Julien | Morpho 🕛

@PaulFrambot @MerlinEgalite do not complain when you'll be blocked in the elevator tmw

@Julien_devatom @MerlinEgalite no

Changed countries 8 times in 21 days. Spent close to 5% of 2026 in the air. But every minute was worth it. Right?

@PaulFrambot @MerlinEgalite can i join?

@MerlinEgalite you drive?

As a follow up to the recent events involving Kelp DAO, I want to reiterate the following: - Morpho smart contracts are safe and continue to operate as intended. - The exposure was limited with curators taking preemptive measures immediately. - Only ~$1M of ETH is borrowed against rsETH as collateral, across two isolated markets out of thousands. - Of this, only 2 of ~500 Morpho Vaults (with >$10k in deposits) have exposure to these markets, with the final impact dependent on how the situation unfolds. - Every other vault is not exposed thanks to Morpho’s fully isolated market design. Although the direct impact to Morpho was limited, there may still be second order effects due to broader ecosystem exposure. Stay safe.

@PaulFrambot @carapulse wdyt

Tip: Don't let the devs do the visual designs of the agents in your org.

Morpho V2 = take (or make) intents. Here is a preview of how a curator/LP/edge funds will be able to pick their opportunities

Pro tip: stop juggling generated tokens in GitHub Actions for npm publish. OIDC gives you short-lived creds, no leaks, no secret rotation. It was introduced 1 month ago with GitHub Actions github.blog/changelog/2025…

Cooking 🌯

Cloud needed ~15 years to go from “risky” to “default.” On-chain rails are perhaps at year 5-7 of that arc.

After today, we’ll be closer to 2050 than 2000

This is what fuels me every single day:

@MorphoLabs 🦋

Today, we unveil Morpho V2. An intent-driven lending platform powered by fixed-rate, fixed-term loans. Designed to liberate the potential of onchain loans.

Git is basically a local blockchain for code: cryptographically linked commits, Merkle trees, and distributed copies

Why do credit cards have expiration dates? It's a painful ux

@MerlinEgalite I reached 200rpm during this training 🥲

@MerlinEgalite "with partner" note that now we are no longer partners, only colleagues

@ruvaag @rubilmax which are always detected on Sunday

@rubilmax @Julien_devatom these violent tech challenges have violent ends (the obscure infra bugs never stop and that’s part of the fun)

The biggest challenge in building the Morpho API is to have a dynamic and scalable way to price assets in USD while maintaining a coherent state.

@ruvaag Yes exactly! With the product growth, the "support what your api consumers want" becomes bigger & bigger ahah and Morpho is an infra so this support is very powerful on a product perspective.

yeah i think you’ll have to maintain a registry of your own prices for the final usd conversion. we dealt with a small scale version of this at sentiment. eg you probably need to cache eth/usd price from a cex or multiple cexes and then use that with all */ETH oracle pairs for onchain derivatives you might have to source prices from the deepest liquidity pair + factor in impact if your consumers care about price impact you’re right - the more i think about it the more complex it gets. it’s probably super costly too lmao. does the ui absolutely need to support every pair? restriction seems like the way to go… only support what your api consumers want.

@ruvaag Yeah totally, Debank and every portfolio or swap routing app too Uniswap can use their own product with some guardrail around which pool to consider and create an auto spot price mapping, which is really powerful (we use spot prices routing in our solution too)

@Julien_devatom i see. yeah the permissionless addition + backfills must generate a lot of load. uniswap must have had to face this with their analytics pages too — maybe they know some ways to deal with it.

@ruvaag You cannot use the market oracle because of its permissionless aspect. Someone can play with it and add a price like 1ETH = 1USDC So we use market oracle price for position health computation, but we add usd price sources manually for USD display conversion

@Julien_devatom what are the challenges in particular? as i understand it, the api is a wrapper for onchain calls and then uses aggregated price feeds for the final usd conversion. is the complexity with the state sync, or with aggregate price sources, or something else altogether?