What is Morpho?

Morpho is a liquidity pool optimizer. It improves the yields of pools such as Compound to provide users with better APY without any additional market risk or loss of liquidity! Learn more on the webpage or in Morpho’s discord channel!

Here is a tutorial to use Morpho’s interface on testnet via Ropsten Network.

I. Get Ropsten tokens to interact with Morpho

  • Step 1: Install Metamask
  • Step 2: Use the Ropsten Test Network
  • Step 3: Get Ropsten ETH
  • Step 4: Use Morpho’s faucet
  • Step 5: Import a token on Metamask

II. Morpho’s interface: Markets & Dashboard

  • Step 6: Supply
  • Step 7: Borrow
  • Step 8: Dashboard

I. Get Ropsten tokens to interact with Morpho

Step 1: Install Metamask

Here is a complete tutorial if you want to know more.

Step 2: Use the Ropsten Test Network

In your Metamask select Ropsten Test Network:

Step 3: Get Ropsten ETH

A faucet is a place where you can have free tokens to use the testnet. The tokens given don’t have any value but you can use them to try the protocol. It is totally free and safe. Here is one.

Go to Metamask and copy your public key:

Once copied, paste it on the faucet and do the Captcha to obtain rETH. You are now credited 5 rETH 🥳.

Step 4: Mint test tokens on Morpho’s faucet

Go to Morpho’s app.

Click on Connect Wallet on the top right side and accept the Metamask pop-up.

Once connected, you can click on your connected address and select faucet.

Select the token you wan to mint. Note that only few DAI and USDC are given out at every transaction. You may want to mint multiple times.

Step 5: Import a token on Metamask

Go to Metamask, go to Assets, and go down.

Click on “Import tokens”:

Paste the Token Contract Address that you can verify here: https://ropsten.etherscan.io/

DAI: 0x31F42841c2db5173425b5223809CF3A38FEde360

USDC: 0x07865c6E87B9F70255377e024ace6630C1Eaa37F

COMP: 0xf76D4a441E4ba86A923ce32B89AFF89dBccAA075

II. Morpho’s Interface: Markets & Dashboard

Step 6: Supply

To supply DAI, go to Morpho’s app and click on DAI from the supply column on the left side. You will arrive on this interface to execute your operation:

You can set the amount and you will see how it transforms you current positions. Notice that the P2P APY is higher than the Compound APY and that the collateral factor is 75% remains the same as Compound’s.

You are now ready to execute the transaction. Click on approve, validate the Metamask push up. Repeat the process with supply: click on supply and validate the Metamask push up.

Wait a minute, the time of the transaction to be validated.

Congrats, you have now supplied your tokens to Morpho 🦋!

Step 7: Borrow

Let’s borrow some COMP on Morpho. Go to the right side of the market page:

Click on the COMP token and repeat the process.

Congrats, you have now supplied your tokens to Morpho 🦋!

Step 8: Dashboard

The Dashboard is a summary of all your assets, supplied and borrowed:

Keep in mind that if your borrow limit is close to 100% you can be liquidated.

Thank you for reading, enjoy your testing and feel free to leave feedback here.

Any problem? Just jump in Morpho’s discord channel and feel free to ask anything! You can also follow Morpho Labs updates on Twitter.