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…ming docs: add Optimizers naming to the README
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| # Morpho Core Protocol V1 | ||
| # Morpho Optimizers V1 | ||
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| [](https://github.com/morpho-dao/morpho-v1/actions/workflows/ci-foundry-compound.yml) | ||
| [](https://github.com/morpho-dao/morpho-v1/actions/workflows/ci-foundry-aave-v2.yml) | ||
| [](https://github.com/morpho-dao/morpho-v1/actions/workflows/ci-foundry-compound.yml) | ||
| [](https://github.com/morpho-dao/morpho-v1/actions/workflows/ci-foundry-aave-v2.yml) | ||
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| <picture> | ||
| <source media="(prefers-color-scheme: dark)" srcset="https://i.imgur.com/uLq5V14.png"> | ||
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| --- | ||
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| ## What is Morpho? | ||
| ## What are Morpho Optimizers? | ||
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| Morpho is a lending pool optimizer: it improves the capital efficiency of positions on existing lending pools by seamlessly matching users peer-to-peer. | ||
| Morpho Optimizers improve the capital efficiency of positions on existing lending pools by seamlessly matching users peer-to-peer. | ||
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| - Morpho's rates stay between the supply rate and the borrow rate of the pool, reducing the interests paid by the borrowers while increasing the interests earned by the suppliers. It means that you are getting boosted peer-to-peer rates or, in the worst case scenario, the APY of the pool. | ||
| - Morpho also preserves the same experience, the same liquidity and the same parameters (collateral factors, oracles, …) as the underlying pool. | ||
| - Morpho's rates stay between the supply rate and the borrow rate of the pool, reducing the interest paid by the borrowers while increasing the interest earned by the suppliers. It means that you are getting boosted peer-to-peer rates or, in the worst-case scenario, the APY of the pool. | ||
| - Morpho also preserves the same experience, the same liquidity, and the same parameters (collateral factors, oracles, …) as the underlying pool. | ||
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| TL;DR: Instead of borrowing or lending on your favorite pool like Compound or Aave, you would be better off using Morpho-Compound or Morpho-Aave. | ||
| TL;DR: Instead of borrowing or lending on your favorite pool like Compound or Aave, you would be better off using Morpho Optimizers. | ||
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| --- | ||
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| ## Contracts overview | ||
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| The Morpho protocol is designed at its core with a set of contracts delegating calls to implementation contracts (to overcome the contract size limit). | ||
| Morpho Optimizers are designed at their core with a set of contracts delegating calls to implementation contracts (to overcome the contract size limit). | ||
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| Here is a brief overview of the Morpho protocol's contracts interactions: | ||
| Here is a brief overview of the Morpho Optimizers' contracts interactions: | ||
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|  | ||
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| The main user's entry points are exposed in the `Morpho` contract. It inherits from `MorphoGovernance` which contains all the admin functions of the DAO, `MorphoUtils`, and `MorphoStorage`, where the protocol's storage is located. This contract delegates call to other contracts, that have the exact same storage layout: | ||
| The main user's entry points are exposed in the `Morpho` contract. It inherits from `MorphoGovernance`, which contains all the admin functions of the DAO, `MorphoUtils`, and `MorphoStorage`, where the protocol's storage is located. This contract delegates call to other contracts that have the same storage layout: | ||
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| - `PositionsManager`: logic of basic supply, borrow, withdraw, repay and liquidate functions. In Morpho-Aave, it is separated into two contracts, `EntryPositionsManager` and `ExitPositionsManager`. These contracts inherit from `MatchingEngine`, which contains the matching engine internal functions. | ||
| - `PositionsManager`: logic of basic supply, borrow, withdraw, repay, and liquidate functions. The Morpho-AaveV2 Optimizer is separated into two contracts, `EntryPositionsManager` and `ExitPositionsManager`. These contracts inherit from `MatchingEngine`, which contains the matching engine's internal functions. | ||
| - `InterestRatesManager`: logic of indexes computation. | ||
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| It also interacts with `RewardsManager`, which manages the underlying pool's rewards if any. | ||
| It also interacts with `RewardsManager`, which manages the underlying pool's rewards, if any. | ||
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| --- | ||
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| ## Documentation | ||
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| - [White Paper](https://whitepaper.morpho.xyz) | ||
| - [Yellow Paper](https://yellowpaper.morpho.xyz/) | ||
| - [Morpho Documentation](https://docs.morpho.xyz) | ||
| - [Morpho Developers Documentation](https://developers.morpho.xyz) | ||
| - [White Paper](https://whitepaper.morpho.org) | ||
| - [Yellow Paper](https://yellowpaper.morpho.org/) | ||
| - [Morpho Documentation](https://docs.morpho.org) | ||
| - [Morpho Developers Documentation](https://developers.morpho.org) | ||
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| --- | ||
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| All audits are stored in the [audits](./audits/)' folder. | ||
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| --- | ||
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| ## Bug bounty | ||
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| A bug bounty is open on Immunefi. The rewards and scope are defined [here](https://immunefi.com/bounty/morpho/). | ||
| You can also send an email to [security@morpho.xyz](mailto:security@morpho.xyz) if you find something worrying. | ||
| You can email [security@morpho.org](mailto:security@morpho.org) if you find something worrying. | ||
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| --- | ||
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| ## Deployment Addresses | ||
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| ### Morpho-Compound Ethereum | ||
| ### Morpho-Compound Optimizer on Ethereum | ||
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| - Morpho Proxy: [0x8888882f8f843896699869179fb6e4f7e3b58888](https://etherscan.io/address/0x8888882f8f843896699869179fb6e4f7e3b58888) | ||
| - Morpho Implementation: [0xe3d7a242614174ccf9f96bd479c42795d666fc81](https://etherscan.io/address/0xe3d7a242614174ccf9f96bd479c42795d666fc81) | ||
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@@ -75,7 +74,7 @@ You can also send an email to [[email protected]](mailto:[email protected]) | |
| - Lens Extension: [0xc5c3bB32c70d1d547023346BD1E32a6c5BC7FD1e](https://etherscan.io/address/0xc5c3bB32c70d1d547023346BD1E32a6c5BC7FD1e) | ||
| - CompRewardsLens: [0x9e977f745d5ae26c6d47ac5417ee112312873ba7](https://etherscan.io/address/0x9e977f745d5ae26c6d47ac5417ee112312873ba7) | ||
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| ### Morpho-Aave-V2 Ethereum | ||
| ### Morpho-AaveV2 Optimizer on Ethereum | ||
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| - Morpho Proxy: [0x777777c9898d384f785ee44acfe945efdff5f3e0](https://etherscan.io/address/0x777777c9898d384f785ee44acfe945efdff5f3e0) | ||
| - Morpho Implementation: [0xFBc7693f114273739C74a3FF028C13769C49F2d0](https://etherscan.io/address/0xFBc7693f114273739C74a3FF028C13769C49F2d0) | ||
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| ## Testing with [Foundry](https://github.com/foundry-rs/foundry) 🔨 | ||
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| Tests are run against a forks of real networks, which allows us to interact directly with liquidity pools of Compound or Aave. Note that you need to have an RPC provider that have access to Ethereum or Polygon. | ||
| Tests are run against a fork of real networks, allowing us to interact directly with Compound or Aave liquidity pools. Note that you need an RPC provider with access to Ethereum or Polygon. | ||
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| For testing, make sure `yarn` and `foundry` are installed and install dependencies (node_modules, git submodules) with: | ||
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| To run tests on different protocols, navigate a Unix terminal to the root folder of the project and run the command of your choice: | ||
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| To run every test of a specific protocol (e.g. for Morpho-Compound): | ||
| To run every test of a specific protocol (e.g. for the Morpho-Compound Optimizer): | ||
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| ```bash | ||
| make test PROTOCOL=compound | ||
| ``` | ||
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| or to run only a specific set of tests of a specific protocol (e.g. for Morpho-Aave V2): | ||
| or to run only a specific set of tests of a specific protocol (e.g. for the Morpho-AaveV2 Optimizer): | ||
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| ```bash | ||
| make c-TestBorrow PROTOCOL=aave-v2 | ||
| ``` | ||
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| or to run an individual test of a specific protocol (e.g. for Morpho-Aave V2): | ||
| or to run an individual test of a specific protocol (e.g. for the Morpho-AaveV2 Optimizer): | ||
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| ```bash | ||
| make test-testBorrow1 PROTOCOL=aave-v2 | ||
| ``` | ||
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| For the other commands, check the [Makefile](./Makefile). | ||
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| If you want to call a custom forge command, and not have to edit the `Makefile`, you can _source_ the `export_env.sh` script by calling `. ./export_env.sh`. | ||
| If you want to call a custom forge command and not have to edit the `Makefile`, you can _source_ the `export_env.sh` script by calling `. ./export_env.sh`. | ||
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| :warning: The `export_env.sh` script exports environment variables in the current shell, meaning that subsequent calls to `make` or `forge` will use those variables. Variables defined in the `.env.local` file will still override those if you run `make` later. If you don't want to change variables in the current shell, you can always create a new shell in one of the following ways: | ||
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| Test coverage is reported using [foundry](https://github.com/foundry-rs/foundry) coverage with [lcov](https://github.com/linux-test-project/lcov) report formatting (and optionally, [genhtml](https://manpages.ubuntu.com/manpages/xenial/man1/genhtml.1.html) transformer). | ||
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| To generate the `lcov` report, run: | ||
| To generate the `lcov` report, run the following: | ||
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| ```bash | ||
| make coverage | ||
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| The report is then usable either: | ||
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| - via [Coverage Gutters](https://marketplace.visualstudio.com/items?itemName=ryanluker.vscode-coverage-gutters) following [this tutorial](https://mirror.xyz/devanon.eth/RrDvKPnlD-pmpuW7hQeR5wWdVjklrpOgPCOA-PJkWFU) | ||
| - via html, using `make lcov-html` to transform the report and opening `coverage/index.html` | ||
| - via HTML, using `make lcov-html` to transform the report and opening `coverage/index.html` | ||
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| :warning: Test coverage is not available on Morpho-AaveV2 for [this reason](https://github.com/foundry-rs/foundry/issues/3357#issuecomment-1297192171) | ||
| :warning: Test coverage is not available on the Morpho-AaveV2 Optimizer for [this reason](https://github.com/foundry-rs/foundry/issues/3357#issuecomment-1297192171) | ||
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| --- | ||
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| ## Questions & Feedback | ||
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| For any question or feedback you can send an email to [merlin@morpho.xyz](mailto:merlin@morpho.xyz). | ||
| For any questions or feedback, you can send an email to [merlin@morpho.org](mailto:merlin@morpho.org). | ||
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