Introduction

This is the repository for the core Morpher smart contract components of https://morpher.com

Morpher Smart Contracts are a collection of solidity files for on chain transactions and trustless state recovery from sidechain. 😳

Morpher rebuilds financial markets from the ground up on the Ethereum Blockchain. All in the pursuit of the perfect trading experience.

Audit

Morpher Smart Contracts are fully and regularly audited. 🙌

Audited by Solidified on April 12, 2021. Full Report
Audited by Capacity on April 20, 2020. Full Report

Getting Started

Prerequisites

Install Ganache https://www.trufflesuite.com/ganache on your system and run it successfully on port 7545.
Install Node.js, Npm and build-essential (Linux and MacOS package to build Web3 C/C++ files) on your computer.
Git clone this repo and cd into it.

How to run the Tests

Run the following commands to start the test suite. 😎

npm install to install all the truffle/node dependencies.
Rename .env.example to .env and input all the required variables. If you're testing locally with Ganache, you only need to input MORPHER_DEPLOYER and MORPHER_DEPLOYER_KEY which is the first account you see in the Ganache GUI.
When everything is configured correctly, run the last command: ./node_modules/truffle/build/cli.bundled.js test --network local

If you want to see exactly what assertions are being made, you can take a look at the test folder.

Example In the Ubuntu Linux terminal:

curl -sL https://deb.nodesource.com/setup_12.x | sudo -E bash -

sudo apt-get install nodejs build-essential

git clone https://github.com/Morpher-io/MorpherProtocol.git

cd MorpherProtocol

npm install

cp .env.example .env

Then open .env and input Ganache Accounts for MORPHER_DEPLOYER and MORPHER_DEPLOYER_KEY

./node_modules/truffle/build/cli.bundled.js test --network local

Smart Contract Components

There are several components playing together, these are here described in more detail in order of their importance.

MorpherState.sol

This smart contract is the brain of what happens with users, balances, trading and governance. It is the central point which stores balances for each user. It also stores the addresses of other smart contracts, such as the ERC20 token, the bridge or the governance functionality.

MorpherToken.sol

It is the ERC20 Compatible token for Morpher. All the balances are stored in MorpherState.sol, it's just the interface.

MorpherTradeEngine.sol

This is the contract that processes and stores orders. The orders can only be given by the oracle smart contract. This smart contract is the trusted entity taking prices from outside into the sandboxed blockchain.

MorpherBridge.sol

Morpher Bridge takes care of bridging functionality from Main-Chain to Side-Chain and vice versa. It contains functionality to burn tokens upon deposit on the main-chain and credit (or mint) tokens on the side-chain. It can also take the merkle-proofs from the side-chain and let you withdraw tokens on the main-chain.

If side chain operator doesn't write a merkle root hash to main chain for more than 72 hours positions and balaces from side chain can be transferred to main chain.

MorpherGovernance.sol

Every user able and willig to lock up sufficient token can become a validator of the Morpher protocol. Validators function similiar to a board of directors and vote on the protocol Administrator and the Oracle contract.

MorpherAirdrop.sol

Holds the Airdrop Token balance on contract address. AirdropAdmin can authorize addresses to receive airdrop. Users have to claim their airdrop actively or Admin initiates transfer.

MorpherEscrow.sol

Escrow contract to safely store and release the token allocated to Morpher at protocol inception.

MorpherOracle.sol

The oracle initates a new trade by calling trade engine and requesting a new orderId. An event is fired by the contract notifying the oracle operator to query a price/liquidation unchecked for a market/user and return the information via the callback function. Since calling the callback function requires gas, the user must send a fixed amount of Ether when creating their order.

Important Functionality

MorpherState, by default, doesn't let anyone transfer tokens. This has to be enabled, but is disabled by default. By calling the following functions the access to transfers, minting, burning and creating positions will be enabled:

grantAccess(morpherTokenAddress)
grantAccess(morpherTradeEngineAddress)
grantAccess(morpherBridgeAddress)
grantAccess(morpherGovernanceAddress)

To let a sidechain operator set the amount of tokens on a sidechain, it has to be set by the owner initially:

setSideChainOperator(sideChainOperatorAddress)

For sidechain operations (only relevant on sidechain) some transfers need to be enabled:

enableTransfers(addressOfDeployer)
enableTransfers(morpherAirdropAddress)

Initially the governance contract did not vote on an administrator or oracle yet. To have an Admin or Oracle until there is a vote in the governance contract two addresses need to be set:

setGovernanceContract(addressOfDeployer)
setAdministrator(addressOfDeployer)

To set the protocol contracts in state, the following functions need to be called:

setTokenContract(morpherTokenAddress)
setMorpherBridge(bridgeAddress)
setOracleContract(oracleAddress)

To enable "CRYPTO_BTC" and "CRYPTO_ETH" as markets for testing purposes;

activateMarket(0x0bc89e95f9fdaab7e8a11719155f2fd638cb0f665623f3d12aab71d1a125daf9)
activateMarket(0x5376ff169a3705b2003892fe730060ee74ec83e5701da29318221aa782271779)

To set the governance properly on main chain only:

setGovernanceContract(morpherGovernanceAddress)

And to transfer the ownership, potentially to a 0x0 address:

transferOwnership(ownerAddress)

Deployed Contracts

The Smart Contracts are deployed on the Ethereum Mainnet and on the Morpher Sidechain.

Sidechain Deployments

MorpherState: 0xB4881186b9E52F8BD6EC5F19708450cE57b24370
MorpherToken: 0xC44628734a9432a3DAA302E11AfbdFa8361424A5
MorpherTradeEngine: 0xA162F61a747663088ef69D3f94db414a71C5DcF7
MorpherBridge: 0x01B4854bf6eb61Dac40f2AE1e1c1CD8be3a6BaDf
MorpherAirdrop: 0x6306037eaD1FC236F4aabC8c826F351c9F45d409
MorpherEscrow: 0x3CBC7e439FD0A98182622136d38EBa03Aac17A72
MorpherOracle: 0xf8B5b1699A00EDfdB6F15524646Bd5071bA419Fb

Mainchain Deployments

MorpherState: 0x1f426C51F0Ef7655A6f4c3Eb58017d2F1c381bfF
MorpherToken: 0x6369c3DadfC00054A42BA8B2c09c48131dd4Aa38
MorpherTradeEngine: 0x62e26AB4444E24E42e63A0857bF56Ea1c70AAEc8
MorpherBridge: 0xa937787581b17236f3efb2618c38270baac685ba
MorpherGovernance: 0x51c5cE7C4926D5cA74f4824e11a062f1Ef491762
MorpherAirdrop: 0x6306037eaD1FC236F4aabC8c826F351c9F45d409
MorpherEscrow: 0x161Ba24A3F9f90b531f6C0a2E0abb392DDBb8f6c
MorpherOracle: 0x73b7631c508db9E389edF6aBb3C4a48da0444553
MorpherMintingLimiter: 0x30D90c8a36FFF52F1C8C05b54d4CE79610431Ec0
MorpherStaking: 0xBaF121D02E6948D3A089F99dDc522eb2A4a1b1fE

tomguim / MorpherProtocol