Morpho MORPHO

Commentary versus actual token vesting

52.4% of supply has no published circulation schedule — Morpho Governance (35.4%), Morpho Association (6.3%), Reserve for Contributors (5.8%) and Users & Launch Pools (4.9%). Docs state release is "dependent on governance decisions regarding reserve usage and distribution rates." ~321.7m MORPHO (32.17% of supply) has entered circulation from those discretionary buckets with no schedule, no ledger and no restatement. This is the single largest deviation between published tokenomics and observed supply. Voluntary relocks were disclosed with new dates — Founders and Strategic Partners Cohort 2 relocked; the new start and end dates are stated rather than implied. This is a deviation in the token holders' favour and is properly disclosed. No vesting contract addresses are published, so none of the schedule is independently verifiable on-chain. The distribution snapshot is dated 7 November 2024 — 21 months old at extraction, never restated, during which the DAO has distributed rewards through Merkl.