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MORPHO: The a16z Entry, No Lockup
On June 9, Morpho closed $175 million co-led by a16z Crypto, Paradigm and Ribbit Capital — reported as the largest venture round DeFi has ever seen, pricing the network around $2 billion. Scan the rest of the cap table the way I did: Apollo Funds, Circle Ventures, VanEck, Ledger, SBI Group, Bpifrance, Variant, Wintermute. Apollo is one of the largest private-credit managers on the planet. When pri
One-sided USDC limit-buy range for MORPHO — a standing bid, not a market order. Ship USDC only (leave MORPHO at 0); every fill delivers MORPHO to your wallet at a price you set, and unfilled USDC comes back when you dock.
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Your wallet becomes the maker of this strategy instance on 1inch Aqua. Funds stay in your wallet until a swap matches; dock anytime to exit.
Base mainnet — this spends real funds.Shipping transfers the amounts below into Aqua, where the fund manager's strategy trades them against takers. You can end up with a different mix of the two tokens than you put in, worth more or less than holding them. Dock any time to stop trading and take back whatever the position holds. A close-mandate lets the fund manager close your position and nothing else — it cannot move, spend or approve your tokens, it expires, and you can revoke it.
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Program you are backing — the strategy, and the exact bytes
This is the exact on-chain strategy your wallet runs as maker: a one-sided limit-buy range on token A/token B. It stands as a resting bid between $1.47 and $1.96, buying token A with the token B you ship as sellers fill it, and sits idle outside that band — your funds stay in your own wallet until a swap matches.
Concentrated rangeYour price bounds — $1.47–$1.96 — the market-making logic; the position only quotes inside this band.SwapThe primitive it fills against when a taker matches your quote.
Raw program — verify on-chain (68B template + your salt)
This template is shared by every backer of the round. At ship time your wallet appends one SALT instruction (32 random bytes); the strategy hash recorded on-chain is keccak256 of your ABI-encoded order (your address + the salted program), byte-for-byte checkable against your ship() calldata.
0x12400000000000000000000000000000000000000000000097418193b6f2e000000000000000000000000000000000000000000000000000aea7be77710e180000001100- XYC_CONCENTRATE (0x12, 64B) 0x0000000000000000000000000000000000000000000097418193b6f2e000000000000000000000000000000000000000000000000000aea7be77710e18000000
- XYC_SWAP (0x11, 0B)