Whitelisted MORPHO Transfers for Sense Integration

Morpho Optimizer Rewards
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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 :slight_smile: 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

Context

Currently, the normal path for somebody to claim their MORPHO is:

  1. Call claim on 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:

  1. Claim MORPHO for the vault so that it’s sent to the vault contract address
  2. Extract the MORPHO from the vault into a second rewards distributor
  3. Have vault depositors call claim on 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.

Proposal

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 ~

7 Likes
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Thank you for your post @jparklev!

The steps to claim $MORPHO rewards are well summarized in your post. It also makes sense (at least to me) to whitelist the adapters to reward Sense’s users.

I have a few questions:

  • If I understand it well, you’ll need the adapters and a kind of RewardsDistributor contract to be whitelisted, right? If yes, is this contract already deployed?
  • Do you have an ETA for the other adapters? Will they use the same RewardsDistributor?

I’m also wondering if we should create a section in this forum dedicated to integrations and such topics. It would be helpful for other protocols that want to plunge into Morpho.

Anyway, I’m super excited that the Sense community is integrating Morpho, looking forward! :fire:

3 Likes
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  • If I understand it well, you’ll need the adapters and a kind of RewardsDistributor contract to be whitelisted, right? If yes, is this contract already deployed?

That’s right! Yea, we’ve created our own deployment for the distributor here

  • Do you have an ETA for the other adapters? Will they use the same RewardsDistributor?

We will most likely have the other two adapters live next week (maUSDT & maUSDC). Then maybe there will be one more, but TBD on the timing

:fire: And an integrations section might be cool – I imagine we’ll also have other Sense forum posts here in the future

1 Like
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Thx @jparklev! And perfect for the RewardsDistirbutor.

I think we can wait for the deployment of the different adapters so we can bundle everything together since we have time before the next distribution of the rewards. This would avoid conducting multiple votes.

What do you think?

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Yes, I think that’s reasonable (will check with others on the team to confirm). We’ll drop back by with the addresses then once everything is out

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Hey @jparklev! Do you have the list of addresses to whitelist?

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We don’t yet have the remaining planned adapters live yet (maUSDT & maUSDC) since we ended up prioritizing a “rolling liquidity” release before the holidays (which we’ve just completed “in stealth”!). They’re still next up on the short-term queue, but if this is time-senseitive, it would still be helpful IMO even just to get the maDAI adapter we have live whitelisted (ERC4626Adapter | Address 0x9887e67AaB4388eA4cf173B010dF5c92B91f55B5 | Etherscan)

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Ok no problem. Then, I think this can be done in two different batches :slightly_smiling_face:

1 Like
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Hallo! We have returned with the rest of the adapters!

maUSDC: 0x529c90E6d3a1AedaB9B3011196C495439D23b893

maUSDT: 0x8c5e7301a012DC677DD7DaD97aE44032feBCD0FD

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Awesome, we’ll be able to bundle everything!

1 Like