garΞth retweetledi
garΞth
1.7K posts
garΞth
@GarethAFuller
👋 I build web3 things. 💼 Eng Manager @MorphoLabs, prev @Balancer. 🦮 Big fan of dogs. 🚴♂️ Enjoy cycling.
Scotland Katılım Aralık 2011
1.2K Takip Edilen1.5K Takipçiler
garΞth retweetledi
As we approach the official release of Morpho’s fixed rate markets protocol it’s becoming clear that it should not be seen as an iteration of the existing Morpho variable rate markets (today known as Markets V1). It is a completely new paradigm that’s unlike anything DeFi has seen before.
Fixed rate markets are an extension of Morpho's offering, not a replacement. Variable rate markets remain a foundational part of DeFi for the few years to come. The two will complement one another.
For that reason, we’re drop the versioning naming we've been using up until now, and the protocols will no longer be named Markets V1 and Markets V2. We’re changing:
Markets V1 → Morpho “Blue” (as it was originally) Markets V2 → Morpho “[TBA]”
Blue introduced permissionless open-term variable rate markets, with externalized risk management. [TBA] will introduce fixed term, fixed rate, intent lending, with externalized risk and rate management. A completely different structure for pricing and matching that will take Morpho from $10B to $100B+.
As a side note: Morpho Vaults retain versioning because Vaults V2 is a direct improvement designed to supersede Vaults V1, exactly what versioning is meant to signal.
It has been an incredibly hard 2 years of building [TBA], but we are very excited to share more information about Morpho fixed-rate markets soon.
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garΞth retweetledi
Four years building @Morpho taught us what actually matters for onchain lending to truly scale.
In 2026, these learnings are compounding into our next phase—continuing to bring some of the biggest institutions into DeFi, while also shipping Morpho V2, which will unlock the last bottleneck of DeFi loans: pricing.
By the end of the year, DeFi will look very (very) different. 👇
Paul Frambot 🦋@PaulFrambot
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garΞth retweetledi
The trickiest bit was actually iterating on the quiz generation prompt. It was surprisingly hard to get it to generate good quality but random quizzes every time.
garΞth@GarethAFuller
A little experiment in vibe coding over the last few weekends. This was built almost entirely by speaking to my laptop whilst on a bike... Kudos to @claudeai & @WisprFlow, You made a great app! dailyquiz.ai
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A little experiment in vibe coding over the last few weekends.
This was built almost entirely by speaking to my laptop whilst on a bike...
Kudos to @claudeai & @WisprFlow, You made a great app!
dailyquiz.ai
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Probably my favourite ever sci-fi book. This will be amazing, can't wait. youtu.be/5VYsnngkS_U?si…
YouTube
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garΞth retweetledi
“The bitterness of the silk-weaver thrown out of work by machinery came, not solely from his own poverty, but from the sense that a whole tradition of craftwork was being thrust into oblivion by inferior products.”
- The Fatal Shore (England in 1800s)
How to not become the silk-weaver of the 2000s? 😅
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garΞth retweetledi
A vault is comparable to an onchain fund, and just like traditional funds, some will perform well and others won't, but this is what we must accept and mitigate if we want to build a truly open and decentralized system.
The fact that only 1 out of ~320 vaults on the Morpho App had limited exposure to xUSD isn't evidence that the model doesn't work — quite the opposite. Morpho's isolated market + vault model meant all 319+ other vaults and their depositors, each with different risk profiles, had zero exposure.
Many assume losses equal system failure. However, in open financial systems, losses are a natural consequence of risk-taking, even when systems operate exactly as designed. As an industry, we should not fall for the fallacy that yield is risk-free. Instead, we should focus on better surfacing and educating about risks — ourselves included.
For DeFi to be the backend of finance and scale to trillions in lending volume, lending infrastructure must remain separate from risk management. We firmly believe that this open and permissionless approach is the right one, and how DeFi was intended to work.
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garΞth retweetledi
Even though I stepped back from active work on Balancer, it still represents many years of work and a vision I deeply believe in. Watching today's events unfold has been difficult, and very painful to be honest.
The team is handling this with the professionalism and dedication I would expect. They are working with leading security experts and pursuing every angle to investigate and recover what was lost.
What strikes me most is seeing the DeFi community rally around Balancer. The support from partners, other protocols, and community members reminds me why we built this space in the first place. We are all in this together, learning and evolving.
Balancer has weathered challenges before: I'm sure the team and security experts will do all they can and Balancer will come out of this stronger.
Balancer@Balancer
Today, around 7:48 AM UTC, an exploit affected Balancer V2 Composable Stable Pools. Our team is working with leading security researchers to understand the issue and will share additional findings and a full post-mortem as soon as possible. Because these pools have been live onchain for several years, many were outside the pause window. Any pools that could be paused have been paused and are now in recovery mode. All other Balancer pools are unaffected. This issue is isolated to V2 Composable Stable Pools and does not impact Balancer V3 or other Balancer pools. Balancer is committed to operational security, has undergone extensive auditing by top firms, and had bug bounties running for a long time to incentivize independent auditors. We are working closely with our security and legal teams to ensure user safety and are conducting a swift & thorough investigation. We’re grateful to our partners and the broader DeFi community for their support. Security notice: Fraudulent messages claiming to be from the Balancer Security Team are circulating. These are not from us. Do not interact with unsolicited communications or click unknown links. Official updates will be posted only via: - This official Balancer account on X (Twitter) - Our official Discord server Be careful with communications from other sources, they can be fraudulent. We will provide a comprehensive update with more details as our investigation progresses. The Balancer Team.
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garΞth retweetledi
we don't have to live this way. senior engineers have the duty of building guardrails and teaching the next generation of programmers the practices that lead to high quality software.
AIs may write most of the code, but you still decide what ships. we should never lose our taste for quality software.
i made this analogy a while back: everyone can cook at home but yet restaurants still exist. the floor is rising, but so is the ceiling. the best software will always be made by those who care.
Jaana Dogan ヤナ ドガン@rakyll
Lately I’ve been feeling depressed because decades of our hard work is completely gone like it never existed. I heard from others that they also find it very hard to dial into the new norm of low quality software engineering.
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garΞth retweetledi
im thrilled to announce im now head of engineering @MorphoLabs 🦋
ive spent most the last 7 years in defi (fun fact - my first startup was built on @compoundfinance) and im as bullish on morpho as i am @Uniswap.
why morpho is inevitable and what i’ll be focused on 🧵
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We have quite a few production apps in the repo, so we need to manage releases and have a good log for what changed when. Claude manages a lot of that, writing release notes automatically etc.
We also have a refactor bot that runs once a week and runs Claude /refactor. Sequentially going through the whole repo to look for opportunities.
We have /plan /execute and a web3 specific /review commands. Which work great locally, but we're also working our way towards an action that monitors Linear for 'ai-ready' tickets and then runs /execute on them.
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I exaggerate a little, but you can do some crazy things with Claude slash commands in Github actions.
garΞth@GarethAFuller
The Morpho Prime Team monorepo is an AI/DX work of art (thanks to Claude). So much fun to work with.
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The thing is, I have a feeling git will be disrupted first.
garΞth@GarethAFuller
Github is so ripe for disruption it's unreal. More pain-points every day. So is git tbh but that's a whole other level of network effects to overcome! 😅
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