The team behind Morpho unveiled a new protocol aimed at improving the efficiency and flexibility of the nascent decentralized credit market.
Morpho Labs, a decentralized lending project backed by Variant and a16z, released a white paper for a new protocol it hopes will provide crypto's nascent decentralized lending market with a more robust and efficient underpinning, according to a release shared with The Block.
At its core, Morpho Blue aims to reinvent the way in which decentralized lending is structured, stripping out the reliance on DAO participants to manage the parameters around which assets are handled and introduces a more simple alternative based on what it describes as permission-less risk management.
To achieve this goal, Morpho Blue adopts a strategy of isolating markets through individual asset vaults, which operate autonomously without the need for manual intervention by the DAO to adjust risk parameters. This approach empowers lenders to provide capital to borrowers at higher levels while still maintaining lower overall risk compared to multi-asset pools since they only have to worry about the risk of one asset.
Frambot said that conversations with several institutional players indicate that the DAO-model is a non-starter for them to enter the decentralized lending space and that it is "clear they don't want their funds to be managed on their behalf and have specific compliance requirements."
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