Morpho
Lending — Core lending protocol (Morpho Blue). See also Morpho Vaults under Yield.
AI review
AI assessment
updated 4h ago·Claude (preview)·previewMorpho is a lending protocol. 14 of 16 risk feeds in the registry report on it. 1 sourced incident on record. No material change has been detected in the current window.
- Core: Morpho Blue is immutable (no upgrades to core) governance
- 14 of 16 feeds report on Morpho. coverage
- Most recent recorded event: Kelp rsETH bridge exploit — limited exposure. incident
AI-generated summary of facts already in this registry — not a Rails assessment, not a risk score, and not a ranking. Per the project charter, the registry never produces its own composite risk judgement. Verify every point against the linked sources below. This is an illustrative preview of a proposed feature; the content is not live.
Feeds
How feeds see it
Seen through 4 of 4 methodology lenses (rating, dashboard, monitoring, research). A neutral view of who is looking and how — not a risk judgement.
Morpho Blue core is immutable and upgrades protected; short of Stage 2 on on-chain governance + 30-day exit window.
On-chain analytics for Morpho Blue markets: rates, liquidations, collateral exposure.
Curator/vault grading across MetaMorpho vaults; High/Medium/Low + composite score.
5-dimension AI-consensus (Morpho Blue + Optimizers); spot-check pending.
Live credit ratings on Morpho Blue markets & vaults; blue-chip vaults rated A+.
Curated MetaMorpho vaults; e.g. Steakhouse USDC 8.61, Gauntlet USDC Prime 8.49.
Vault analytics and risk-adjusted yield across 50+ protocols; exploits, concentration, risk-adjusted APY. Paid structured API.
View sourcePosition-management tooling: live loan-health / safety-ratio tracking and automated liquidation protection for leveraged positions.
View source27 curated MetaMorpho vaults graded live; range Good–Excellent.
Morpho Blue in the A-rated protocol tier (immutable core). Pre-migration sample (YO Protocol).
Curates Morpho vaults via curator multisig (caps, allocations, fees) across Prime/Core/Frontier risk bands — judge-and-player.
Protocol risk research and parameter recommendations; collateral and governance risk.
View sourceIndependent risk rating for DeFi vaults; 300+ subscores across 85+ mechanisms. Open-source.
View sourceProcess Quality Review published (PQR id 535); verbatim score pending confirmation on the live page.
View sourceDAO governance-capture risk: delegate/voting-power concentration, cost-to-attack vs. treasury value, and proposal/power-shift monitoring across major DAOs. Open-source.
Edge risk oracles and economic-risk dashboards: real-time parameter automation and scenario stress for lending markets (active on Aave, GMX, Pendle).
Governance
Governance at a glance
- Governance
- DAO (on-chain)
- Core contracts
- Immutable
- Pause capability
- No
Structural facts, distilled from the sourced control records below — neutral capabilities, not a risk score. Multisig threshold and signer count are fetched live via the Safe API.
| Core | |
| Governance | Morpho DAO governs incentives & enabled IRMs/LLTVsverified |
| Markets | Permissionless market creationon-chain |
| Admin control |
Control timeline
Every upgrade, parameter change, and key rotation over Morpho’s contracts, rendered from chain state via Sieve. The feeds rate control; the verification layer proves it. Each action links to its transaction; an immutable protocol shows an empty timeline, which is itself the signal.
- at deployImmutable core (no proxy)verifiedMorpho Blue is a directly-deployed singleton — no proxy, no implementation slot, no upgrade path. Governance can only whitelist IRMs/LLTVs (additive, irreversible) and set a capped fee; it cannot upgrade, pause, or alter existing markets.
Incidents
During the same Kelp DAO rsETH exploit that hit several lending markets, Morpho's exposure was ~$1M, confined to two isolated markets, with other vaults unaffected — a consequence of the isolated-market architecture rather than shared pools.
Material risk events, presented verbatim from cited sources — not a Rails assessment.
Audits
| Auditor | Date | Scope | |
|---|---|---|---|
| Spearbit | 2023-10 | Morpho Blue core | Report |
| OpenZeppelin | 2023-10 | Morpho Blue core | Report |
| Cantina (competition) | 2023-11 | Morpho Blue core (public contest) | Report |
Representative public audits, attributed and linked to source — not a Rails assessment, and not a completeness or safety guarantee.