Earn, Borrow, Build on Morpho 
/morpho and app.morpho.org

DeFiScan assesses and monitors the maturity and risks of DeFi protocols fostering Transparency and Security.
Built with ❤️ by @deficollective

🚨Upgradability
🟡Medium Upgradability Centralization Score

The Morpho (markets) protocol and Morpho Vaults are non-upgradeable. 
No permissions exist in the Morpho protocol that could affect users' funds and unclaimed yield or could otherwise result in non-expected protocol performance. 
Permissions in Morpho Vaults are owned by the vault creators themselves, aka Curators, and thus are not centralized under Morpho governance.
A team multisig, morpho.eth, is able to activate a fee switch and enable new LTV tiers and interest rate models. These permissions can only affect newly created markets with fees enforced in a fixed range.
The morpho.eth multisig is further in control of the $MORPHO token and it's upgradeability and minting features. $MORPHO upgrades or minting can directly impact distributed rewards in the system and thus result in the loss of unclaimed yield.

⛓️Chain
🟢The report is concerned with the Morpho instance deployed on Ethereum mainnet. Ethereum achieves a Low chain centralization score.

Protocol Introduction

Morpho is a lending protocol which enables the deployment of minimal and isolated lending markets by specifying:

- One collateral asset
- One loan asset
- A Liquidation Loan To Value (LLTV) ratio
- An Interest Rate Model (IRM)
- An oracle

Users may lend funds directly on individual Morpho markets or through Morpho Vaults. These vaults are created permissionlessly by third parties, or risk curators, and offer managed lending strategies by aggregating different Morpho markets.