Morpho Blue (morpho-blue)

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When to use it

• Isolated markets: each pairs one loan asset with one collateral, its own oracle, interest rate model and liquidation LTV (lltv), named by those five MarketParams. One market’s bad debt does not reach another.
• Choose it to lend or borrow in a specific pair with a specific oracle, or to build on a market someone created; for shared liquidity across many assets, Aave V3.

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Pitfalls for a program

• A market exists only for exactly the MarketParams it was created with: pass all five.
• Give exactly one of assets and shares, the other 0.
• Vet the market’s oracle: it alone decides liquidations there.
• supplyCollateral earns nothing; only supply of the loan asset earns interest.
• Approve Morpho for the amount; data is empty bytes unless you want its callback, which a Sauce program cannot receive.

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In a Sauce program

function main(
  market: { loanToken: Address, collateralToken: Address, oracle: Address, irm: Address, lltv: Uint256 },
  assets: Uint256,
  onBehalf: Address
) {
  Token(market.loanToken).approve(MorphoBlue.Morpho, assets);
  const empty = hex``;
  MorphoBlue.Morpho.supply(market, assets, 0, onBehalf, empty);
}

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Notes

• A market is identified by its id, the keccak256 of its abi-encoded MarketParams, and is called with all five params. To supply by id, read them with Morpho’s idToMarketParams(id) (a read the registry’s ABI lacks, which morpho-borrow in this skill’s examples declares in the ABI file beside it), then call supply(params, assets, 0, onBehalf, "") with onBehalf the user’s wallet. A program takes the id as a main argument: the registry lists no markets, so the id comes from the user or from Morpho’s own app
• Pass amount in assets param and set shares to 0 for standard operations
• Each market is fully isolated — no cross-market risk contagion
• lltv is the Liquidation Loan-to-Value ratio (e.g. 86% = 860000000000000000)
• Supply collateral is separate from supplying loan tokens — collateral does not earn interest
• Bundler3 contract allows batching multiple Morpho operations in a single transaction
• Same Morpho address on both Ethereum and Base

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Its names in a program

function main() {
  // Ethereum's bundler3, `0x6566194141eefa99Af43Bb5Aa71460Ca2Dc90245`.
  require(MorphoBlue.Bundler3 != 0);
}

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Deployments

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ABI

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MorphoABI

• supply((address loanToken, address collateralToken, address oracle, address irm, uint256 lltv) marketParams, uint256 assets, uint256 shares, address onBehalf, bytes data) returns (uint256 assetsSupplied, uint256 sharesSupplied)
• withdraw((address loanToken, address collateralToken, address oracle, address irm, uint256 lltv) marketParams, uint256 assets, uint256 shares, address onBehalf, address receiver) returns (uint256 assetsWithdrawn, uint256 sharesWithdrawn)
• borrow((address loanToken, address collateralToken, address oracle, address irm, uint256 lltv) marketParams, uint256 assets, uint256 shares, address onBehalf, address receiver) returns (uint256 assetsBorrowed, uint256 sharesBorrowed)
• repay((address loanToken, address collateralToken, address oracle, address irm, uint256 lltv) marketParams, uint256 assets, uint256 shares, address onBehalf, bytes data) returns (uint256 assetsRepaid, uint256 sharesRepaid)
• supplyCollateral((address loanToken, address collateralToken, address oracle, address irm, uint256 lltv) marketParams, uint256 assets, address onBehalf, bytes data)
• withdrawCollateral((address loanToken, address collateralToken, address oracle, address irm, uint256 lltv) marketParams, uint256 assets, address onBehalf, address receiver)

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Next steps

• Protocols: the other protocols, by what they do.
• Protocols and tokens: calling a contract by its namespace, or through its ABI.
• Glossary: the words these pages use, in plain terms.