Tané Delegate Platform

Governance Delegation
1

Name

Tané

Address

tanegov.eth / 0xB79294D00848a3A4C00c22D9367F19B4280689D7

Introduction

Tané is formed with a group of crypto-native product builders, based in Tokyo, Dubai and New York. We are backed by SoftBank, and Japanese tech giants like DeNA, GREE, MIXI, and closely work with the big Japanese enterprises and have great relationship with Japanese crypto communities.

Our investment arm has invested in and supported various innovative projects that contribute to the decentralized society enabled by the new blockchain technology. Our network operation entity started directly contributing to the ecosystem by being node operators for the core infrastructures and protocols that make Web3 move forward and contributors to the DAOs that manage them. We have been active as delegates in Arbitrum, Optimism, Uniswap, Lido and more.

Takeshi, Head of Network Operations, who worked for Twitter as a senior software engineer and for SmartNews, a Japanese unicorn startup that provides a news aggregation mobile app with 30M MAU as a product manager, is the main representative of the account.

Contact Information

X (Twitter): https://x.com/tanelabs
Web: https://tanelabs.com
Discord: tksohishi
Telegram: takeshi55555

Motivation

We believe we can contribute to Morpho in many and unique ways, and help Morpho achieve its goals as a trustless base layer for lenders, borrowers, and applications.

Here are the reasons why we can bring value to Morpho;
Grant Distribution Expertise: We are experienced in grant distribution, as we are members of the Optimism Grants Council. We can leverage this experience to promote Morpho’s platform growth through strategic grant initiatives.

Governance Optimization: By contributing to several DAOs, we have become familiar with different kinds of DAO governance designs. This experience equips us with the ability to support and optimize Morpho’s governance mechanisms for enhanced efficiency and community engagement.

Strong Japanese Market Connections: Rooted in Japan, we have established connections with builders, CeFi institutions, and enterprises. We can utilize this background to contribute to Morpho by facilitating partnerships, fostering community growth, and supporting expansion into the Japanese market.

DeFi Governance Experience: We are familiar with DeFi protocol governance through our heavy involvement in Uniswap governance, among others. This familiarity allows us to bring valuable insights and contribute effectively to Morpho’s governance processes.

Tech-savvy delegate

Our unique experience and expertise in the tech industries as product builders (entrepreneurs, software engineers, and product managers) should be able to contribute to critical feedback and comments on technical upgrades and issues to be discussed and implemented by collaborating with Morpho contributors and external parties.

Japan representative

There are many users and traders using crypto products in Japan, but there are no prominent delegates who actively participate in and contribute to DAO governance from Japan yet. We are aiming to be the ones who represent the Japanese users and token holders by being active in the governance, leveraging the partnership with Japanese enterprises, and making meaningful impacts on the protocols and the ecosystem.

Values and Decision-Making Approach

We have established our Delegate Core Values as below and demonstrated our delegate activities and decision-making based on them.

Integrity

We value integrity a lot. We believe integrity is the most important virtue even in an industry that values trustless and permissionless. In fact, even though we should aim for governance minimization in the end, the protocols should still need governance and it requires capable and sincere participants. We should be one of them.

Diversity

Diversity is one of the most important values to achieve decentralization. We are very unique in various perspectives including the geographical diversity (Japan and Asia). We also value diversities provided by other actors and are willing to appreciate them and collaborations with them.

Practicality

We believe in progressive decentralization. While considering that decentralization is the ultimate goal for crypto/blockchain projects to achieve, we sometimes value practicality and approaches that get things done rather than getting stuck in pursuing the “decentralization” too much from the start.

Transparency

We believe transparency is a vital trait in decentralized systems. We communicate our findings, feedback, opinions, disagreements, and praises in a clear and constructive manner. We believe transparent communications should lead to better discussions and decisions to thrive.

Disclosures

Our investment arm, as a separate entity, has invested in a number of crypto startups but as of the time of writing this profile, we don’t believe there are clear COIs in terms of contributing to Morpho DAO. We are also active in the other DAOs, Arbitrum, Optimism (S6 Grants Council member), Uniswap, Lido and more in the future.

We will update our voting activities and the rationales behind them in this thread. Please reach out to us anytime when you have any opinions/comments/feedback.

You can also check out our voting activities related to Morpho from our internal tracker .

Waiver of Liability

By delegating to Tané, you acknowledge and agree that Tané will participate on a best-efforts basis and will not be liable for any damages related to participation in the Morpho Protocol, the Morpho Interface, or its DAO.

3 Likes
2

MIP80 - Approve Review of Contributor Grants and Establish Formal Process (Snapshot)

Summary:

The proposal requests the Morpho DAO’s approval for the allocation of 0.5% of MORPHO tokens that was vested to contributors in 2022-2023.

Vote: Approve

Rationale:

Contributors should be fairly compensated for their efforts, and the amount proposed is reasonable and well within acceptable parameters. Importantly, the allocation process appears both transparent and proper.

MIP81- Morpho Grants Pilot Program (Snapshot)

Summary:

This is a proposal to introduce a grants program with 200k MORPHO to fund impactful projects on the Morpho Stack, with milestone-based payouts and community-driven selection.

Vote: Establish grants program

Rationale:

The introduction of a grant program is a vital step in expanding the ecosystem. Running it as a pilot program will likely reveal various challenges, and we aim to contribute meaningfully to address them.

MIP-82- Increase MORPHO Reward Rate on Base (Snapshot)

Summary:

Aiming to match the growth on Base, the proposal suggests increasing MORPHO rewards by 30%, raising the S_lim limit from $60M to $78M.

Vote: Increase rate

Rationale:

We believe that Ethereum’s rollup-centric roadmap makes it strategically important to secure a significant position in the largest rollup ecosystem over the medium to long term. Therefore, incentives on Base should be actively increased. While this proposal represents a gradual increase, we remain open to considering more assertive approaches if deemed necessary in the future.

MIP 83 - Berachain Morpho License (Snapshot)

Summary:

Berachain seeks a non-exclusive license to integrate Morpho Blue into its ecosystem, leveraging its Proof-of-Liquidity mechanism to enhance lending capabilities while compensating Morpho DAO with USDC and BERA tokens.

Vote: Proceed with license

Rationale:

We support this proposal as it enables Morpho to secure a low 7-figure fee, even though the exact amount is undisclosed. Additionally, it does not place an excessive burden on the contributors’ resources.

MIP 84 - Optimizers Deprecation Phase 3 (Snapshot)

Summary:

The Morpho Association proposes fully pausing new supply and borrow activities on Aave v2 and v3 optimizers by December 20, 2024, as part of their deprecation strategy, ensuring notice to users.

Vote: Accept proposal

Rationale:

We recognize the clear risks of relying on external protocols that are not immutable for the Optimizer. While the current TVL is approximately $500M, we believe this decision is essential to safeguard the growth of Morpho Blue and maintain the Morpho brand accordingly.

1 Like
3

MIP 85 - Whitelist Aerodrome in Aera Vault Strategy (Snapshot)

Summary:

By whitelisting Aerodrome, this proposal seeks to enhance liquidity efficiency and capitalize on AERO rewards while adjusting allocations dynamically.

Vote: For

Rationale:

Supporting the liquidity of the MORPHO token contributes to the stable growth of the project. Combined with Uni v3, which is already whitelisted on Base, we expect this to improve the overall liquidity of the MORPHO token across Base.

MIP 86 - MORPHO Reward Rate Changes (Snapshot)

Summary:

The proposal seeks to reduce MORPHO reward rates on ETH and BTC-denominated assets to optimize DAO expenditure while maintaining competitive incentives across all assets.

Vote: For

Rationale:

The proposed changes appear to maintain a sufficiently competitive yield compared to key competitors, ensuring user attraction while optimizing costs.
With more detailed data expected early next year, we look forward to contributing to future discussions on incentive design that are grounded in robust data analysis.

MIP 86 Amendment (Snapshot)

Summary:

MIP-86 adjusted the reward multiplier, setting a 2/3 multiplier for ETH assets and 1/6 for BTC assets without specifying a timeline. This amendment proposal responds to those concerns by introducing a three-phase, six-week implementation period, easing the transition and reducing potential market disruptions.

Vote: For

Rationale:

We believe a sudden, one-shot reward reduction could unexpectedly trigger a steep TVL decline, so a phased approach lets us monitor and respond quickly if TVL decreases beyond expectations. While the estimated $600k cost for this multi-stage method based on our calculation is a concern, we view it as a reasonable trade-off compared to the risk of losing a significant portion of our accumulated TVL at once.

MIP 87 - Crosschain Deployments Framework (Snapshot)

Summary:

This proposal outlines a framework for the Morpho Protocol’s crosschain deployment, enabling its codebase to extend to multiple blockchains without initial frontend or incentive support. Independent contributors are encouraged to build on these deployments, fostering decentralized innovation.

Vote: For

Rationale:

This allows the core team to focus solely on the deployment of the core protocol, significantly reducing their workload related to crosschain deployments. Additionally, by encouraging external developers to create independent frontends on specific chains, the framework fosters flexible user experiences and facilitates the addition of unique features tailored to individual ecosystems.

MIP 88 - Oku Crosschain Deployment Support (Snapshot)

Summary:

GFX Labs requests $400,000 for interface development, maintenance, and continuous updates to meet the growing demand.

Vote: For

Rationale:

It allows Morpho’s core team to focus on protocol deployment while Oku provides a valuable initiative on the frontend. Although $400k is a significant amount, we believe it will be justified through user onboarding and incentive programs to be realized that attract users on L2 and alt-L1 ecosystems.

For future proposals of this nature, whether submitted by @GFXlabs or other contributors, it would be beneficial to design a compensation scheme that aligns the incentives of the proposer with those of the Morpho DAO as @Leuts suggested. Ideally, the compensation for contributors like @GFXlabs should be more directly tied to measurable performance outcomes, such as the growth in TVL driven by the Oku frontend initiative.

1 Like
4

MIP 89 - Morpho Olympics v1.1 (Snapshot)

Summary:

This proposal refines the Morpho Olympics, an incentive system for vault curators, by shifting the minimum deposit requirement from a fixed benchmark to a ratio of the total assets in the protocol. It further specifies Base and Ethereum mainnet as the sole chains considered for the reward.

Vote: For

Rationale:

We believe curators are a key factor in Morpho’s competitiveness and must be appropriately incentivized, so we support the proposal’s move to exclude those who fail to meet a relative threshold that reflects Morpho’s growth. We also believe that both the minimum threshold and the overall reward mechanism, including the amount of incentives, should be regularly evaluated and optimized over the long term.

MIP 90 - Spark USDC Deposit Rewards (Snapshot)

Summary:

This proposes authorizing Spark’s deposits of USDC in the Coinbase-supported markets for 50% of the MORPHO reward rate, not exceeding $100M in total. The aim is to secure adequate liquidity as borrowing rise.

Vote: For

Rationale:

First, this integration itself is a significant initiative to enhance DeFi accessibility, and it makes sense to increase incentives to boost deposits in preparation for rising borrowing demand. Since increased borrowing demand can also lead to greater deposit demand, setting the incentive at 50% of the usual rate seems reasonable.

MIP 91 - Update Multisig Signers (Snapshot)

Summary:

The Morpho Association proposes to remove Vincent Danos and Pierre Laurent as multisig signers, replacing them with newly appointed advisors Guillaume Nervo and Pablo Veyrat. Their DeFi expertise will enhance security and oversight as the DAO transitions to a multi-network onchain governance model.

Vote: For

Rationale:

We believe that both Pablo and Guillaume have ample experience and expertise through their work on DeFi projects like Angle and Merkl, making them well-qualified to serve as multisig signers.

1 Like
5

MORPHO Reward Rate Reduction (Snapshot)

Summary:

This proposes to immediately cut MORPHO incentive rates by 30% across Ethereum and Base, while consolidating all non-USD/ETH/BTC assets to the BTC reward rate. The rationale is that the market remains robust despite earlier emissions decreases, indicating additional cuts—especially to ETH and BTC rates—can be applied without detrimental effects.

Vote: For

Rationale:

Morpho’s current TVL growth rate has been outpacing that of other major protocols, even after some reward reduction. We believe that lowering costs at this stage will not hinder Morpho’s overall trajectory and will free resources for future investment.

1 Like
6

MIP 93 - Grants Pilot Program Selection (Snapshot) Part1, Part2,Part3

Summary:

The proposal is to allocate up to 200k MORPHO to various grant applications by ranking them according to the number of votes they receive. Because there are more grant applications than Snapshot allows in a single vote, the MIP is split into two proposals so delegates can select their preferred grants across both.

Vote:

We voted for the applications below

  • Bleu Builders (Hook) 25k MORPHO
  • Stake DAO 25k MORPHO
  • Twyne 50k MORPHO
  • Ojo 5k MORPHO
  • Tenor 35k MORPHO
  • Unicord 15k MORPHO

Rationale:

  • Bleu Builders (Hook) 25k MORPHO:
    • Morpho CoW Hooks by bleu builders integrates custom pre- and post-swap actions into CoW Swap, streamlining Morpho position management into single-transaction operations.
    • With CoW’s high trading volume, deposits can flow into Morpho in just one transaction, which greatly reduces the onboarding hassle.
    • While users might still have to revisit Morpho later to check/manage their positions, the reduction in onboarding friction alone offers clear substantial value.
    • We also trust the team given their proven track record with multiple CoW projects and appreciate their clear milestones and metrics.
  • Stake DAO 25k MORPHO:
    • Stake DAO’s proposal introduces a Morpho-specific wrapper for OnlyBoost V2 that lets users use their Curve LP tokens as collateral while still earning optimized CRV rewards and extra incentives.
    • It addresses a critical issue in the DeFi space. Although there are many reasons why LP tokens haven’t been widely used in lending, this solution moves us in the right direction.
    • The proposal offers a strong value proposition by allowing LP tokens to earn yield while also serving as collateral for borrowing other assets.
    • We trust the team, given their proven experience with the Curve and Convex ecosystems.
  • Twyne 50k MORPHO:
    • Twyne’s solution optimizes the use of collateral on Morpho, ensuring that credit is effectively directed to maximize liquidity and performance.
    • Capital efficiency is a critical issue in DeFi, including within Morpho, and Twyne’s unique approach to enhancing it is very promising.
    • If, in the future, risk curators are allowed to permissionlessly deploy credit vaults, it would fundamentally enhance Morpho’s performance.
    • The advantages for users are clear and highly valuable, and the team’s background is robust, which adds credibility to the project.
  • Ojo 5k MORPHO:
    • This introduces a dual-feed Smart Oracle that enhances price security for derivative assets on Morpho by combining market and discount rate data.
    • The Principal Token market, which this proposal tackles, has the potential to expand, and in such a scenario, a mechanism like this would become even more essential.
    • They have proven expertise, demonstrated by successful deployments across multiple chains and robust contributions to the DeFi ecosystem.
  • Unicord 15k MORPHO:
    • Unicord is a protocol that maximizes liquidity provider yields by integrating permissionless Uniswap V4 hooks with Morpho’s lending protocol.
    • This mechanism significantly boosts LP returns by capturing both trading fees and interest rate payments.
    • We believe they have the quality to deliver this with the backgrounds such as building Hedgehog vault for Uniswap V3 and winning multiple hackathons.
1 Like
7

MIP 94 - Berachain License Fee Usage Clarification (Snapshot)

Summary:

This proposal requests that the DAO approve directing Berachain’s license fees to the Morpho Association, a nonprofit supporting Morpho, instead of the DAO treasury. This avoids tax complications and ensures the funds contribute directly to protocol development.

Vote: For

Rationale:

We previously supported Berachain’s use of the Morpho license in the prior proposal.
While it is not ideal for the Association to receive the funds instead of the DAO, we view it as a practical approach to avoid potential tax issues. Considering the Association’s track record so far, we do not see this as a major concern.

MIP 95 - MORPHO Reward Rate Reduction 3 (Snapshot)

Summary:

This proposal suggests reducing the MORPHO reward rate on both Ethereum and Base by 25% to maintain competitive yields and sustainable incentives. It marks the third successive reduction since December, aiming to gradually phase out rewards in response to market conditions.

Vote: For

Rationale:

We support this proposal because it makes sense to reduce excessive incentives and reallocate funds toward more strategic investments. While Morpho’s growth has calmed somewhat under current market conditions, that slowdown isn’t a major concern given the broader stagnation in the lending sector. Now that rewards have moved closer to a proper level, a more careful, incremental approach will be needed to maintain healthy, long-term growth.

MIP 96 - Frontend for Compound <> Morpho <> Polygon Collaboration (Snapshot)

Summary:

This proposal requests $52,000 in MORPHO tokens to build an open-source frontend for a Compound x Morpho integration on Polygon. By leveraging partial funding from Morpho alongside Polygon and Compound incentives, it aims to boost lending markets and drive new liquidity.

Vote: Approve

Rationale:

While the potential competitive relationship between Compound and Morpho was noted in the original proposal, we don’t see it as a problem. Or at least, Morpho receives a clear growth benefit from this collaboration.
Morpho’s share of the funding seems reasonable as well, considering the benefit Morpho will have and what Compound and Polygon will be investing to this collaboration.
Above all, having an open-source frontend is a major advantage, as it will make it easier for curators and others to build their own UIs in the future.

8

MIP 97 - Optimistic Rewards Rate Adjustment Framework (Snapshot)

Summary:

This proposal introduces an optimistic governance framework allowing the Morpho Association to adjust MORPHO token reward rates within predefined limits to streamline operational efficiency, reducing governance overhead.

Vote: For

Rationale:

We support this proposal because granting the Morpho Association the authority to adjust reward rates makes sense operationally. That said, we also believe it’s essential to clearly establish mechanisms ensuring accountability and transparency. In particular, we advocate for providing explicit veto rights to token holders as a robust governance safeguard, Lido’s Easy Track governance model for instance.