MIP - Morpho DAO as owner of Morpho Blue on Base
- Author(s): Morpho Association
Context
Morpho Blue and its periphery smart contracts have been deployed on Ethereum for just over four months. During this period, the protocol has seen significant traction, with total deposits reaching $1.2B.
Since Morpho Blue’s deployment on Mainnet, there has been growing demand from integrators and users to access Morpho Blue on Layer 2 blockchains (L2s) where they can benefit from significantly lower transaction costs.
To date, there is notable interest from integrators already present on Base, an Ethereum L2 built using the Optimism Stack, who have expressed willingness to integrate Morpho Blue as soon as it’s deployed. Hence, Base presents the best opportunity to expand the Morpho Ecosystem and increase accessibility to Morpho Blue, particularly for cost-sensitive users.
Specification
The Morpho Association has recently deployed Morpho Blue and its periphery contracts with the same configuration as on Ethereum.
Deployment Addresses
- Morpho Blue: 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb
- AdaptiveCurveIrm (the Interest Rate Model): 0x46415998764C29aB2a25CbeA6254146D50D22687
- Oracle Factory: 0x2DC205F24BCb6B311E5cdf0745B0741648Aebd3d
- MetaMorpho Vault Factory: 0xA9c3D3a366466Fa809d1Ae982Fb2c46E5fC41101
- URD Factory: 0x7276454fc1cf9C408deeed722fd6b5E7A4CA25D8
- PublicAllocator: 0xA090dD1a701408Df1d4d0B85b716c87565f90467
Morpho Blue Configuration
- Enabled LLTVs: 0%; 38.5%; 62.5%; 77.0%; 86.0%; 91.5%; 94.5%; 96.5%; 98%.
- Enabled IRMs:
- AdaptiveCurveIRM
address(0)to enable “idle” markets, i.e., markets whose only purpose is to deposit idle funds that can’t be borrowed. These markets are especially useful for risk and liquidity management for MetaMorpho vaults.
Now, the Morpho Association proposes that the Morpho DAO becomes the owner.
After the transfer of ownership, the DAO will be able to:
- Enable new IRMs.
- Enable new LLTVs.
- Set a per-market fee.
- Set the fee recipient.
- Set the owner.
As a reminder, Morpho Blue’s smart contract is immutable and the functions above are the only functions with an admin role.
Next Steps
The Morpho Association will submit the vote on Snapshot in the following days.
In case the Morpho DAO members accept the proposal, the Morpho Association will transfer the ownership to the Morpho DAO on Base (0xeC5e4a3cE93c284441dC6a2Dd5F0D46a202F00a3) whose multisig must be deployed.