Hi all, this is Josh from Sense Finance. If you’re not familiar, Sense is an ecosystem platform where teams can build and develop new fixed-income primitives for DeFi, such as bonds, yield-tokens, tranches, and yield curves. You might’ve seen our announcement recently about our partnership with Morpho – in short, we’re planning to create new interest rate markets on Morpho, unlocking fixed rates and future yield trading on your yield-bearing assets (Morpho Vaults).
To make our integration even nicer for users, we’d like to make a proposal to the early Morpho governance community tl;dr whitelist 1) our adapters and 2) our rewards distributor, enabling them to move MORPHO tokens without having to wait for token transferability to be turned on
Currently, the normal path for somebody to claim their MORPHO is:
claimon the morpho rewards distributor with their proof and claim what’s been set aside for that address according to its usage
This step can be completed, even though MORPHO is not transferrable yet, because the rewards distributor contract has been whitelisted and given the authority to move MORPHO tokens.
Then, for the new morpho 4626 vaults, there’s an extra step since the vault contract itself is the one that will earn MORPHO. For those contracts, the steps are:
- Claim MORPHO for the vault so that it’s sent to the vault contract address
- Extract the MORPHO from the vault into a second rewards distributor
- Have vault depositors call
claimon this second distributor to receive their MORPHO
Note that for (2) and (3) to work, the vault contracts and the second rewards distributor will need to be able to move MORPHO.
At Sense, we have an aggregating contract layer similar to Morpho vaults where vault shares themselves will sit and accrue rewards. We’re considering using the same approach mentioned above with our Sense “adapters” to distribute rewards back to our users (in our case, the YT holders). For reference, we’ve just launched the maDAI adapter and are expecting to launch 2-3 more adapters (maUSDC, maUSDT, etc) in the coming months
To make this happen before the gov token becomes transferrable, we’d need Morpho to whitelist all of our morpho vault adapter contracts, enabling them to move their MORPHO into our own rewards distributor, as well as our custom rewards distributor contract, so that our users can claim the tokens.
So that is our proposal. Thank you for your time and consideration, and we’ll be around to answer any questions that arise ~