According to TechFlow, on November 18, according to official news, the DeFi lending protocol Morpho announced that its governance token MORPHO will enable the transfer function on November 21. Since its launch in June 2022, Morpho DAO has gradually distributed ownership to protocol users, strategic partners, risk assessors and other contributors. It is reported that the MORPHO token was initially deployed as a non-transferable token, and the DAO, rather than any centralized entity, decided when to enable the transfer function. During the non-transferable stage, the DAO prioritized the distribution of ownership among three key groups: users, contributors, and strategic partners.
To implement the on-chain voting tracking function, Morpho DAO voted through the MIP-75 proposal to create a wrapping contract to wrap the original MORPHO token into a new version of the token. Users can convert the original token 1:1 to the new version of the token through the wrapping contract, and the wrapping operation can be completed on the Morpho App after the transfer function is enabled. To prevent external integration (such as exchanges) from misusing the original token, only the new version of MORPHO token will have the transfer function.