Morpho Internals Series
A source-level path through Morpho Blue: market actions, rate models, oracle scaling, MetaMorpho vaults, and the integration assumptions that carry security risk.
Read the series like a book
- 01
Morpho Internals Part 1: Morpho Blue
Deep dive into Morpho Blue's core contract—market creation, supply/borrow/collateral flows, liquidation math, and interest accrual mechanics.
30 min read30 min read
December 24, 2025
- 02
Morpho Internals Part 2: IRMs
How Morpho Blue computes borrow rates: FixedRate warm-up and a deep dive on AdaptiveCurve with utilization-driven anchor updates.
1 hour read1 hour read
December 25, 2025
- 03
Morpho Internals Part 3: Oracle
A deep dive into Morpho's oracle surface area and MorphoChainlinkOracleV2: ERC4626 vault conversions, base/quote feed wiring, two-hop unit cancellation, and the 1e36 SCALE_FACTOR derivation.
30 min read30 min read
December 31, 2025
- 04
Morpho Internals Part 4: MetaMorpho
How MetaMorpho wraps Morpho markets into a single ERC4626 vault with supply/withdraw queues, role-gated caps, and fee/timelock design.
30 min read30 min read
January 02, 2026
- 05
Morpho Internals Part 5: Integration Security Guide
A security-focused guide for integrating with Morpho: an expanded walkthrough of the official integration checklist, with concrete pitfalls and code-level explanations for core and MetaMorpho vault flows.
30 min read30 min read
January 04, 2026
Read the protocol like a reviewer.
Follow state transitions
Trace how supply, borrow, liquidation, and vault allocation change the protocol state.
Rebuild the math
Derive rate curves, oracle scaling, share accounting, and the invariants integrations depend on.