystem of TVM developers yet. these users are a net new, they does not have a metamask, they are not aware of morpho or curve or uniswap. And as you noticed, this is a pretty retail market (high number, low $value), inherently different from the userbase we know on ethereum.

TAC tries to fix this by allowing EVM dapps like morpho to quickly deploy on TON without having to rewrite the business logic stack in TVM. Using TAC, Morpho can quickly and cheaply go live and check the product market fit in this new userbase, it just need a TON frontend to target TON users and assets - and this is the context of the Fanzee proposal. And this is very important as battletested successful dapps coming from the ethereum ecosystem have much lower cost of capital, they are more secure, with proven track record, and this translate in easier capital formation compared to a new dapp that is live on TON with a new contract language, new architecture and difficulties for LPs to compute risks.

On top of this, as growth lead for TAC, i’m not expecting 950M telegram users to directly use morpho on the miniapp. Our strategy here is to leverage Telegram narrow distribution channels, that are mostly consumer app TMAs. I used to be on the consensys bizdev team and i can testify that when metamask became a distribution channel for swaps it started generating value across the entire stack: not just consensys printing revenues taking a cut on the swaps, but aggregators getting orderflows, dexes executing the swaps and liquidity providers tapping in the fees.

here we’re trying to get on the same approach: we believe consumer apps on telegram, used by hundreds of millions of users (games, content, gambling, payments) can become distributors of defi primitives generating value across the entire stack. Just one example out of the multiples we’re currently working on: a minigame with M of MAUs, can provide premium gameplays to users that deposit 10USDT into a vault (usually these users pay for a premium version of the minigame). this vault will generate aggregated yields that will go back to the game developers or even to a subset of these users in many different forms (think about pooltogether similar approach). and the yield is going to come from strategies that will also narrow down to morpho markets. Basically users coming to play a game and they are also investing in a high yield strategy on the back, without even knowing what defi is. We’re already working on such use cases with different miniapps that have 10s M MAUs (it’s like half dozen of metamask-size distrubtion channels). There is strong appetite because this is a new business model for consumer app developers in the telegram ecosystem (that barely know what defi is).

Now you would object that this does not need a TMA for morpho at all, morpho can simply deploy the contracts and get access to this distribution channels. That’s not my opinion honestly. I see an ecommerce running on samsung.com, despite the majority of phone sales happens on distribution channels like amazon and target. For the same reason, i do think it’s important for morpho, if it’s not super expensive - like in this case, to have a proprietary miniapp that telegram users (not all 950M of them) can simply use directly without having to play a game. Over the time this will let morpho to grow consistently the user base and tap in new markets that are yet to be explored from the wider crypto community.

TAC here is focusing on one thing only: building a more sophisticated DeFi infrastructure for TON userbase, and we’re incentivizing liquidity onboarding with TAC tokens, that will supercharge the other incentives coming from the wider TON ecosystem. For this reason we are targeting the most battletested DeFi primitives and abstraction layers that can simplify the capital formation. In this context, Morpho will be a very relevant piece of the puzzle, definitely on the upper part of the list. I can’t disclose too much info publicly here, but as TAC co founder and growth lead, i can safely ensure that incentives will come and these will benefit Morpho (and a few other partners we’re working with) both on Ethereum Mainnet and TON.

On Curve finance, yes it’s still testnet as you spotted properly, and that’s because TAC is itself still on testnet. Our goal is to go live on mainnet second week of may, and we’re trying to make sure that tier 1 partners will be live day 1 with a TON frontend (that for morpho is linked to this fanzee proposal) and with liquidity already bootstrapped (that is coming from our incentives), so they can get some competitive advantage in the positioning and TON users will be able to start to familiarize with Morpho, lending, borrowing and yield opportunities.

Hope this long text wall shade some lights on this proposal and i hope you can agree that this is not just about building a rando miniapp, but there is an entire strategy on the back that is pretty clear and that makes sense.

i wish you a wonderful day.

Marco

[FanzeeLabs]

Adding Fanzee Labs address for the fee distribution - 0xF9c106BF1cdefe041185a9499B2A50ff623475DD