MIP1 - Early Core Contributors Allocation

Governance
1

Summary

Morpho’s early contributors did not mint any MORPHO token for themselves at the incipit of the protocol. This proposal aims to allocate a portion of the total supply equitably among all major contributors of the protocol.

The Morpho Association

In order to organize the development and the decentralization of Morpho, early contributors founded the Morpho Association.

The Morpho Association is a French entity that deployed the first Morpho protocol and the MORPHO Token contracts. It raised the first rounds of funding but did not allocate any tokens to core contributors nor to itself. Instead, it was decided that the community should vote to allocate the tokens to the contributors.

Throughout the previous year, the association distributed Morpho Early Contributor Tokens (MECT) to contributors. The MECT equitably embodies the commitment of each contributor. Today, it is proposed to enable the conversion of each MECT vested into one MORPHO vested.

Specification of the proposal

  1. Contributors currently have a MECT vesting made with the DSSVest framework with the following contract on Polygon: 0x241C23b39A610952b8a8efBdF86463ddbe593e2d.
  2. A first contract was deployed by the Morpho Association 0x6327d36f66fec925fadd387153ece94d109f3d66 to collect the wish of conversion of each contributor.
  3. If the contributor approved the conversion of his/her tokens on chain, then a new DSSVest contract would be deployed with MORPHO Tokens instead of MECT by the DAO.
    1. All vestings would be set according to the same rules as the investors: 6 months lock up and 30 months linear vesting, starting at the same block for everyone (investor and contributor).
    2. The proportion of MORPHO tokens allocated would correspond to: 15.8% for the founding team, 7.9% for Morpho Labs, and 5.2% for independent researchers & advisors.
    3. Contrary to investor vesting, contributor vesting can be interrupted. The admins responsible for the interruption of each vesting are already specified in the MECT vesting contract and would be replicated.

Conclusion

To incentivize founders, contributors, advisors, and researchers to keep contributing to the protocol, we propose to enable the conversion of each MECT vesting into a MORPHO vesting.

24 Likes
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ok 我同意啊 这样是非常好的 大家都有好处不是吗？

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In order to facilitate communication between all the stakeholder, only the English language is allowed in the governance forum.

Please edit your message accordingly.

Cheers

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so how to get the core contributors role?and how can i change the black background ?so that words can be easily read :joy:

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Hi Paul,

Big fan of Morpho.
May I ask about the turning rate from METC to MORPHO? And is there any timelock mechanism regarding those MORPHO?

Thanks!
Chase

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Hello Chase,

Sure, it is a swap of vesting contracts: terms you can see in the smart contracts are 6 months lock-up + 30 months linear for all MECT holders. The proposal is about turning 1 vested MECT into 1 vested MORPHO with those terms :). Hope it is a bit clearer.

Best,
Paul

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It’s “early” core contributors, so the time is past.
The forum runs on Discourse, you can switch to the light theme via your personal preferences
forum.morpho.xyz/u//preferences/account

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Totally agree with this suggestion, we need to send people who stand/develop Morpho (to be motivated to continue to work). Terms of blocking funds is also acceptable. :+1: