Morpho：去中心化借貸協議的後起之秀

借貸協議的資金能力在 DeFi 賽道中排名第一，是 DeFi 吸收資金量最大的板塊。

Morpho, a decentralized lending protocol, has experienced remarkable growth since receiving funding from a16z in mid-2022. Its innovative approach and adaptability to the evolving DeFi landscape have propelled it to become a leading protocol in the lending sector.

Morpho 是一種去中心化借貸協議，自 2022 年中期獲得 a16z 資助以來，經歷了顯著的成長。其創新方法和對不斷發展的 DeFi 格局的適應性使其成為借貸領域的領先協議。

Morpho's journey can be broadly divided into two distinct phases, each characterized by a pivotal transition that has progressively elevated the protocol's market share.

Morpho 的旅程大致可以分為兩個不同的階段，每個階段的特徵都是一個關鍵的過渡，逐步提高了該協議的市場份額。

Phase 1: Optimizing Aave and Compound for Rapid Growth

第一階段：優化 Aave 和Compound 以實現快速成長

Initially, Morpho focused on enhancing the efficiency of capital utilization within lending protocols, particularly addressing the common issue of mismatched funds in peer-to-poor pool models like Aave and Compound. To optimize this aspect, Morpho introduced a peer-to-peer matching mechanism that offered users more favorable interest rates, both for deposits (higher) and loans (lower).

最初，Morpho 專注於提高借貸協議中的資本利用效率，特別是解決 Aave 和 Compound 等點對點資金池模型中資金不匹配的常見問題。為了優化這方面，Morpho引入了點對點匹配機制，為用戶提供更優惠的存款利率（較高）和貸款利率（較低）。

A key limitation of the peer-to-pool model lies in the frequent disparity between the total deposits and loans within a fund pool. This imbalance resulted in two main inefficiencies:

P2P模式的一個主要限制在於資金池記憶體貸款總額經常出現差異。這種不平衡導致了兩個主要的低效率：

- Depositors' interest earnings were diluted by the presence of idle funds.

- 儲戶的利息收入因閒置資金的存在而被稀釋。

- Borrowers were charged interest on the entire fund pool, rather than just the portion they utilized.

- 借款人需要對整個資金池收取利息，而不僅僅是他們使用的部分。

Morpho's solution involved introducing a novel workflow that allocated users' deposits and collateral to Aave and Compound to establish baseline interest rates. Simultaneously, Morpho employed a peer-to-peer matching mechanism to prioritize large orders and directly allocate deposits to borrowers, minimizing the amount of idle funds. This approach ensured maximum utilization of deposits and enabled borrowers to pay interest only on the funds they actually borrowed, optimizing interest rates for both parties.

Morpho 的解決方案涉及引入一種新穎的工作流程，將用戶的存款和抵押品分配給 Aave 和 Compound，以建立基準利率。同時，Morpho採用點對點撮合機制，優先處理大訂單，並將存款直接分配給借款人，最大限度地減少閒置資金。這種方法確保了存款的最大化利用，並使借款人只需為他們實際借入的資金支付利息，從而優化了雙方的利率。

The primary advantage of this matching mechanism was its ability to eliminate the efficiency bottlenecks inherent in the traditional model:

這種匹配機制的主要優點是能夠消除傳統模型固有的效率瓶頸：

- For users, the model offered an attractive proposition with higher deposit rates and lower borrowing rates, ultimately enhancing their capital efficiency.

- 對於用戶來說，該模型提供了一個有吸引力的主張，即更高的存款利率和更低的借款利率，最終提高了他們的資本效率。

- For lending protocols, the optimized capital utilization led to increased capital inflows and a boost in overall lending volume.

- 對於借貸協議而言，優化的資本利用率導致資本流入增加和整體借貸量的增加。

- As a protocol, Morpho positioned itself as a mediator that facilitated efficient capital flows between users and protocols, earning a portion of the interest spread as revenue.

- 作為一個協議，Morpho 將自己定位為促進用戶和協議之間高效資本流動的調解者，賺取一部分利差作為收入。

Through innovative design, Morpho effectively harnessed the composability of DeFi protocols to attract more user funds at minimal risk and provided more efficient interest rate optimization services.

透過創新設計，Morpho有效利用了DeFi協議的可組合性，以最小的風險吸引更多的用戶資金，並提供更有效率的利率優化服務。

Phase 2: Transitioning from Applications to Decentralized Infrastructure

第二階段：從應用程式過渡到去中心化基礎設施

As mentioned earlier, the Morpho optimizer represented only the first transition in Morpho's evolution, enabling it to stand out among numerous lending protocols and become a significant player in the market. However, whether considering product design, protocol positioning, or openness to ecological development, the optimizer had limited potential for broader imagination.

如前所述，Morpho 優化器僅代表 Morpho 發展過程中的第一次轉變，使其能夠在眾多藉貸協議中脫穎而出，並成為市場上的重要參與者。但無論是從產品設計、協議定位，還是生態發展的開放性考慮，優化器的想像空間都有限。

Firstly, the growth of the optimizer was inherently constrained by the current design of the underlying lending pool, which relied heavily on its DAO and trusted contractors to monitor and adjust hundreds of risk parameters or large smart contracts on a daily basis. If Morpho remained static in this aspect, it would be unable to attract a wider range of dev and native protocols and could only be positioned as an ecological protocol of Aave and Compound in the market.

首先，優化器的成長本質上受到底層貸款池目前設計的限制，該設計嚴重依賴其 DAO 和可信任承包商每天監控和調整數百個風險參數或大型智慧合約。如果Morpho在這方面一成不變，就無法吸引更廣泛的dev和native協議，只能定位為市場上Aave和Compound的生態協議。

To overcome this limitation, Morpho adopted a product concept similar to that of Uni V4, essentially creating a base layer for a broad financial service and opening up all modules above this base layer. In other words, the team aimed to "minimize the product, which we call "primitive", and open all lending parameters to individuals and ecological protocols in a permissionless manner." By shifting the risk from the platform to third parties, Morpho's own ecological value would continue to expand.

為了克服這一限制，Morpho採用了與Uni V4類似的產品理念，本質上是為廣泛的金融服務創建一個基礎層，並開放該基礎層之上的所有模組。換句話說，該團隊的目標是“最小化我們稱之為‘原始’的產品，並以無需許可的方式向個人和生態協議開放所有借貸參數。”透過將風險從平台轉移到第三方，Morpho本身的生態價值將持續擴大。

But why did Morpho specifically choose to minimize the component and open the risk parameters to third parties?

但為什麼Morpho會專門選擇最小化組件並向第三方開放風險參數呢？

The Morpho platform provided users with a completely autonomous construction space, where any individual or institution could自由に design and implement their own lending risk management mechanism. Professional financial institutions could also leverage the platform to collaborate with other market participants and generate fees by offering management services. Its permissionless nature empowered users to flexibly set various parameters and independently create and deploy separate lending markets without relying on external governance to add assets or adjust market rules. This flexibility granted market creators a high degree of freedom, enabling them to independently manage the risks and returns of lending pools based on their own risk assessments, ultimately catering to the diverse needs of different users in terms of risk preferences and usage scenarios.

Morpho平台為使用者提供了一個完全自主的建置空間，任何個人或機構都可以自由設計和實施自己的借貸風險管理機制。專業金融機構還可以利用該平台與其他市場參與者合作，並透過提供管理服務來產生費用。其無需許可的性質使用戶能夠靈活設定各種參數並獨立創建和部署單獨的借貸市場，而無需依賴外部治理來添加資產或調整市場規則。這種靈活性賦予了市場創造者高度的自由度，使他們能夠根據自己的風險評估獨立管理借貸池的風險和收益，最終滿足不同用戶在風險偏好和使用情境方面的多樣化需求。

However, upon closer examination, the trustless design was essentially a strategy to accumulate reputation and TVL at a low cost. Currently, there were hundreds of Vaults on Morpho, but among those listed on the Morpho interface, the majority were designed by risk management experts. While Morpho permitted anyone to create a Vault, this approach posed minimal risk to the protocol and offered a convenient method to increase TVL. Even if the majority of these Vaults ultimately failed, it would not significantly impact Morpho. Conversely, the Vaults that operated exceptionally well would stand out and be recognized as risk management experts, gaining access to the user volume generated by the Morpho platform. Prior to this development, Vaults created by individuals typically required a lengthy period

但細究起來，去信任的設計本質上是一種以低成本累積聲譽和TVL的策略。目前，Morpho 上有數百個 Vault，但在 Morpho 介面上列出的 Vault 中，大多數是由風險管理專家設計的。雖然 Morpho 允許任何人創建 Vault，但這種方法對協議造成的風險最小，並提供了增加 TVL 的便捷方法。即使這些避難所中的大多數最終失敗，也不會對 Morpho 產生重大影響。相反，運行異常良好的 Vault 將脫穎而出，被公認為風險管理專家，獲得 Morpho 平台產生的用戶量。在此發展之前，個人創建的金庫通常需要很長的時間