quote: Some of the (many) flaws of the current vault design. | Who is touching your Morpho position?
A nameless bot is touching it.
It is not a multisig. It is not a DAO. It is not under a timelock. It is a bare EOA.
Despite claims of vault transparency, a key piece of vault infrastructure is shroud in secrecy. The reallocation bots and strategies employed by curators to rebalance vaults work from the shadows but hold sway over the fates of depositors and borrowers alike.
Steakhouse's 0xfeed bots are an illustrative example. Reallocate transactions are routed through off-chain infrastructure, pushing custom call data through a bespoke set of contracts and delegated wallets.
There is no smart contract enforcement here. There are no published target weights. No available allocation policy. No rule a borrower could read and plan around. The vault can enforce some guardrails, but the bots are steering.
This means volatile and difficult variable rates. Borrowers described it as "carnivorous on carnivorous violence" as they fought to loop the minimal liquidity available when bots moved none of the available idle market capital in.
Lenders should also ask questions about the reallocation strategies. In the wake of the USR exploit we documented how Gauntlet's reallocation bots moved supplier money in to a bad market, resulting in 7 figures of avoidable losses.
Morpho's V2 vault architecture makes permissioned reallocation a requirement. Liquidity by default flows in to a single market and a curator then needs to move it to support liquidity in other markets in the vault.
So far no curator has opened the kimono on their reallocation infrastructure. We hope discussion on the strategies and goals of reallocation bots shines new light on the shadowy curator backends that have such control of both sides of the vault markets.
For now, we encourage you, dear reader, to always look at who is touching your positions.
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meme7/26meme
Another huge week for the entire PayFi Ecosystem and the partners we’re building alongside.
Headlines ↓
1️⃣ Huma’s PST topped $200M market cap, now one of the fastest-growing yield assets and a top 3 yield-bearing asset on @Solana.
2️⃣ @galaxyhq joined @Morpho as a curator via @FireblocksHQ Earn, launching institutional stablecoin vaults with Huma’s PST among the first assets in the mix.
3️⃣ Nordic asset manager Alfakraft Fonder teamed up with @Bitwise to build digital asset investment solutions for professional investors across Europe.
4️⃣ @Visa launched the Visa Stablecoin Platform with Open USD, enabling banks and fintechs to mint, move, and manage stablecoins across 200M+ merchants.
5️⃣ @circle signed MOUs with Kakao and Toss Bank to explore won-backed stablecoins and USDC payment rails in South Korea.
6️⃣ @Morpho shipped Midnight on Base, enabling fixed-rate, fixed-term lending markets and unlocking new PayFi opportunities.
7️⃣ The Middle East Stablecoin Association officially incorporated in the @DIFC, creating a formal hub for stablecoin policy, research, and industry collaboration.
8️⃣ @FTDA_US forecasts AI Agents driving trillions in blockchain commerce by 2030.
9️⃣ Japan’s AZ-COM Maruwa, a major logistics partner to Amazon, will roll out JPYC stablecoin payments to 2,300 subcontractors.
🔟 @Samsung is adding native stablecoin support to Samsung Wallet, bringing blockchain payments to hundreds of millions of Galaxy users.
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news7/26news
Upbit to List Morpho (MORPHO) and Euler (EUL) in KRW Market
South Korea’s largest crypto exchange, Upbit will list MORPHO at 5:00 p.m. UTC+8 on July 25 and EUL at 11:00 a.m. UTC+8 on July 26. Deposits and withdrawals for both tokens will be supported only via Ethereum. https://t.co/uIHWh56xLr
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meme7/26meme
Upbit to List Morpho (MORPHO) and Euler (EUL) in KRW Market
South Korea’s largest crypto exchange, Upbit will list MORPHO at 5:00 p.m. UTC+8 on July 25 and EUL at 11:00 a.m. UTC+8 on July 26. Deposits and withdrawals for both tokens will be supported only via Ethereum.
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news7/26news
Upbit to List Morpho (MORPHO) and Euler (EUL) in KRW Market
South Korea’s largest crypto exchange, Upbit will list MORPHO at 5:00 p.m. UTC+8 on July 25 and EUL at 11:00 a.m. UTC+8 on July 26. Deposits and withdrawals for both tokens will be supported only via Ethereum.
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twitter7/24meme
Another huge week for the entire PayFi Ecosystem and the partners we’re building alongside.
Headlines ↓
1️⃣ Huma’s PST topped $200M market cap, now one of the fastest-growing yield assets and a top 3 yield-bearing asset on @Solana.
2️⃣ @galaxyhq joined @Morpho as a curator via @FireblocksHQ Earn, launching institutional stablecoin vaults with Huma’s PST among the first assets in the mix.
3️⃣ Nordic asset manager Alfakraft Fonder teamed up with @Bitwise to build digital asset investment solutions for professional investors across Europe.
4️⃣ @Visa launched the Visa Stablecoin Platform with Open USD, enabling banks and fintechs to mint, move, and manage stablecoins across 200M+ merchants.
5️⃣ @circle signed MOUs with Kakao and Toss Bank to explore won-backed stablecoins and USDC payment rails in South Korea.
6️⃣ @Morpho shipped Midnight on Base, enabling fixed-rate, fixed-term lending markets and unlocking new PayFi opportunities.
7️⃣ The Middle East Stablecoin Association officially incorporated in the @DIFC, creating a formal hub for stablecoin policy, research, and industry collaboration.
8️⃣ @FTDA_US forecasts AI Agents driving trillions in blockchain commerce by 2030.
9️⃣ Japan’s AZ-COM Maruwa, a major logistics partner to Amazon, will roll out JPYC stablecoin payments to 2,300 subcontractors.
🔟 @Samsung is adding native stablecoin support to Samsung Wallet, bringing blockchain payments to hundreds of millions of Galaxy users.
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Hanami7/24news
Another huge week for the entire PayFi Ecosystem and the partners we’re building alongside.
Headlines ↓
1️⃣ Huma’s PST topped $200M market cap, now one of the fastest-growing yield assets and a top 3 yield-bearing asset on @Solana.
2️⃣ @galaxyhq joined @Morpho as a curator via @FireblocksHQ Earn, launching institutional stablecoin vaults with Huma’s PST among the first assets in the mix.
3️⃣ Nordic asset manager Alfakraft Fonder teamed up with @Bitwise to build digital asset investment solutions for professional investors across Europe.
4️⃣ @Visa launched the Visa Stablecoin Platform with Open USD, enabling banks and fintechs to mint, move, and manage stablecoins across 200M+ merchants.
5️⃣ @circle signed MOUs with Kakao and Toss Bank to explore won-backed stablecoins and USDC payment rails in South Korea.
6️⃣ @Morpho shipped Midnight on Base, enabling fixed-rate, fixed-term lending markets and unlocking new PayFi opportunities.
7️⃣ The Middle East Stablecoin Association officially incorporated in the @DIFC, creating a formal hub for stablecoin policy, research, and industry collaboration.
8️⃣ @FTDA_US forecasts AI Agents driving trillions in blockchain commerce by 2030.
9️⃣ Japan’s AZ-COM Maruwa, a major logistics partner to Amazon, will roll out JPYC stablecoin payments to 2,300 subcontractors.
🔟 @Samsung is adding native stablecoin support to Samsung Wallet, bringing blockchain payments to hundreds of millions of Galaxy users.
quote: Built exclusively on Morpho Midnight.
@TenorFinance is live. https://x.com/1801041473711878144/status/2079581364077171043 | Tenor is live on Base!
The fixed-rate lending and borrowing platform, built on @Morpho 🕛
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Twitter7/21news
Built exclusively on Morpho Midnight.
@TenorFinance is live.
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twitter7/21meme
quote: .@SuperRare is for shipping.
Over the last 3 months we have been heads down and shipped a ton of new features on SuperRare. We’re laser focused on building the best collecting experience on the internet powered by @ethereum
1) New homepage
It’s been way too long since the website got a refresh. We rearchitected the homepage to give collectors a better sense of what's happening in realtime, what’s trending, and what's happening on the platform today.
2) Hype machine
Sharing a art is a big part of the collecting experience. We now auto generate Instagram Story cards, X post images, and square share images. Download or copy and send it on the tl.
3) Normie onboarding
Sign in with email or social accounts and start collecting in seconds. Literally.
4) Meatspace art
Art is art. Digital or physical, it all has a special place in our lives. We now support physical works on the site and are building out a print integration to allow anyone to sell museum grade prints of their work.
5) Editions
1/1 grails are my favorite but not everyone can yolo a few racks on a single artwork. Editions give artists a way to connect with collectors at a variety of price points.
6) Charge it
Buy artwork with a credit card or Apple Pay, no need to think about crypto.
7) Live auction chat
Everyone loves a troll box. We added ephemeral chat to live auctions so artists can jump in and chat with collectors during an auction. Chat also supports slash commands for faster bidding and sharing.
8) New notification engine
Fully rearchitected notification system that updates you about new offers, bids, sales, follows, collaborations, and new work. Save the app to your homescreen for notifications on the go!
9) Collab SZN baby
Collaborations are now fully supported to allow collectors to better understand when a piece is co-created.
This isn’t even the full list but I need to get back to my agents and keep shipping.
We're building the best place on the internet to discover, collect, and experience art.
Stay $RARE. | Ethereum is for shipping.
Here are some of the things the Ethereum ecosystem launched, upgraded, and announced over the past month.
0/ @RobinhoodApp launched Robinhood Chain (@RobinhoodCrypto) on mainnet, an Ethereum Layer 2 built on the @arbitrum stack, enabling 24/7 trading of tokenized stocks and ETFs for users in over 120 countries through Robinhood Wallet. The network surpassed $1B in DEX volume in just over a week.
1/ @aztecnetwork achieved Stage 2 rollup decentralization under @l2beat's framework, removing governance control over its core protocol and taking another step toward trust-minimized infrastructure.
2/ @VitalikButerin shared updates to Ethereum's evolving technical roadmap, outlining the next phase of Lean Ethereum and the protocol's long-term direction.
3/ @ethlabs_org launched as a non-profit R&D lab for Ethereum and ETH. Their mission is to make Ethereum the settlement layer of the global economy.
4/ @ethereuminsti launched as an independent non-profit dedicated to accelerating the institutional adoption of Ethereum, its L2s, applications and overall ecosystem.
5/ @aave introduced Stable Vaults, fixed-rate stablecoin yield vaults designed for seamless integration into consumer applications.
6/ @zama launched the First DeFi Yield Venue for Confidential USDC (cUSDC) in partnership with @Morpho and @SteakhouseFi, bringing private stablecoin lending to Ethereum.
7/ @swissknifexyz launched a new Privacy Protocol Tracker, making it easier to compare fees, wait times, supported chains, and other metrics across Ethereum privacy protocols.
8/ Global tickets for @EFDevcon 8 went live, alongside speaker applications for this year’s conference in Mumbai, India.
9/ @Optimism and @toss__official signed an agreement to explore bringing the Korean Won onchain, expanding blockchain-based financial infrastructure for one of South Korea's largest fintech platforms.
10/ @OctantApp completed Epoch 12, its first full quadratic funding round using a zero-knowledge vote coprocessor and new voting application, distributing 88.1 WETH to Ethereum public goods projects.
11/ @0xprivacypools launched the trusted setup ceremony for Privacy Pools V2 ahead of its next protocol deployment.
12/ Gwei Name Service launched an ownerless, immutable Ethereum naming system built without administrative ownership.
13/ @ammalgam launched on Ethereum mainnet, introducing oracle-free lending without impermanent loss.
14/ @lodestar_eth added support for Fast Confirmations, allowing Ethereum node operators to confirm transactions in a single slot using validator attestations.
15/ @PrivacyBoost introduced preconfirmations for private transfers, allowing transfers to be treated as usable in around one second before final settlement.
16/ The @ethereumfndn published Ethereum Basics for Governments and Institutions, a new primer introducing Ethereum as a credibly neutral digital public utility for policymakers and enterprise leaders.
17/ @OndoFinance launched @OndoPerps, enabling tokenized stocks to be used as collateral for perpetual futures across equities, commodities, and indices.
18/ @base introduced Base Privacy, giving enterprises infrastructure to trade, pay, and settle onchain with built-in confidentiality and compliance features.
19/ @BGDA_UK launched BAGEY, a natively tokenized UK regulated fund on Ethereum where the blockchain serves as the legal register of record.
20/ @sparkdotfi launched the Stablecoin FX Layer on @Uniswap v4, introducing shared liquidity infrastructure that lets stablecoins access a common liquidity layer.
21/ @Trueo_ launched user-created prediction markets, allowing anyone to create a market by asking a question and letting participants trade on the outcome through a fully onchain prediction market.
22/ @kpk_io integrated @OpenCover Covered Vaults, allowing depositors to add opt-in onchain insurance to curated vaults, with coverage underwritten by @NexusMutual.
23/ @PropellerSwap launched Turbine on Ethereum mainnet, enabling large trades to settle with lower slippage by sourcing liquidity across onchain, offchain, and peer-to-peer markets.
24/ Hosted by @web3privacy, the Neocypherpunk Summit brought together around 1,000 builders and researchers in Berlin to advance privacy, open-source infrastructure, and human rights.
25/ @eth_systems launched as a company building modular privacy infrastructure for institutional Ethereum.