Merge pull request #23 from albist/main

add 3 mip to morpho-gpt doc

documents/snapshots/mip28.md

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+Link: https://snapshot.org/#/morpho.eth/proposal/0x07f6f6d9b6b17c7df4797ee5e87105627ca713cb10a5815451cd61d283fe7e59
+Title: MIP28 - Morpho DAO as owner of Morpho Blue
+
+This submission proposes that the Morpho DAO multisig becomes the owner of the new Morpho Blue protocol.
+
+As written in the forum on 31 december 2023, discussion related to that: https://forum.morpho.org/t/mip-morpho-dao-as-owner-of-morpho-blue/409
+
+Here was the discussion related to that:
+Context
+The Morpho core contributors have been developing the Morpho Blue (https://morpho.mirror.xyz/hfVXz323zp9CmJ1PLDL4UhdLITGQ865VIJUyvZYyMA4) protocol over the last year.
+As a reminder, Morpho Blue is a noncustodial lending protocol implemented for the Ethereum Virtual Machine. Morpho Blue offers a new trustless primitive with increased efficiency and flexibility compared to existing lending platforms. It provides permissionless risk management and permissionless market creation with oracle agnostic pricing. It also enables higher collateralization factors, improved interest rates, and lower gas consumption. The protocol is designed to be a simple, immutable, and governance-minimized base layer that allows for a wide variety of other layers to be built on top. Morpho Blue also offers a convenient developer experience with a singleton implementation, callbacks, free flash loans, and account management features.
+More detailed information about Morpho Blue is available in its whitepaper (https://github.com/morpho-org/morpho-blue/blob/main/morpho-blue-whitepaper.pdf).
+
+Specification
+After several security reviews and a contest (https://github.com/morpho-org/morpho-blue/tree/main/audits), the Morpho Association has recently deployed the Morpho Blue smart contract (https://etherscan.io/address/0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb#code) with the setup below.
+- Enabled LLTVs: 0%; 38.5%; 62.5%; 77.0%; 86.0%; 94.5%; 96.5%; 98%.
+- Enabled IRMs:
+  - address(0) to enable “idle” markets, i.e., markets whose only purpose is to deposit idle funds that can’t be borrowed. It’s especially useful for risk management in MetaMorpho vaults.
+  - AdaptiveCurveIrm (https://etherscan.io/address/0x870aC11D48B15DB9a138Cf899d20F13F79Ba00BC#readContract)
+
+Now the Morpho Association proposes that the Morpho DAO become its owner.
+
+After transfer of the ownership, the DAO will be able to:
+- Enable new IRMs.
+- Enable new LLTVs.
+- Set a per-market fee.
+- Set the fee recipient.
+- Set the owner.
+As a reminder, Morpho Blue’s smart contract is immutable and the functions above are the only functions with an admin role.
+
+Next Steps
+The Morpho Association will submit the vote on Snapshot in the following days.
+In case the Morpho DAO members accept the proposal, the Morpho Association will transfer the ownership to the Morpho DAO: morpho.eth = 0xcBa28b38103307Ec8dA98377ffF9816C164f9AFa (https://etherscan.io/address/0xcba28b38103307ec8da98377fff9816c164f9afa)
+The DAO will also set the ENS subdomain blue.morpho.eth with the address: 0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb
+
+The proposal was voted on and accepted on 6 january 2024.

documents/snapshots/mip29.md

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+Link: https://snapshot.org/#/morpho.eth/proposal/0xc4ef99d017fb95149bb6c1effbc582fa5be636670dba9cf6de154adf25294cc2
+Title: MIP29 - MORPHO Rewards on Optimizers post Morpho Blue launch
+
+This submission proposes define the distribution of rewards on Morpho Optimizers after the Morpho Blue launch on January 9th.
+
+As written in the forum on 4 January 2024, discussion related to that: https://forum.morpho.org/t/mip-morpho-rewards-on-optimizers-post-morpho-blue-launch/416
+
+Here was the discussion related to that:
+Summary
+This post outlines the distribution of rewards on Morpho Optimizers after the Morpho Blue launch on January 9th.
+We propose to:
+- Stop using a defined schedule in favor of a flexible daily rate;
+- Set the daily rate at 10k $MORPHO;
+- Stop distributing rewards on CompoundV2 Optimizer.
+
+Details
+For Age 9 (https://forum.morpho.org/t/mip-morpho-rewards-age-9/379), we implemented a constant daily rate of 16k $MORPHO, which was planned to last until the Blue launch.
+We propose to keep this flexible way of doing things, with a daily rate that can be adjusted without a defined schedule. As the concept of Ages loses its relevance, it will be abandoned.
+Morpho Blue will be launched on January 9th. Most growth efforts will now focus on its expansion. Incentives for Optimizers should therefore be reduced, but not eliminated, as Optimizers are a strong source of user acquisition for the Morpho ecosystem. We propose to set the rate to 10K $MORPHO per day on Optimizers after the launch of Morpho Blue.
+We propose to cease incentivizing the CompoundV2 Optimizer, given that Compound V2 is being deprecated, aligning with the logic of focusing rewards on areas with growth potential. Currently only $40M is deposited on the optimizer and less than $3M is matched.
+Applying the same model as in previous ages (detailed in this forum post: https://forum.morpho.org/t/age3-epoch1-gauges-optimized-distribution/233) to compute the distribution of rewards (setting markets with P2P disabled to zero), the markets would receive the shares of rewards detailed in the forum post.
+The allocation of rewards between the supply and borrow side for a given market will follow the repartition of supply and borrow on the markets on January 9th, except for WETH where it will be only on the supply side on AaveV3-ETH Optimizer and shared equally on both sides on AaveV2 Optimizer.
+
+The proposal was voted on and accepted on 8 january 2024.

documents/snapshots/mip30.md

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+Link: https://snapshot.org/#/morpho.eth/proposal/0xc8309d78a2b340afc3457effa15785a27511b7fd4e6fa21802aef049592628f3
+Title: MIP30 - Incentives in USDC(wstETH) and WETH(wstETH) markets
+
+This submission proposes to distribute 132 wstETH on behalf of the Liquidity Observation Lab. These incentives, as well as 1.4M MORPHO, would be split 50/50 between the USDC(wstETH) and WETH(wstETH) markets, and would follow the standardized method for distributing incentives on Morpho Blue markets.
+
+As written in the forum on 21 december 2023, discussion related to that: https://forum.morpho.org/t/liquidity-observation-lab-morpho-blue-incentives-in-the-wsteth-markets/405
+
+Here was the discussion related to that:
+Summary
+The Liquidity Observation Lab 9 (LOL: https://research.lido.fi/t/liquidity-observation-lab-lol-liquidity-strategy-and-application-to-curve-steth-eth-pool/) intends to distribute 132 wstETH as incentives to support the adoption of wstETH markets on Morpho Blue over three months.
+We propose that Morpho DAO handle this distribution and request that MORPHO tokens be included as additional incentives.
+Proposal Details
+Unlike traditional lending pools, Morpho Blue allows a more targeted approach to incentivizing specific use cases.
+The LOL plans to allocate 132 wstETH as incentives to bootstrap relevant wstETH markets on Morpho Blue. We propose that the Morpho DAO handle this distribution by integrating it into its reward distribution system, following the Standardized method for distributing incentives on Morpho Blue markets (https://forum.morpho.org/t/standardized-method-for-distributing-incentives-on-morpho-blue-markets/412).
+The growth of such markets will benefit Morpho, therefore it’s prudent for Morpho DAO to distribute MORPHO tokens to help incentivize its expansion.
+Should the proposal be accepted, LOL will send the (aforementioned) incentives to morpho.eth
+
+The proposal was voted on and accepted on 8 january 2024.