Verdict
Why this rating: Immutable-core + curated-periphery (S2) structure — Snapshot-only voting, Guardian multisig-gated, no economic rights; the curator layer captures economics above the token. S2 structure: value accrues to the curator spread above MORPHO, not to the token; MORPHO non-transferable until late 2024 (transferability gate in control-cost models)
| Proposal | Title | Outcome | Closed |
|---|---|---|---|
| 0x512fc18e31… | MIP 134 - Incentives Distribution on Arc | Passed | September 18, 2026 |
| 0xa9fcf1d33d… | MIP 133 - Add Spearbit as DAO Multisig Signer and Update Threshold to 6 | Closed | August 21, 2026 |
| 0x00dfdb5223… | MIP 132 - Morpho Worldcoin Mini-App Transition Grant Proposal | Closed | July 4, 2026 |
| 0x8344337098… | MIP 131 - Allocation of a Grant for the Morpho Association’s Strategic Support Program (2026-2030) | Closed | April 30, 2026 |
| 0x3ed6d533b8… | MIP 130 - MORPHO Incentives on Tempo | Closed | April 23, 2026 |
History from the Institute scanner and the 2026-08-31 recheck pulls (Snapshot Hub GraphQL / OpenSquare). Outcomes marked from recheck determinations where the proposal is named; otherwise the recorded state is shown.
| Treasury | $150.0M (gross; curated estimate) |
|---|---|
| Treasury (liquid) | $80.2M |
| Revenue (annual) | $15.0M |
| Token incentives (annual) | $25.0M |
| Net earnings (annual) | -$10.0M |
| Distribution enforcement | none_optionality |
| Distribution mechanism | none_hard |
| Revenue path | Lending fees -> association; fee capture mechanism pending |
| Recourse | SOFT — discretionary; holders rely on governance goodwill. |
Model and audit state reads as of 2026-10-06 (Institute governance model / distribution audit state files). Not a Token Terminal license; curated figures update quarterly.
Structure: S2 — Immutable Core + Curated Periphery.
S1-S5 protocol business structure taxonomy, as-of 2026-08-27 (structure taxonomy date); scores as-of 2026-10-01 (first scored 2026-07-23; quarterly recheck #2, cycle 2026-08-31 -> 2026-10-01)
2026-08-31 recheck verdict: UNCHANGED.