MorphoMORPHO

Token incentives are measured as the value of native assets paid out by a project to its supply-side and demand-side users, core contributors, and investors. These incentives are primarily distributed to compensate stakeholders either retroactively or on an ongoing basis, analogous to stock-based compensation in traditional finance. For Morpho Optimizers, incentives are distributed to users to bootstrap liquidity and reward participation. Legacy incentives are distributed via `UniversalRewardsDistributor` contracts, while current incentives are routed through Merkl via the Angle Distributor contract. All distributed asset values are converted to USD to provide a standardized view of the protocol's incentive expenses.Learn more