Ages & Epochs

Motivation

Usually, DeFi protocols schedule emissions and hardcode their reward system years in advance. This is not the case with Morpho. We believe that Morpho’s needs will quickly evolve and that a long-term emission schedule may turn out to be too rigid.
Thus, Morpho is organized in Ages. An Age lasts around three months and sets new rules for reward emissions according to the protocol's needs.
Each age is subdivided into smaller periods named Epochs. Epochs are checkpoints in the Age where users can claim rewards (e.g., With a Merkle tree drop).

How it works

TLDR: Amounts are calculated off-chain but verified on-chain.
Once the community has decided on rules for a 3-month Age, anyone can compute the rewards earned by every user at each epoch. For example, one could look at emitted events to rebuild the state of a user in Typescript. We open-sourced a for Ages calculations.
With the script, one can compute a Merkle Tree tracking the rewards of each user. The root of the tree is unique to the distribution and enables a trustless, on-chain verification of the distribution. For example, here is the tree of Age 1 - Epoch 1.
The root of the tree is then put in the Reward Distributor smart contract. When claiming their tokens, users interact with the contract which verifies if it corresponds to the tree.
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Motivation
How it works