Morpho Community Greenlights Transferability Proposal For MORPHO Token
In Brief
Morpho announced that a community vote to approve the transferability of the MORPHO token has passed, and Morpho DAO will soon begin implementing the proposal’s steps.
Decentralized lending protocol Morpho announced that a community vote approving the transferability of the MORPHO token has passed, and Morpho DAO will soon begin implementing the proposal’s steps.
With the MORPHO token becoming transferable, rewards allocated on the Ethereum Layer 2 network, Base, will be claimable in a coordinated time frame. To enable this, Morpho DAO will first prepare transferability on Base by deploying an updated version of the token, whitelisting a contract to facilitate the transfer of the previously non-transferable tokens, and wrapping 2.5 million MORPHO tokens. These tokens will then be bridged to the DAO’s multi-signature wallet on Base. In parallel, the DAO will prepare the necessary payload to submit the “root” to the universal rewards distributor (URD), allowing new, wrapped MORPHO tokens to be transferred from the multi-signature wallet on Base to the URD.
Next, full transferability will be activated on the Ethereum network by setting the public “transfer” and “transferFrom” functions as true and removing the assigned role restrictions.
Following this, tokens will be claimable on Base. This final step involves executing the payload to submit the root to the URD and transferring new wrapped tokens from the multi-signature wallet on Base to the URD, allowing users to claim their rewards.
What Is MORPHO?
Morpho Protocol functions as a decentralized, noncustodial lending system built for compatibility with the Ethereum Virtual Machine (EVM). Currently, the protocol manages a total value locked (TVL) surpassing $1,6 million, according to data from DeFiLlama.
The governance of the Morpho Protocol is handled through MORPHO, its native token. Morpho DAO, which consists of MORPHO token holders and their delegates, is responsible for overseeing the protocol. The governance model relies on a weighted voting mechanism where the voting influence is proportional to the amount of MORPHO tokens held by participants. The total supply of MORPHO tokens is capped at 1 billion.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
