Project Morpho raised $69.35 million in four rounds of financing:
- $50 million in August 2024 with the participation of tier1 funds Coinbase Ventures, a16z, Pantera Capital et al.
- In February 2024 with the participation Pantera Capital. The amount was not disclosed.
- $18 million in July 2022 with the participation of a16z, Coinbase Ventures and many tier2-4 funds.
- In October $1.35 million with the participation noname tier2-4 funds.
The project’s Twitter is excellent. Representatives of a16z, Coinbase, Electric Capital, Fabric Ventures, Blockchain Capital, Delphi Digital, Sandeep Nailwal from Polygon and others have subscribed to it.
TVL over $1.5 billion: https://defillama.com/protocol/morpho#information
The protocol is managed DAO. About him below.
Team
Judging by the information on LinkedIn, the company employs at least 29 employees.
Currently recruiting, there are seven vacancies: https://jobs.morpho.org/.
The company has four co-founders.
Paul Frambot – co-founder and CEO of Morpho.
- Is a member of Ethereum France.
- He is followed on Twitter by representatives of tier1 funds a16z, Coinbase, eGirl Capital, Delphi Digital, Electric Capital, Multicoin Capital.
- Although not many, there are speeches.
- Twitter : https://x.com/PaulFrambot
- LinkedIn: https://www.linkedin.com/in/paul-frambot/
Julien Thomas is the second co-founder and lead developer of Morpho.
- Before Morpho, I worked as a freelance web developer and that’s it.
- A representative of Paradigm is signed up on Twitter.
- Not public, of any kind -or the interview was not found.
- Twitter: https://x.com/Julien_devatom
- LinkedIn: https://www.linkedin. com/in/julien-thomas-48b227173/
Mathis Gontier Delaunay )is the third co-founder and head of research at Morpho.
- Before Morpho, he interned at Nomadic Labs, which is developing the Tezos blockchain.
- Does not appear in public much, the last interview was three years ago.
- Twitter is not particularly active.
- On Twitter, representatives of a16z and Paradigm follow Mathis - not bad.
- Twitter: https://x.com/MathisGD_
- LinkedIn: https://www.linkedin.com/in/mathis-gontier-delaunay/
Merlin Egalite is the fourth co-founder of Morpho.
- The only person out of the four co-founders who has full-time work experience before Morpho.
- Worked as a developer at The Commons Stack, a smart contract hacking specialist at Kleros.
- A public person, goes to conferences, gives interviews.
- On Twitter, subscribers include representatives of a16z, Coinbase, Pantera Capital, Paradigm, eGirl Capital.
- Twitter: https://x.com/MerlinEgalite
- LinkedIn: https://www.linkedin.com/in/merlin-egalite/
Tokenomics and Morpho DAO
Morpho Token (MORPHO) is the governance token of the Morpho Protocol, managed by the Morpho DAO.
The power of the vote is proportional to the number of tokens held by the holders.
The company is registered in France, which is why the DAO was created to remove some of the questions about regulation.
DAO now consists of a team and advisors: https://docs.morpho.org/governance/organization/multisigs-and-addresses
Decisions are made through multisigs (5 out of 9 signatures).
By 2025, the protocol will become completely decentralized.
Token distribution
Total supply: 1 billion MORPHO
The initial circulation is unknown. The page with information about the initial distribution of tokens has been removed. They do not answer questions about the circulation.
- Reserve allocated for Morpho DAO: 35.7%
- Investors: 27.6 %
- Founders: 15.2%
- Reserve allocated to Morpho Association: 6.6%
- Reserve allocated to Morpho Labs: 6%
- Early project participants: 4.8%
- Users: 4.2%
The MORPHO token has already been released, but is currently non-transferable. The DAO can enable token transfers at any time.
If you believe the administrator's answers on Discord, tokens of Users (4.2%) and tokens of Early Project Participants (4.8%) have already been distributed. Rewards for participation in MORPHO token farming campaigns are distributed from the reserve allocated for Morpho DAO (35.7%)
Competitors and evaluation
Two competitors immediately come to mind - Compound ( TVL $1.9 billion) and Curve ( TVL $2.2 billion). Of course, there is also AAVE, but its TVL is above $11 billion, which is incomparably more than Morpho .
Compound – landing protocol on Ethereum. The project raised in 2018-2019 $33.2 million with the participation of a16z, Polychain Capital, Paradigm, Coinbase Ventures, etc.
FDV is only $422 million - an adequate estimate with a circulation of 83%. At its peak it was 20 times more expensive with less circulation. TVL at that time was $10 billion.
Curve – multifunctional protocol on Ethereum. Among the investors is Binance Labs.
At its peak it was also 20 times more expensive with a TVL of $23 billion. Circulate 35% is worse than Compound.
Against the background of the listed projects, you shouldn’t expect much from Morpho. With a small circulation at the moment, the project can easily be valued at more than $1 billion. But with a high probability it will quickly catch up with its competitors.
We take part in the project
There are three options for participation:
- Providing liquidity directly through Morpho.
- Providing liquidity through Superform, while simultaneously linking Superform itself and Morpho.
- Participation in The Morpho x Safe{Pass} campaign, in which it is necessary to provide liquidity through the Safe Smart Account .
- Participation in the SuperFest campaign.
Accrued rewards will be available approximately in mid-September after technical updates.
We provide liquidity through Morpho
We farm MORPHO tokens. The provision of liquidity began in August 2022.
Procedure:
Go to the site: https://app.morpho.org/
- Connect an EVM wallet, for example, Metamask.
- Select the network in which we will provide liquidity: either Base, or Ethereum.
- Select a pool, enter the number of ETH or stables and click on the button Finalize transactions at the bottom right of the page.
- Done.
We provide liquidity through Superform
Farm MORPHO tokens + XP points from Superform.
Superform is a decentralized cross-chain yield platform that allows DeFi- protocols to host their vaults or pools of assets. Essentially just an aggregator of liquidity protocols.
The project raised $6.5 million with the participation Polychain Capital, Circle, Arthur Hayes and etc.
Representatives of tier1 funds follow the project’s Twitter: Coinbase, a16z, Blockchain Capital, Fabric Ventures, Jump Capital, Multicoin Capital.
Procedure:
- Go to the website: https://www.superform.xyz/protocol/morpho/vaults/
- Connect an EVM wallet, for example, Metamask.
- Select the Vault we want add liquidity, and click Deposit. For example, you can choose Gauntlet USDC Prime or Gauntlet WETH Prime.
- Enter the amount of ETH or stables, click on the button Sign approval for...
- Confirm the transaction.
We are participating in the The Morpho x Safe{Pass} campaign
The campaign is not particularly interesting due to the small pool of rewards (600,000 MORPHO tokens).
Dates: July 29 - September 8, 2024 (6 weeks).
Rewards:
- 600,000 MORPHO tokens
- Safe Points
- We provide liquidity in Morpho Vault on the Ethereum network using Safe Smart Account.
- The size of the deposit and the duration of the hold are taken into account.
- Existing deposits are also included (no need to re-deposit).
Distribution of rewards:
- Proportional average user liquidity
- Rewards will be distributed after the end of the campaign
Links to participate:
- https://app.morpho.org/?network=mainnet
or - https://app.safe.global/apps/open?safe=eth:0x220866B1A2219f40e72f5c628B65D54268cA3A9D&appUrl=https%3A%2F%2Fcommunity.safe.global
Official announcement: https://morpho.mirror.xyz/jt9uXS6hPJZiu1rcinLRqnoCNJQX37Kh_3hGgz8ScNw
We are participating in the SuperFest campaign
Farming MORPHO tokens + XP points from Superform + possible airdrop from Jumper.
Deadline: August 31
Procedure:
- Go to the website: https://jumper.exchange/superfest/rewards-from-superform-on-base/
- Select any of the two pools
- Next we repeat the steps from the item about Superform
Official announcement: https://x.com/superformxyz/status/1817937472975966429
Voting
If you have already farmed MORPHO tokens, you can take part in DAO voting.
Voting link: https://vote.morpho.org/#/
You can only vote if you farmed MORPHO tokens on the Ethereum network. On the Base network, MORPHO tokens cannot be branded until they become transferable.
What's the result?
A good project with a large raise, with tier1 funds and TVL comparable to TVL Compound and Curve. The activity is interesting both for whales (farming MORPHO tokens) and for multi-ackers with a small deposit (possible SuperForm airdrop and parallel farming of MORPHO tokens).
Of the minuses, it is worth noting that the project is European, it may fall under the regulation of the recently adopted MiCA law in the EC. But the created DAO mitigates possible regulatory risks.
