MarketRewardsProgramRegistry contract

Overview

The legacy EmissionDataProvider contract provides a streamlined method for tracking emissions of a specific ERC20 token within a rewards program operated on Morpho Blue. It allows users to set emission rates for various rewards tokens in different markets. The MarketRewardsProgramRegistry contract is the updated version of the EmissionDataProvider contract to handle time-bounded rewards programs.

Key Features

• Rate Setting: Any user can set a rate for a particular rewards token and market. Rates must be linked to a Universal Rewards Distributor (URD) for the distribution of rewards.
• Trust Factor: As rate setting is open to all, it's crucial for users to assess the credibility of the rate setter who is responsible for sending the rewards to the URD upon distribution.
• Rewards Structure: Rates are indicative of potential rewards. The actual distribution is handled by the UniversalRewardsDistributor contract during each update cycle, contingent on the trustworthiness of the rewards curator.
• Program Structure: The MarketRewardsProgramRegistry contract is designed to handle multiple rewards programs, each with its own start and end times. Once a program is registered, it is immutable and cannot be updated. Projects can set at most 30 programs per id with id = keccak256(abi.encode(sender, urd, rewardToken, market)).

Rewards Program Structure

• Sender: Address defining the rate. Can be any user.
• URD (Universal Rewards Distributor): Address for distributing rewards. Can be any URD.
• RewardToken: The ERC20 token address used for rewards.
• MarketId: Identifier of the market in which rewards are being offered.
• MarketRewardsProgram: A structure containing the programs rates for each aspect of a Morpho market (supply, borrow, collateral) as well as the period for which the rates are active.

Rates

Rates are defined per year and only apply to a certain period.

Specifications

• Discontinuing a Rate: Rates cease when the program's end is reached.
• Validity and Trust: Rates are effective immediately after a program registration. However, the contract is not trustless. It is a trust-minimized system, relying on the rewards distributor's commitment to distribute the rewards at each update.
• Transparency and Scalability: This contract enhances transparency and scalability in the rewards distribution process, supported by distribution and reader scripts provided by the Morpho Association.

Deployment

• EmissionDataProvider address: Ethereum Mainnet: 0xf27fa85b6748c8a64d4b0d3d6083eb26f18bde8e

Additional Resources

• Rewards Distribution Script (Link to be added)

License

MarketRewardsProgramRegistry and EmissionDataProvider are licensed under MIT, see LICENSE.

Note

The information provided in this document is subject to change. Users should exercise due diligence and understand the inherent risks involved.