Te Aratohu Katoa ki Morpho
He aratohu māmā ki te reo Ingarihi mō Morpho, te kawa tuku moni kei muri i a Morpho Blue me ngā Vault Morpho. Ka kōrerohia me pēhea te mahi a ngā mākete motuhake, he aha te mahi a ngā kaitiaki, te tohu MORPHO me ngā tūraru.
I whakahōutia Mahuru 2026 · 15 meneti te pānui
Rārangi ihirangi
He aha te Morpho?
He kawa tuku moni whakawhiti kore a Morpho i runga i Ethereum me ētahi atu whatunga EVM. I tīmata i te tau 2022 hei Morpho Optimizer, he paparanga i runga ake i Aave me Compound i whakapai ake i ō rāua reiti. I te Hānuere 2024 i whakarewahia e ia a Morpho Blue, he tūāpapa tuku moni motuhake, kore whakaaetanga, kei a ia tonu tana moni wai. Kua whakakorengia ngā Optimizers mai i taua wā, e ai ki ngā tuhinga a Morpho.
Shared lending pools such as Aave list many assets in one pool, and governance sets the risk parameters for all of them. Morpho Blue takes a different approach. Each market pairs one loan asset with one collateral asset, has fixed parameters and is isolated from every other market. Anyone can create one. This keeps the core protocol small and pushes risk decisions to market creators and vault curators.
Morpho Blue: Te Mahi Kāri Hou
Ko Morpho Blue te hikoi mai i tētahi kaiwhakapai ake tuku moni ki tētahi paparanga hanganga tuku moni. He kawa tuku moni kore-whakaaetanga, kore-whakarerekē, iti hoki. Ka taea e te tangata te hanga i tētahi mākete tuku moni motuhake me ngā tawhā ritenga.
On most lending platforms, a DAO must approve each new asset and its parameters. On Morpho Blue, market creation is permissionless. Anyone can deploy a market by choosing five parameters: the loan asset, the collateral asset, the oracle, the liquidation loan-to-value ratio (LLTV) and the interest rate model (IRM). Governance only maintains the short lists of approved LLTV values and IRMs that a market can pick from.
Ngā Tawhā Mākete Morpho Blue
Te tohu e tukua ana, e wakaa ana (hei tauira, USDC, WETH, DAI).
Te tohu kua tāpua hei taura pūtea hei whakamana nama (hei tauira, wstETH, WBTC).
Te pūwhaka utu e whakamahia ana ki te whakatau i te uara taura pūtea (hei tauira, Chainlink, Chronicle).
Te paepae e taea ai te whakawātea i tētahi tūnga, i kōwhiria mai i tētahi rārangi kua whakaaetia e te mana whakahaere (hei tauira 86% or 91.5%, e ai ki ngā tuhinga Morpho).
Te hātepe e whakatau ana i ngā reiti nama mai i te whakamahinga. Ko te nuinga o ngā mākete e whakamahi ana i te AdaptiveCurveIRM a Morpho, e neke ana i te ānau i roto i te wā ki te kukume i te whakamahinga ki tētahi whāinga.
Te take e whai pānga ana tēnei: E pā ana te kirimana matua o Morpho Blue ki te 650 rārangi o Solidity, e ai ki ngā tuhinga a Morpho, ā, kāore e taea te whakahou. He māmā ake te arotake i tētahi waeine waehere iti, pūmau hoki, ā, he iti ake te mata whakaeke i tētahi waeine nui ka taea te whakahou. Ko te utu o tēnei, ka neke te whakahaere tūraru ki waho o te kawa matua, ka tau ki runga i ngā kaihanga mākete me ngā kaitiaki pātaka.
Mēnā Ka Mahi a Morpho
Kua whakamahia e Morpho ngā tikanga rerekē e rua i roto i te wā. Ko te Optimizer taketake i whakataurite i ngā kaituku me ngā kaiwhiwhi pūtea i runga i te hononga tika i runga ake i a Aave me Compound. Ko Morpho Blue, te kawa o nāianei, ka whakatau i ngā reiti i roto i ia mākete motuhake mai i te whakamahinga anake. Anei te āhua o ia mahi, ā, nō tēhea putanga.
Tuku ki te Mākete, ki te Pouaka
Users supply assets to a Morpho Blue market directly, or to a Morpho Vault that allocates across several markets. Supplied funds start earning interest at once, at a rate set by each market's utilization and interest rate model.
Whakahoatanga Hoa-ki-Hoa (Kaiwhakapai, tuku iho)
I roto i te Morpho Optimizer taketake, ka hono tika te pūnaha whakahono i ngā kaituku moni ki ngā kaiutu moni ina taea. He nui ake te moni i riro i te kaituku moni i honoa i te reiti tuku o te puna, ā, he iti ake te moni i utua e te kaiutu moni i honoa i te reiti nama o te puna, nā te mea i whakawhiwhia ngātahi rāua ki te mokowā o te puna. Kāore te Morpho Blue e whakamahi i te whakahono; ka whakamāramahia tēnei pūnaha i konei nā te mea he maha ngā tuhinga e kōrero tonu ana mōna.
Tauira Reiti Whakarerekē
Ka whakatauhia e ngā mākete Morpho Blue ngā reiti ki tētahi tauira reiti huamoni, ko te nuinga o te wā ko te AdaptiveCurveIRM. Ina nui ake te whakamahinga i te whāinga, ka piki haere te ānau i roto i te wā ki te kukume tuku. Ina iti iho, ka heke te ānau ki te whakatenatena i te pūtea tarewa. Kāore he pōti kāwanatanga e hiahiatia ana hei whakatika i ngā reiti o tētahi mākete.
Fallback to Pool Liquidity (Optimizer, legacy)
In the Optimizer, unmatched funds fell back to the underlying pool (Aave or Compound), so users earned at least the pool rate. Morpho Blue has no fallback layer: supplied funds stay in the market they were deposited to, and lenders receive the interest paid by that market's borrowers.
Rate Example (Morpho Blue)
I roto i te mākete Morpho Blue, ka riro katoa ngā huamoni e utua ana e ngā kai-tārewa ki ngā kai-whakawhiwhi moni, hāunga te utu kawa i whakaritea e te kāwanatanga (kore i te tīmatanga, e ai ki ngā tuhinga Morpho). Mēnā ka utua e ngā kai-tārewa te 5.0% ā ka tārewatia te 90% o ngā rawa kua whakawhiwhia, ka whiwhi ngā kai-whakawhiwhi moni i te 4.5% (5.0% whakareatia ki te 90% whakamahinga). Ko te āputa i waenga i ngā reiti e rua he moni wātea noa, ehara i te pāwhara e puritia ana e te kawa. He whakaaturanga tēnei, ehara i te whakahuatanga o ngā reiti ora.
Ngā Āhuatanga Matua o Morpho
Kāore he Pāwhara Whakauru
All interest paid by borrowers goes to lenders, minus any protocol fee set by governance. Whether a market's rate beats a shared pool depends on its utilization and demand, not on a fixed advantage.
Kāore he whakakā
Ka taea e ngā kai-tuku te tango i ngā moni i ngā wā katoa, mena he nui te moni kāore anō kia tārewa i te mākete. Kāore he wā here, engari ka taea e tētahi mākete kua nui te tārewa te whakaroa i ngā tangohanga.
Te Pūkenga Pūtea
Nā te mea he motuhake ia mākete, ka taea e tētahi takirua e mārama ana (hei tauira, wstETH ki WETH) te whakamahi i tētahi LTV whakaweto nui ake i tā tētahi puna tiritahi e whakaae, ka piki ake te kaha o te whakapaipai mō ngā kai-tārewa.
Ngā Mākete Kōkiri Kore
Ka taea e te tangata te hanga i tētahi mākete tuku moni i runga i Morpho Blue mā te kōwhiri i ōna rārangi e rima, me te kore e tatari mō tētahi pōti kāwanatanga. Ko te LLTV me te tauira reiti huamoni anake me ahu mai i ngā rārangi kua whakaaetia e te kāwanatanga.
Mōkito & Mutunga Kore
Morpho Blue's core contract is about 650 lines of code, per the Morpho docs. It is immutable: no admin keys, no upgrade path, and governance cannot change how existing markets work.
Hanganga Whakaritea
He paparanga tūāpapa a Morpho Blue e hangaia ai e ētahi atu kawa me ngā whare putunga. Ko Morpho Vaults, me ngā hua a tētahi atu e whakamahi ana i ngā mākete Morpho, ētahi tauira.
Morpho Vaults: Kāriha Kua Whiriwhiri
Ko nga Morpho Vaults (i tapaina tuatahitia ko MetaMorpho) he pouaka tuku moni kua whakaritea, kua hangaia ki runga ake o Morpho Blue. Ka whiriwhiri te kaitiaki i nga maakete ka taea e te pouaka te whakamahi, ka whakatau hoki i te rohe mo ia maakete. Ka whai waahi nga kaituku moni ki etahi maakete ma te tuku kotahi.
Engari ki te whiriwhiri i ngā mākete Morpho Blue takitahi me te whakahaere ake i te tūponotanga, ka taea e koe te whakatakoto moni ki tētahi wāhi e whakahaerehia ana e tētahi kaitiaki tūponotanga pēnei i a Gauntlet, Steakhouse Financial, Re7 rānei. Ka tohatohahia e te kaitiaki ngā whakatakotoranga moni puta noa i ōna mākete kua whiriwhiria i roto i ngā rohe tūponotanga kua whakaritea e ia. Ko ngā pūhara pēnei i a Coinstancy ka nuku atu i tērā, ā, mā rātou e whakahaere te tohatoha māu: i roto i te Dollar Savings, ka puta te huamoni ia hēkona, ā, ka whakahaumautia anōtia, me te kore e whakahaere ā-ringa.
Me pēhea te mahi a ngā Morpho Vaults
Ka tāpui ngā kaiwhakamahi i tētahi rawa kotahi (hei tauira, USDC) ki roto i te pouaka, ā, ka whiwhi rātou i tētahi tohu pouaka e whakaatu ana i tā rātou wāhanga.
The curator, or an allocator it appoints, spreads deposits across the vault's approved Morpho Blue markets, within the supply cap set for each market.
Ka hoki atu ngā huamoni ka puta mai i ngā mākete katoa ki ngā kaituku pūtea. Ka piki te uara o te wāhanga o te wāhi pupuri i te mea ka kohia te hua; ka taea e te kaitiaki te tango i tētahi utu mahi, ka whakaaturia ki te whārangi o te wāhi pupuri.
Ka taea e ngā kaiwhakamahi te tango moni i ngā wā katoa, mena he nui te wātea o ngā mākete o raro. Kāore he wā here.
Examples of Morpho Vault curators include Gauntlet, Steakhouse Financial, Re7 and Block Analitica. Each has its own risk appetite and strategy, so review the vault's markets, caps and fee on the Morpho app before depositing. Morpho has also published a second generation of vaults; the current version is described in the Morpho docs (see Sources).
Me pēhea te whakamahi i te Morpho: Hipanga-hipanga
Anei he aratohu taahiraa-ki-te-taahiraa mo te tuku me te nama i runga i Morpho Blue. Me whai koe i tētahi pūkete Web3 me ētahi o ngā tohu hau o te whatunga mō ngā utu whakawhiti.
Te tuku rawa (whakapae)
Torotoro ki app.morpho.org, kōwhiria tētahi whatunga ka hono i tō pūkete (MetaMask, WalletConnect, Coinbase Wallet me ētahi atu).
Tirotiro i ngā Morpho Vaults mō tētahi kōwhiringa kua whakaritea, kōwhiria rānei tētahi mākete Morpho Blue motuhake mō te whakapānga tika. Whakatauritehia te APY ora, te kaitiaki, ngā mākete e whakamahia ana me te LTV whakamutu.
Whakaaetia te whakaaetanga tohu, kātahi ka tuku i te whakawhitinga tuku. Ka tīmata tonu te whiwhi huamoni o ō rawa.
Aroturukitia tō tūnga me te huamoni kua whakaemihia i runga i te papatohu. Tangohia i ngā wā katoa; kāore he raka, engari ko ngā tangohanga ka whakawhirinaki ki te wātea o te moni i roto i te mākete.
Ngā Taonga Whakaari
Kōwhiria tētahi mākete Morpho Blue e tautoko ana i te taonga tiaki e mau ana koe me te taonga nama e hiahia ana koe ki te wakaa.
Whakarato i tō taonga tiaki (hei tauira, wstETH, WBTC). Ko te nui i tukuna ai e whakatau i tō kaha whakakau i runga i te ōritanga LLTV o te market's.
Select the amount to borrow. Keep your LTV well below the market's liquidation LTV to leave a buffer against price moves.
Monitor your position. Repay the loan plus accrued interest at any time to reclaim your collateral. Add collateral if the position approaches the liquidation LTV.
Te Tohu MORPHO
Ko MORPHO te tohu kāwanatanga o te kawa Morpho. Ka pōti ngā kaipupuri i ngā whakataunga e whakahaere tonu ana te kāwanatanga, nā te mea kāore e taea te whakarerekē te kirimana matua Morpho Blue ake.
Whakahaere
Ka pōti ngā kaipupuri MORPHO mō ngā tono pēnei i te whakawhiti utu, te whakahaere pūtea, ngā rārangi LLTV me IRM kua whakaaetia, me ngā hōtaka whakatenatena. Ka whakahaerehia te kāwanatanga mā te Morpho DAO; kei te huinga Morpho ngā kōrerorero (tirohia ngā Puna).
Distribution
I tohatohahia a MORPHO ki ngā kaiwhakamahi moata mā ngā utu whakamuri, ngā whakatenatena haere tonu me ngā hōtaka hapori, tae atu ki te rōpū me ngā kaipupuri moni. E 1 piriona MORPHO te tapeke tuku, e ai ki ngā tuhinga Morpho. I taea te whakawhiti te tohu i muri i te pōti kāwanatanga i te mutunga o te tau 2024.
Protocol Fees
Morpho Blue includes a fee switch that governance can activate per market, up to a cap written into the contract. If enabled, part of the interest paid by borrowers goes to the DAO treasury instead of lenders. Check the Morpho docs for the current status.
Ngā Whakamāramatanga Pūnaha-ā-rua
MORPHO rewards are used to attract liquidity to selected markets and vaults and to bootstrap new ones. Rewards change over time and are shown on each market or vault page in the Morpho app.
Morpho ki Aave ki Compound
Here is how Morpho Blue compares with Aave V3 and Compound V3, two of the largest lending protocols in DeFi. Each takes a different approach, with its own trade-offs.
| Āhuatanga | Morpho Kahurangi | Aave V3 | Compound V3 |
|---|---|---|---|
| Hanganga | Mākete motuhake | Pūmahana tiritiri | Mākete motuhake |
| Hanga Mākete | Kore whakaaetanga | Kua āraia e te rangatiratanga | Kua āraia e te rangatiratanga |
| Tauira Reiti | Per-market IRM (adaptive curve) | Taurangi (i tangohia te aratau pumau i te V3.1) | Tāurewa |
| Supply Rates (USDC) | Variable, per market or vault (app.morpho.org) | Taurangi, mo ia whatunga (app.aave.com) | Variable, per network (app.compound.finance) |
| Rahi o te Waehere | Tata ki te 650 rārangi (e ai ki ngā tuhinga Morpho) | Large, many modules | Waenga, kotahi kirimana mo ia maakete |
| Kāheitanga Whakahōu | Kāore e taea te huri | Ka taea te whakahōu (proxy) | Ka taea te whakahōu (proxy) |
| Wehe mōrearea | Ia mākete | Tiritiri puta noa i te pūmahana | Ia mākete |
| Ngā Orāka | Ka kōwhiria mō ia mākete (he maha tonu ko Chainlink) | Chainlink (e ai ki nga tuhinga Aave) | Chainlink (per Compound docs) |
Rates are variable and change with market conditions and incentives. Check each protocol's app for the live figure.
Mōrearea me te Haumaru
Morpho Blue has been audited and formally verified, but it is a DeFi lending protocol and carries the risks that come with that. Here are the main security measures and the risks that remain.
Ngā Mahi Haumaru
Kua arotakehia a Morpho Blue e te maha o ngā umanga haumarutanga, tae atu ki a Spearbit me Cantina, ā, kua whakamanahia ōkawatia. Kua whakaputaina ngā pūrongo arotake ki te pātaka Morpho Blue (tirohia ngā Puna).
I te tata ki te 650 rārangi waehere, e ai ki ngā tuhinga Morpho, he iti rawa te mata whakaeke o Morpho Blue i ngā kawa nui ake. Ka tāpiri ngā kirimana Vault i te waehere ki runga ake i te matua.
He korekore te kirimana Morpho Blue: kāore he kī whakahaere, kāore he tauira takawaenga, kāore he tikanga whakahou. Ina tukuna, kāore e taea te whakarerekē te waehere, ko te tikanga anō hoki kāore e taea te whakatika i tētahi hapa i taua wāhi tonu.
Morpho runs a bug bounty program that pays for responsibly disclosed vulnerabilities. The current scope and rewards are linked from the Morpho docs.
Ngā mōrearea matua
Ka whakaiti ngā arotake me te manatoko ōkawa i te tūponotanga o tētahi hapa; kāore e whakakorengia. E pā ana tēnei ki te matua Morpho Blue, ki ngā kirimana pūranga me ngā kirimana oracle me te reiti huamoni e whakawhirinaki ai ia mākete.
Each Morpho Blue market relies on the oracle its creator chose. A stale, wrong or manipulated price can cause wrong liquidations or leave positions undercollateralized, creating bad debt for that market's lenders. Because oracles differ by market, so does the risk: check which oracle a market uses before depositing.
Ka whakaea ngā kai-tārewa ki te piki ake tō rātou ōwehenga-tārewa ki runga ake i te LLTV o te mākete. I roto i ngā mākete pōnānā, ka tere ake te neke o ngā utu i te taea e te kai-tārewa te tāpiri tāpiritanga. Ko ngā mākete whai LLTV teitei ka iti ake te wāhi mō te hē.
Vault depositors rely on the curator's choice of markets and caps. A curator could add a market with a weak oracle or a risky collateral asset, and losses in that market fall on the vault. Review the curator, the markets and the caps before depositing.
Ina nama te nuinga o te rawaka o tētahi mākete, kāore e taea e ngā kaituku moni te tango moni kia utua rā anō e ngā kai-nama, kia tae mai rānei ētahi kaituku moni hou. Ka whakapikihia e te tauira reiti urutau ngā reiti hei kukume i te rawaka, engari he wā roa tērā.
Ngā Pātai Auau
He aha a Morpho?
Me pēhea te rerekētanga o Morpho Blue i te Morpho taketake?
He haumaru te whakamahi i Morpho?
He aha te whakamahinga o te tohu MORPHO?
Me pēhea te mahi o ngā Morpho Vaults?
Haere tonu ki te ako
Tirohia ngā tuhinga me ngā aratohu e pā ana ki te whakapakari i tō mātauranga DeFi.
Aave ki te Compound ki te Morpho
Whakatauria ngā torohanga kāri DeFi nui rawa e toru i te taha kotahi.
Aratohu Hua Stablecoin
Where to earn yield on stablecoins in 2026. Compare platforms and strategies.
Aratohu Aave
Te aratohu katoa mō Aave V3: tuku, nama, nama tere, me te pūtea pūmau GHO.
Tīmata ki te Whiwhi Hua i runga i ngā Moni Pūmau
Whakamahia tō mōhiotanga. Whiwhi 7.50% APY i runga i te USDC me te Coinstancy Dollar Savings. Ka whakaemihia te huamoni ia hēkona, ā, ka whakahaumautia aunoatia. Kāore he here, ka taea te tango i ngā wā katoa.
Ngā puna me ngā pānuitanga atu anō
Ka whakawhirinaki ngā tatauranga me ngā kerēme o tēnei whārangi ki ngā tuhinga kei raro nei. Ka neke ngā tatauranga pā ki te wā (reiti, hua, utu, raraunga mākete): tirohia te uara ora i te puna i mua i te mahi.
- Tuhinga Morphodocs.morpho.org
Me pēhea te mahi a ngā mākete Morpho Blue, ngā tawhā mākete e rima, te tauira reiti huamoni urutau, ngā Morpho Vaults me te tohu MORPHO, me te whakakorenga o ngā Optimizers.
- Morpho Blue repository and whitepaper (GitHub)github.com
Te kirimana matua e kore e taea te whakarerekē, tōna rahi (tata ki te 650 rārangi o Solidity) me ngā pūrongo arotake.
- Te pātaka MetaMorpho (Morpho Vaults) (GitHub)github.com
How vault curators, supply caps and allocation across markets work.
- Morpho governance forumforum.morpho.org
Governance proposals, the fee switch and MORPHO token decisions.
- Te taupānga Morphoapp.morpho.org
Live supply and borrow rates per market and per vault, and the networks Morpho is deployed on.
- DefiLlama, Morphodefillama.com
Te tapeke uara kua mauhia (TVL) ora puta noa i ngā whakamahinga Morpho.
- Tuhinga Chainlink, ngā tuku utudocs.chain.link
How the oracle price feeds used by many Morpho markets work and why oracle failure is a risk.
I arotakea whakamutunga: Mahuru 2026. Ka whakatuwheratia ngā hononga o waho ki tētahi tihopa hou; kāore a Coinstancy e whai kawenga mō ō rātou ihirangi.