Age 1
The first Age of distribution was made to:
  • Begin the decentralization of the protocol.
  • Bootstrap the initial activity and liquidity of the protocol.
  • Bootstrap interest in the Morpho Protocol and get people to understand the new concepts it brings.
  • Build trust in the protocol.
The initial distribution began on 08/06/22 at 5 pm CET to reward initial users and ended on 20/09/22 at 5 pm CET. This Age is divided into three Epochs of around thirty-three days.
Five million MORPHO tokens will be allocated during this period.
Age 1 - Epoch 1
Age 1 - Epoch 2
Age 1 - Epoch 3
08/06/22 - 13/07/2022
13/07/22 - 16/08/22
16/08/22 - 20/09/22
350,000 MORPHO
1,700,000 MORPHO
2,950,000 MORPHO
Tokens are distributed to Morpho lenders and borrowers according to the following rules:
  • To favor rational behaviors, each market in Morpho-Compound receives a share of the total amount distributed. This share is proportional to the sum of the supply and the borrowed volume of the corresponding market on Compound.
  • For each market, the supply side and the borrowing do not share the rewards evenly. The supply side gets a share equal to p2pIndexCursor, and the borrowing side gets 1-p2pIndexCursor.
As a reminder, p2pIndexCusor is the position of the P2P APY within the spread. If the P2P APY is in the middle of the spread, it is 50%.
Age 1 is now over. You can check out the Merkle tree calculated here:
  • Epoch 1
  • Epoch 2
  • Epoch 3
The algorithm used is open-source and available here. You can run it yourself to verify the results in a trustless way.
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