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Metamorpho

Metamorpho is a Solidity-based, non-custodial DeFi vault protocol that allocates liquidity across multiple Morpho Blue lending markets.

Explore the practical guide ↓

Independent OpenViST project profile, based on linked sources.

Metamorpho — OpenViST project profile in DeFi.
OpenViST project illustration. See the linked sources for product details.
Understand the project

Practical overview

When it fits

Use Metamorpho when a Morpho Blue application needs a contract-based vault layer for multi-market liquidity allocation and role-controlled risk management.

Who it is for

  • Liquidity providers seeking borrowing interest without actively managing individual Morpho Blue market risk.
  • Developers building vault-based liquidity products or risk-management interfaces around Morpho Blue.
  • Teams working with ERC-4626-compatible lending vaults.

Documented uses

  • Create vaults that accept one loan asset and allocate it across multiple Morpho Blue markets.
  • Configure market supply caps and supply or withdrawal queues.
  • Separate liquidity provision from active market allocation through defined protocol roles.
  • Support ERC-4626 vault interactions with ERC-2612 permit support.
Before you choose

Requirements & limits

The repository is public, active and licensed under GPL-2.0.

  • The vault supports up to 30 enabled markets.
  • Supply caps constrain allocator exposure, but donations and interest can make exposure exceed a market’s cap.
  • Deposits require a non-empty supply queue.
  • Withdrawals depend on available liquidity in the underlying Morpho Blue markets.
  • The owner can set a performance fee capped at 50% of generated interest.

Check current requirements in the official documentation. Source-based guidance does not mean OpenViST has run or independently tested this project.

Source-based practical guide

Set up a multi-market Morpho Blue liquidity vault

Create the documented vault structure for allocating one loan asset across Morpho Blue markets.

Before you start

  • Solidity development capability.
  • Morpho Blue markets.
  • A chosen loan asset.
  • A vault owner, curator, allocator and guardian structure where applicable.

Steps

  1. Deploy or use an immutable MetaMorpho vault instance through the MetaMorphoFactory.

  2. Enable eligible Morpho Blue markets and assign their supply caps.

  3. Set the supplyQueue and withdrawQueue to define allocation and withdrawal order.

  4. Use the vault to supply or withdraw assets, subject to market liquidity and queue configuration.

Expected outcome

A MetaMorpho vault can route deposits across enabled Morpho Blue markets according to configured caps and queues.

Guide limitations

  • The supplied material does not document a specific deployment command, interface, network, market configuration or execution test.
  • A vault can enable no more than 30 markets.
  • Deposits are disabled if the supply queue is empty.
  • Withdrawals depend on available liquidity in the underlying markets.
Documentation 1 ↗
Evidence and transparency

Sources & review

Official repository ↗
Source record details
Source availability
Active
Sources checked
2 October 2026
Original website title
morpho-org/metamorpho · Official homepage title · retained in its source language
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