Pierre-Yves Gendron retweeted
Exit your lend position before maturity.
Resell at the market rate or place a limit order.
Resell at the market rate or place a limit order.
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Seeing some nice OTC activity on Tenor recently 👀midnightscan.org/tx/8453/0x6123…
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Pierre-Yves Gendron retweeted
“@TenorFinance essentially gets all the features of the base layer, Morpho Midnight, and builds additional features on top of it:
1. Auto-Renewal and Fallback Options
2. Onchain OTC Agreements
3. Organisation Tooling and Gated Access”
1. Auto-Renewal and Fallback Options
2. Onchain OTC Agreements
3. Organisation Tooling and Gated Access”
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Pierre-Yves Gendron retweeted
Fixed-rate lending currently accounts for <2% of DeFi loans.
However, over the past few months, it has scaled to multiple protocols, adopting different designs to build predictable credit.
Join the discussion with @kpk_io, @Bitwise, and @TenorFinance
📆 Wed 9th Sep 3pm UTC
However, over the past few months, it has scaled to multiple protocols, adopting different designs to build predictable credit.
Join the discussion with @kpk_io, @Bitwise, and @TenorFinance
📆 Wed 9th Sep 3pm UTC
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Pierre-Yves Gendron retweeted
Use the liquidation price slider to set your LTV.
Available on all Tenor markets.
Available on all Tenor markets.
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Pierre-Yves Gendron retweeted
Fixed-rate borrowing powered by Tenor is now live on @DeFiSaver
@Morpho Midnight on @base is now live via DeFi Saver, including support for @TenorFinance markets. 🛟🦋
We first started building on Morpho back in early 2023, and we’re thrilled to support the next chapter of Morpho lending, as they strive to bring fixed-rate/fixed-term markets s, @Morpho. 🤝
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Another example of how Tenor leverages @Morpho Midnight's callback primitive.
Create a borrow offer at set terms. Fill when it matches with a lender.
Create a borrow offer at set terms. Fill when it matches with a lender.
Know the rate you want to borrow at? Place a borrow limit order on Tenor.
Your collateral stays in your wallet until the offer fills. Set a max LTV to bound execution.
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Pierre-Yves Gendron retweeted
The August markets mature on Wednesday, Aug 26.
If you're borrowing without auto-renewal, repay or roll before then.
Lenders, you can move to a new maturity to keep earning.
If you're borrowing without auto-renewal, repay or roll before then.
Lenders, you can move to a new maturity to keep earning.
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Auto-rolling now available on all @Morpho Midnight markets!
Stop tracking maturity dates.
Enable auto-rolling on your Morpho Midnight borrow positions via Tenor.
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Pierre-Yves Gendron retweeted
Introducing: Midnight Scan 🕛
A monitoring tool we’re making accessible to the broader @Morpho ecosystem.
Explore Midnight market activity, mempool offers, monitor accounts at risk, and more.
A monitoring tool we’re making accessible to the broader @Morpho ecosystem.
Explore Midnight market activity, mempool offers, monitor accounts at risk, and more.
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Callbacks are probably the most powerful primitive of @Morpho Midnight. They enable arbitrary execution on both the maker and taker side when an offer is taken.
We've already deployed 9 immutable, stateless callbacks on Base (e.g., migration callbacks, renewal callbacks). One can reuse callbacks to enable auto-renewals as well.
The most active callback so far on Tenor is allowing users to create offers with funds sitting in a Morpho Blue variable rate market, the liquidity is withdrawn by the callback just in time to fund the fixed rate lend offer.
On the borrow side, we also have a callback allowing users to deposit collateral only when their borrow offer is taken.
Future callbacks that would be interesting:
- Cross-chain execution
- Dex swap to fund offers or swap to the collateral currency
We've already deployed 9 immutable, stateless callbacks on Base (e.g., migration callbacks, renewal callbacks). One can reuse callbacks to enable auto-renewals as well.
The most active callback so far on Tenor is allowing users to create offers with funds sitting in a Morpho Blue variable rate market, the liquidity is withdrawn by the callback just in time to fund the fixed rate lend offer.
On the borrow side, we also have a callback allowing users to deposit collateral only when their borrow offer is taken.
Future callbacks that would be interesting:
- Cross-chain execution
- Dex swap to fund offers or swap to the collateral currency
The most innovative design choice of morpho midnight is not the fixed rates, but instead how "offers" work. When you make a lend/borrow offer, the tokens do not sit idle in the market. There is a "callback" address that handles pulling the tokens at time the offer is "taken".
uld deposit the tokens into a vault that earns yield while the offer is sitting open, where the vault implements the necessary callback logic to redeem/deallocate and transfer to morpho midnight. In fact, there are already dozens of offers that already have done this using a `LendVaultToMidnightCallback` contract on the lend side and `MidnightSupplyVaultShares` contract on the borrow/collateral side.
Most importantly, the market does NOT decide the offer configuration - these are managed separately from each other. So the ones making the offer get to program what their tokens are doing up until the offer is taken. These callbacks are also fully programmable not just on offers but on renew and exit too (so you can exit automatically from a fixed rate loan maturing into a morpho blue market with no migration pains).
The simplest case is when an EOA offerer has made the approve call with the signature, and upon "take" the tokens are transferred from the EOA to the borrower. This is used by the morpho frontend. Note that the offerer may have spent those approved tokens elsewhere before the take, and in that case the offer will fail due to insufficient balance.
Lot of other interesting design choices I'm seeing too like you can't lend and borrow to the same market, but I'll share more later when I have more time to write 😄
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Thrilled to have @variantfund backing us!
Variant has led the seed round in @TenorFinance.
Tenor gives asset managers and borrowers access to fixed-rate lending markets onchain. Built on Midnight, the fixed-rate primitive @Morpho announced yesterday.
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