Morpho：去中心化借贷协议的后起之秀

借贷协议的资金能力在 DeFi 赛道中排名第一，是 DeFi 吸纳资金量最大的板块。

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 是一种去中心化借贷协议，自 2022 年中期获得 a16z 资助以来，经历了显着的增长。其创新方法和对不断发展的 DeFi 格局的适应性使其成为借贷领域的领先协议。

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 的旅程大致可以分为两个不同的阶段，每个阶段的特点都是一个关键的过渡，逐步提高了该协议的市场份额。

Phase 1: Optimizing Aave and Compound for Rapid Growth

第一阶段：优化 Aave 和Compound 以实现快速增长

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 专注于提高借贷协议中的资本利用效率，特别是解决 Aave 和 Compound 等点对点资金池模型中资金不匹配的常见问题。为了优化这方面，Morpho引入了点对点匹配机制，为用户提供更优惠的存款利率（较高）和贷款利率（较低）。

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模式的一个主要局限性在于资金池内存贷款总额经常出现差异。这种不平衡导致了两个主要的低效率：

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

- 储户的利息收入因闲置资金的存在而被稀释。

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

- 借款人需要对整个资金池收取利息，而不仅仅是他们使用的部分。

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 的解决方案涉及引入一种新颖的工作流程，将用户的存款和抵押品分配给 Aave 和 Compound，以建立基准利率。同时，Morpho采用点对点撮合机制，优先处理大订单，并将存款直接分配给借款人，最大限度地减少闲置资金。这种方法确保了存款的最大化利用，并使借款人只需为他们实际借入的资金支付利息，从而优化了双方的利率。

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

这种匹配机制的主要优点是能够消除传统模型固有的效率瓶颈：

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

- 对于用户来说，该模型提供了一个有吸引力的主张，即更高的存款利率和更低的借款利率，最终提高了他们的资本效率。

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

- 对于借贷协议而言，优化的资本利用率导致资本流入增加和整体借贷量的增加。

- 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.

- 作为一个协议，Morpho 将自己定位为促进用户和协议之间高效资本流动的调解者，赚取一部分利差作为收入。

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.

通过创新设计，Morpho有效利用了DeFi协议的可组合性，以最小的风险吸引更多的用户资金，并提供更高效的利率优化服务。

Phase 2: Transitioning from Applications to Decentralized Infrastructure

第二阶段：从应用程序过渡到去中心化基础设施

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 优化器仅代表 Morpho 发展过程中的第一次转变，使其能够在众多借贷协议中脱颖而出，并成为市场上的重要参与者。但无论是从产品设计、协议定位，还是生态发展的开放性考虑，优化器的想象空间都有限。

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，优化器的增长本质上受到底层贷款池当前设计的限制，该设计严重依赖其 DAO 和可信承包商每天监控和调整数百个风险参数或大型智能合约。如果Morpho在这方面一成不变，就无法吸引更广泛的dev和native协议，只能定位为市场上Aave和Compound的生态协议。

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.

为了克服这一限制，Morpho采用了与Uni V4类似的产品理念，本质上是为广泛的金融服务创建一个基础层，并开放该基础层之上的所有模块。换句话说，该团队的目标是“最小化我们称之为‘原始’的产品，并以无需许可的方式向个人和生态协议开放所有借贷参数。”通过将风险从平台转移到第三方，Morpho自身的生态价值将不断扩大。

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

但为什么Morpho会专门选择最小化组件并向第三方开放风险参数呢？

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平台为用户提供了一个完全自主的构建空间，任何个人或机构都可以自由设计和实施自己的借贷风险管理机制。专业金融机构还可以利用该平台与其他市场参与者合作，并通过提供管理服务来产生费用。其无需许可的性质使用户能够灵活设置各种参数并独立创建和部署单独的借贷市场，而无需依赖外部治理来添加资产或调整市场规则。这种灵活性赋予了市场创造者高度的自由度，使他们能够根据自己的风险评估独立管理借贷池的风险和收益，最终满足不同用户在风险偏好和使用场景方面的多样化需求。

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

但细究起来，去信任的设计本质上是一种以低成本积累声誉和TVL的策略。目前，Morpho 上有数百个 Vault，但在 Morpho 界面上列出的 Vault 中，大多数是由风险管理专家设计的。虽然 Morpho 允许任何人创建 Vault，但这种方法对协议造成的风险最小，并提供了一种增加 TVL 的便捷方法。即使这些避难所中的大多数最终失败，也不会对 Morpho 产生重大影响。相反，运行异常良好的 Vault 将脱颖而出，被公认为风险管理专家，获得 Morpho 平台产生的用户量。在此发展之前，个人创建的金库通常需要很长的时间