Merge pull request #34 from morpho-labs/feat/docs-add-1-mip-and-1-art…

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[docs]: add latest articles and mip

documents/articles/2024_03_30-Morpho-Enters-Maker-Endgame.md

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+Link: https://morpho.mirror.xyz/CuOWU7dcw4JDRlrtCR9FInaFZAC_ssBaHoEq7-_ltRU
+Title: Morpho Enters Maker’s Endgame with Spark and Ethena
+
+By Paul Frambot
+On 29 March 2024
+
+Guided by Maker's Endgame plan, Spark is now leveraging Morpho’s infrastructure (Morpho Blue & MetaMorpho) and Maker's liquidity. This approach aims to enhance DAI yields by offering onchain overcollateralized exposure to Ethena's sUSDe (staked USDe), supporting a scalable and diverse long-term strategy.
+
+In addition to creating sUSDe/DAI and USDe/DAI markets on Morpho Blue, Spark has built a MetaMorpho vault to allocate DAI liquidity directly from Maker’s D3M (direct deposit module) to these markets. Beyond the initial $100 million DAI deployed, Maker and Spark are expected to evaluate further liquidity increases.
+
+The integration with Morpho, Maker, and Spark grants sUSDe and USDe holders access to highly efficient borrowing opportunities with advantageous DAI borrowing rates and unmatched liquidity from Maker.
+
+Maker, the creator of DAI, is one of the longest-standing DeFi protocols, and Spark, a subDAO of Maker, has over $3B in TVL and is one of the fastest-growing lending protocols alongside Morpho. Ethena is a relatively newer protocol, but its synthetic dollar has already surpassed $1B in supply.
+
+This collaboration between a collective of DeFi's largest, most renowned, and fastest-growing protocols helps cement Morpho’s position as a foundational building block of DeFi.
+
+
+- Unparalleled Liquidity from Maker’s D3M
+Part of Maker's Endgame Strategy (https://forum.makerdao.com/t/governance-changes-to-prepare-for-launch-season/23878) includes gaining exposure to hedged perpetual yield, also known as the cash and carry trade (https://www.investopedia.com/terms/c/cashandcarry.asp).
+
+Ethena provides exposure to this strategy via sUSDe (https://ethena-labs.gitbook.io/ethena-labs/solution-overview/usde-overview). However, as described by Rune in the Maker forums (https://forum.makerdao.com/t/governance-changes-to-prepare-for-launch-season/23878), onchain overcollateralized exposure to sUSDe via Morpho presents a more robust and scalable strategy for the long term since (with the correct security practices) it is safer than holding the sUSDe with a custodian. The over-collateralization provides a small capital buffer to absorb initial losses in the case of collateral value’s volatility while still delivering a very high yield.
+
+Maker's initiative, led by SparkDAO, involves building capacity to fund overcollaterized sUSDe markets on Morpho. MakerDAO has deployed a new Direct Deposit Module (D3M) to streamline DAI liquidity from Maker to SparkDAO's MetaMorpho vault.
+
+The D3M establishes a direct link between Maker and SparkDAO's MetaMorpho vault, facilitating a secure and efficient flow of hundreds of millions of DAI into sUSDe/DAI and USDe/DAI markets on Morpho Blue.
+
+The initial parameters for the D3M & Spark MetaMorpho vault are available here: https://forum.makerdao.com/t/introduction-and-initial-parameters-for-ddm-overcollateralized-spark-metamorpho-ethena-vault/23925/1
+
+
+- Enhancing Spark’s Capabilities with Morpho
+Spark's decision to deploy markets and vaults on Morpho Blue is a strong validation of Morpho's new approach to lending. SparkDAO built SparkLend, their initial lending infrastructure, using AaveV3's codebase. However, SparkDAO has opted to expand its capabilities using Morpho's immutable infrastructure. Morpho Blue unlocks new essential features for Spark, including:
+
+    - Per market risk premiums - On AaveV3 and SparkLend, borrowers with safer collateral pay the same rate as borrowers with riskier collateral. On Morpho Blue, the interest rate for each market factors in the risk premium of each parameter including the collateral asset and oracle.
+
+    - High & configurable capital efficiency - Morpho Blue allows anyone to deploy an micro lending pools by selecting five parameters: loan asset, collateral asset, LLTV (liquidation LTV), Oracle, and IRM (interest rate model). This allows Spark to deploy capital at different Liquidation LTVs, including very high ones, while re-aggregating liquidity with MetaMorpho.
+
+    - Isolated Risk with shared liquidity - In Morpho Blue and MetaMorpho, vault managers will be able to decide to what extent risk and liquidity are shared or isolated, giving a new level of flexibility compared to monolithic lending pools when it comes to asset listing.
+
+Overall, Morpho's infrastructure allows Spark to build scalable lending use cases on top of the highly efficient and autonomous base layer. Granting users access to advantageous DAI borrowing rates using sUSDe as collateral is the first of many such examples.

documents/snapshots/mip46.md

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+Link: https://snapshot.org/#/morpho.eth/proposal/0x011fa864ae4c9f99373dcbaa10531dcf3b0c3dc5f2fa9d7cf9dad5606f5ec552
+Title: MIP46 - Incentives on LP Curve Tokens / crvUSD markets
+
+This submission proposes to allocate 500k MORPHO as incentives over a three month period to the 5 markets to grow along 357k CRV from Curve.
+
+As written in the forum on 8 March 2024, discussion related to that: https://forum.morpho.org/t/curve-morpho-blue-incentives-for-the-crvusd-markets/500
+
+Here was the discussion related to that:
+Curve <> Morpho Blue - Incentives for the crvUSD markets
+
+- Summary
+I plan to distribute $250k worth of CRV tokens as incentives for the Morpho Blue markets to make up the crvUSD MetaMorpho Vault. This MetaMorpho Vault will be managed by LlamaRisk, who has proposed whitelisting (https://forum.morpho.org/t/llama-risk-crvusd-metamorpho-vault-whitelisting/484) for this initiative.
+
+LlamaRisk requests MORPHO token from Morpho DAO to incentivize crvUSD markets in addition to the $250k in CRV.
+
+Over three months, the CRV and requested MORPHO tokens will incentivize participation in the crvUSD MetaMorpho Vault markets. LlamaRisk proposes that Morpho DAO distribute CRV and MORPHO token incentives for these markets.
+
+
+- Curve x Morpho Blue
+Curve is a major automated market maker (AMM) in decentralized finance, with a total value locked (TVL) of $2.5 billion. It has issued crvUSD, a stablecoin with a current circulating supply of approximately $160 million that maintains a close peg to the US dollar.
+
+CRV is the governance token of the Curve DAO, which can be locked as veCRV to earn trading fees and lending fees associated with crvUSD.
+
+Unlike traditional lending pools, Morpho Blue allows Curve to incentivize specific use cases more precisely. On Morpho Blue, Curve can incentivize particular asset pairs with strong use cases, potentially driving further adoption of crvUSD.
+
+
+- Proposal Details
+The crvUSD MetaMorpho vault will use a Convex liquidity pool wrapper token to maximize yield for depositors of Morpho Blue markets.
+
+Loan asset: crvUSD - Collateral asset TricryptoUSDT (USDT/ETH/WBTC)
+Loan asset: crvUSD - Collateral asset TricryptoUSDC (USDC/ETH/WBTC)
+Loan asset: crvUSD - Collateral asset TricryptoLLAMA (crvUSD/wstETH/tBTC)
+Loan asset: crvUSD - Collateral asset TryLSD (wstETH/rETH/sfrxETH)
+Loan asset: crvUSD - Collateral asset TriCRV (crvUSD/ETH/CRV)
+
+For further technical details consult the LlamaRisk proposal: https://forum.morpho.org/t/llama-risk-crvusd-metamorpho-vault-whitelisting/484
+
+
+- Rewards Amount
+The proposal involves distributing $250,000 worth of CRV tokens as rewards across the relevant markets over three months. At the time of writing, this equates to approximately 357,000 CRV tokens based on the price of $0.70 per CRV.
+
+The distribution will occur in two payments. The first payment will be 160,000 CRV tokens. The second payment will be the remaining amount of CRV tokens, adjusted based on the CRV price at the time minus the initial 160,000 CRV. The second payment is scheduled for day 60 of the program.
+
+The final CRV price for the 90 days will be determined using a 7-day time-weighted average price (TWAP) calculated on the first day of the rewards distribution.
+
+
+- Rewards distribution
+I propose that Morpho DAO integrate the distribution of incentives into the Standardized method (https://forum.morpho.org/t/standardized-method-for-distributing-incentives-on-morpho-blue-markets/412) for distributing incentives on Morpho Blue markets.
+
+Since the incentive package involves multiple markets, LlamaRisk will have the flexibility to allocate the monthly amount across new or existing markets as they deem fit during each epoch (monthly period).
+
+The growth of such markets would benefit Morpho, so it is prudent for the Morpho DAO to distribute MORPHO tokens over the three months to help incentivize market expansion.
+
+Should the proposal be accepted, the specified amount will be sent to Morpho.eth in two installments: the first on day one and the second on day 60. 
+
+
+The proposal was voted on and accepted on 26 March 2024.