Merge pull request #27 from albist/morphogpt-doc-update

adding understanding-mm-part001-mirror article and mip35

documents/articles/2024_02_16-Understanding_Metamorpho-Part001.md

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+Link: https://morpho.mirror.xyz/ydE_6frnAMMXDHaDX33y76ATmf0h3UH6tfFd5BMMfmU
+Title: Understanding MetaMorpho: Intro & Simplifying Isolated Markets
+
+By Morpho Labs
+On 16 february 2024
+
+MetaMorpho combines the best of isolated markets and multi-asset lending pools to create a better way to lend. In time, we believe MetaMorpho vaults will become the default lending solution.
+
+Today, we are introducing a four-part series explaining why, starting with Part One: Intro to the Morpho Approach & Simplifying Isolated Markets.
+
+- The Morpho Approach
+There are two main approaches to structuring lending markets in decentralized finance: lending pools and isolated markets. The former excels in providing a straightforward user experience and aggregates liquidity but lacks the efficiency and flexibility needed for significant scalability. Conversely, the latter unlocks notably higher levels of efficiency and flexibility but introduces a more complex user experience and liquidity fragmentation.
+
+So, the question arises: How does one combine the simple user experience and aggregated liquidity of lending pools with the efficiency and flexibility of isolated markets.
+
+The answer: MetaMorpho + Morpho Blue.
+
+Morpho Blue is a remarkably simple and immutable lending primitive that enables the permissionless creation of isolated markets. MetaMorpho is a separate protocol for creating MetaMorpho Vaults (lending vaults) on top of Morpho Blue.
+
+Although built independently, MetaMorpho vaults are fully integrated into Morpho Blue. At the base layer, Morpho Blue provides efficient, secure, and flexible isolated markets. Built on top, MetaMorpho vaults simplify the lending user experience and aggregate liquidity offering users the best of both isolated markets and lending pools.
+
+
+- Simplifying Isolated Markets
+First and foremost, a MetaMorpho Vault makes lending to isolated markets as simple as a lending pool.
+
+When using a multi-asset lending pool, a lender only has one option, however, with isolated markets there could be several markets for one loan asset. For example, Morpho Blue could have five options to lend USDC: sDAI/USDC, wstETH/USDC, wbIB01/USDC, WBTC/USDC, and WETH/USDC.
+Each market also has parameters such LLTV, oracle, and supply caps that lenders must consider. In other words, users are required to perform risk management themselves.
+
+A MetaMorpho vault eliminates the complexity of risk management by creating a single point of entry. Rather than requiring users to make multiple decisions, they can simply deposit USDC into a USDC MetaMorpho Vault to allocate liquidity.
+Not only does it make it easier to supply, but it helps to improve yield. As market conditions change, a vault can rebalance across markets to optimize interest earned by lenders.
+In the end, MetaMorpho vaults provide users with the same simple user experience as a multi-asset lending pool with the benefits of lending to isolated markets.
+
+This marks the end of part one of the Understanding MetaMorpho series. Next week, we will release Part Two: Facilitating Diverse Risk Profiles.

documents/snapshots/mip35.md

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+Link: https://snapshot.org/#/morpho.eth/proposal/0xfbb193a0008f3449f8dc4151b6fd903ab6cc1e40b40f20ac0062032d2c346282
+Title: MIP35 - MORPHO rewards on WBTC/USDT and WBTC/USDC
+
+This submission proposes to distribute rewards on WBTC markets. 
+
+As written in the forum on 05 February 2024, discussion related to that: https://forum.morpho.org/t/morpho-rewards-on-blue-chip-markets/457?u=merlinegalite
+
+Here was the discussion related to that:
+- MORPHO rewards on blue chip markets
+To date, MORPHO incentives have been distributed to markets alongside incentives from the collateral asset project in a co-incentive setting. These programs operate in a two-sided commitment to a reward amount distributed over three months.
+This framework is not suitable for all markets. In particular, some markets are not linked to a project, or the project cannot distribute rewards to them. Some of these markets are essential for the growth of Morpho Blue, such as markets with blue chip assets on both collateral and loan assets.
+To organize reward distribution on such markets, we propose to use this forum discussion as a thread. This is motivated by the desire to have a flexible setting where emission rates are meant to be adaptable, as there is no kind of commitment with any project. Any rate update will still need to be validated by a vote on Snapshot.
+
+- Rewards on WBTC/USDT and WBTC/USDC
+To start, we propose to distribute rewards on WBTC markets. Indeed, WBTC is one of the most used collateral with billions deposited in lending protocols.
+The markets concerned, with their associated rewards emission, would be:
+WBTC/USDT (86%, Morpho ChainlinkOracle): 7777.77 MORPHO per day
+WBTC/USDC (86%, Morpho ChainlinkOracle): 3888,88 MORPHO per day
+Distributions would begin on February 9th.
+For reference, the MORPHO emission rate on the wstETH/USDC market will be 7777.77 MORPHO per day from February 9th.
+The rate for WBTC/USDT is higher as there is a need to bootstrap USDT vaults, the first of which are expected to be launched this week.
+
+The proposal was voted on and accepted on 9 February 2024.