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By Jeff McDonald
After recently attending Morpheus events and answering questions from the community, here are my top 10 reasons why I'm excited about Morpheus, and I think why you should be too.
"Compute is going to be the currency of the future, maybe the most precious commodity in the world." — Sam Altman.
It is more than just a quirky name; it's a fundraising game-changer. Investors start earning MOR daily by depositing ETH as stETH into the Morpheus contract on Ethereum's main chain. The best part? Users can withdraw their stETH anytime and claim their earned MOR: your keys, your coins. Over 1% of LIDO's stETH is already in the Morpheus contract.
Unlike traditional liquidity providers, who can withdraw their funds to support a coin's liquidity at any time, in Morpheus, stETH yields from the community are directed to Uniswap's liquidity pool, which only increases daily. This growth is a key metric for whale investors.
Holders can access free AI compute daily based on their token ownership percentage. This means owning MOR grants direct access to the network's computing power without recurring fees.
Instead of navigating complex quadratic voting processes, DAOs, or politically swayed community funds, MOR holders vote directly by staking their tokens with new projects they support and receiving rewards for their efforts.
Contributors providing computing power or models are compensated immediately upon launch, eliminating the need for a lengthy marketing grind and user acquisition. The stETH depositors have already bootstrapped the ecosystem.
Morpheus acts as a marketplace for compute providers and AI code. Built on principles of free market competition and decentralization, it rewards contributors directly without intermediaries or centralized control. With a free market approach, the best models and compute providers acquire the most consumers.
Morpheus's decentralized contracts govern and control ecosystem funds efficiently with minimal overhead. While not as complex as L1 or L2 solutions to build from scratch and maintain, its marketplace model enables exponential scalability. Only recently has blockchain development technology matured to the point where this kind of project is possible.
Morpheus incentivizes spreading the word about Morpheus. Referrers who help others deposit stETH also receive rewards, decentralizing community leadership and fostering a global network of contributors while helping to increase funds for operations.
Decentralized AI addresses urgent privacy concerns and mistrust in big tech. Morpheus leverages blockchain advancements to deploy AI on a decentralized network, providing an uncensored and privacy-centric alternative to centralized platforms.
Morpheus is a set of contracts that include the fundraising mechanism (The Techno Capital Machine) used to help bootstrap an AI marketplace. These contracts are open-sourced and now battle-tested in a real-world environment, securing over $400,000,000 USD worth of stETH. They are being packaged today as part of the MOR20 standard, which allows others to use this model to help fund their projects.
To participate in the staking stETH of Morpheus Capital Providers Smart Contracts on the Ethereum there will be three main steps:
Ethereum:
Distribution: 0x47176B2Af9885dC6C4575d4eFd63895f7Aaa4790
https://etherscan.io/address/0x47176B2Af9885dC6C4575d4eFd63895f7Aaa4790
Lido Contract: 0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84
https://etherscan.io/address/0xae7ab96520de3a18e5e111b5eaab095312d7fe84#writeProxyContract
First a user must get staked ETH from Lido. You can easily get this by swapping ETH for stETH on the Ethereum mainnet by following intructions at https://lido.fi/.
A user may also buy stETH on different exchanges that support it.
When using Metamask, you should be able to view your stETH via Metamask by clicking “Import Tokens”.
Another way of checking is to add stETH token in your web3 wallet. For Metamask wallet, please follow steps from this guide and fill stETH token’s contract address 0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84
Before contributing, we need to give the distribution contract an "approval" to transfer our stETH tokens.
So for the next step you will need to go to the Lido Smart Contract on Etherscan. https://etherscan.io/address/0xae7ab96520de3a18e5e111b5eaab095312d7fe84#writeProxyContract
Using Metamask, navigate to the Contract tab, then to “Write as Proxy” and then to “Connect to Web3”
You will need to connect to your Web3 wallet via Metamask. If successful, you will see the indication light turn green.
It is necessary to select the approve
(#3) function that will add allowance for Distribution contract. As parameters:
spender
: Distribution contract address - 0x47176B2Af9885dC6C4575d4eFd63895f7Aaa4790
amount
: amount of tokens in WEI. Should be more or equal to the deposited amount. You can use this unit converter calculator https://eth-converter.com to help you. For instance, if you want to stake 0.011 stETH, that equals 11000000000000000 WEI.Click “Write” and confirm a transaction.
We need to go to the stETH contract, open the “Contract” tab, then the “Write Contract” tab. Don't forget to connect your wallet, which should have enough native ETH to pay for gas. If successful, you will see the indication light turn green.
https://github.com/antonbosss/fantastic-bassoon/blob/SepoliaTestnetGuide/stake.png
It is necessary to select the stake
(#9) function that will deposit stETH tokens to the smart contract.
As parameters:
poolId_
: pool identifier, allowed only existed and public pools; for testing purpose enter “0”;amount_
: amount of tokens in WEI. You can use this unit converter calculator https://eth-converter.com to help you. For instance, if you want to stake 0.011 stETH, that equals 11000000000000000 WEI.Click “Write” and confirm a transaction.
We need to go to the Distribution contract, open the “Contract” tab, then the “Read as Proxy” tab. Next connect your wallet.
For this purpose we have two functions, the first shows how many rewards have already been earned, the rewards are earned every second.
To check the amount of rewards, you need to call the getCurrentUserReward
function, where you need to pass the group number and your address (or the address of the user you want to know about). As a result, we will find out how many rewards there are at the moment. Amount is in WEI and you can use this unit converter calculator https://eth-converter.com to help you.
The second function will show how many tokens have been invested by the user, the parameters are similar to the first function call. The name of the function is usersData()
.
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