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Morpho

Morpho is an open lending network, powered by various protocols (listed below), that connects lenders and borrowers to the best opportunities globally. Businesses integrate Morpho's neutral infrastructure to power lending or borrowing products at scale, including embedded crypto-backed loans and earn products.

Morpho V2 follows a similar architecture to Morpho V1, featuring two protocols: Morpho Markets V2, a protocol for fixed-rate, fixed-term loans (not yet live), and Morpho Vaults V2, a more general lending vault architecture that can allocate to any protocol via adapters.

Morpho V1: A dual-layer permissionless architecture consisting of Morpho Markets V1 (otherwise known as Morpho Blue), a protocol for creating simple lending markets, and Morpho Vaults V1 (otherwise known as MetaMorpho), a protocol for building lending vaults exclusively on top of Markets V1.

[Deprecated] Morpho V0: A peer-to-peer optimization layer built on top of existing lending protocols, designed to improve the rate users receive while maintaining the same risk parameters.

ETH
Defi
Lending
Solidity
Maximum Bounty
$2,500,000
Live Since
27 June 2024
Last Updated
30 September 2025
  • Triaged by Immunefi

  • PoC Required

  • KYC required

  • Arbitration enabled

Codebase

Title
Morpho Codebase
Description
Github Codebase
Link

Documentation

Title
Morpho Documentation
Description
Program Documentation
Link
Go to Audits & Known Issues

Morpho’s codebase can be found at https://github.com/morpho-org. Documentation and further resources can be found on https://docs.morpho.org/.

The following list of contract names are Morpho V2 contracts:

  • Smart Contract - Vault V2
  • Smart Contract - Vault V2 Adapter Registries

The following list of contract names are Morpho V1 (Blue) contracts:

  • Smart Contract - Morpho Blue
  • Smart Contract - Adaptive Curve Irm
  • Smart Contract - Morpho Chainlink Oracle V2 Factory
  • Smart Contract - Market Rewards Program Registry
  • Smart Contract - Rewards Emission Data Provider
  • Smart Contract - Public Allocator
  • Smart Contract - PreLiquidation
  • Smart Contract - Universal Rewards Distributor Factory
  • Smart Contract - Universal Rewards Distributor
  • Smart Contract - Bundler3
  • Smart Contract - EthereumBundlerV2
  • Smart Contract - EthereumBundler
  • Smart Contract - AaveV2MigrationBundler
  • Smart Contract - AaveV3MigrationBundler
  • Smart Contract - AaveV3OptimizerMigrationBundler
  • Smart Contract - CompoundV2MigrationBundler
  • Smart Contract - CompoundV3MigrationBundler
  • Smart Contract - ChainAgnosticBundlerV2
  • Smart Contract - CompoundV2MigrationBundlerV2
  • Smart Contract - AaveV3MigrationBundlerV2

The contract listed is a Vault V1 (MetaMorpho) contract:

  • Smart Contract - MetaMorpho Factory V1.0
  • Smart Contract - MetaMorpho Factory V1.1

The following list of contract names are Morpho’s V0 (Optimizer) contracts:

  • Smart Contract - Morpho Proxy (Compound)
  • Smart Contract - Morpho (Compound)
  • Smart Contract - PositionsManager (Compound)
  • Smart Contract - InterestRatesManager (Compound)
  • Smart Contract - RewardsManager Proxy (Compound)
  • Smart Contract - RewardsManager (Compound)
  • Smart Contract - Morpho Proxy (AaveV2)
  • Smart Contract - Morpho (AaveV2)
  • Smart Contract - EntryPositionsManager (AaveV2)
  • Smart Contract - ExitPositionsManager (AaveV2)
  • Smart Contract - InterestRatesManager (AaveV2)
  • Smart Contract - Morpho Proxy (AaveV3 ETH eMode)
  • Smart Contract - Morpho (AaveV3 ETH eMode)
  • Smart Contract - PositionsManager (AaveV3 ETH eMode)
  • Smart Contract - ma3WETH Vault Proxy
  • Smart Contract - ma3WETH Vault
  • Smart Contract - Morpho Admin (DAO)
  • Smart Contract - Delay Modifier (DAO)
  • Smart Contract - Role Modifier (DAO)
  • Smart Contract - Morpho Token (DAO)
  • Smart Contract - Operator (DAO)