According to the official announcement on November 18, Decentralized Finance lending protocol Morpho announced that its governance Token MORPHO will enable the transfer function on November 21. Since its launch in June 2022, the Morpho DAO has gradually distributed ownership to protocol users, strategic partners, risk assessors, and other contributors. It is reported that the MORPHO Token was initially deployed as a non-transferable Token, and the time to enable the transfer function is determined by the DAO rather than any centralized entity. During the non-transferable phase, the DAO prioritizes the distribution of ownership among three key groups: users, contributors, and strategic partners.

To enable on-chain voting tracking, Morpho DAO voted on proposal MIP-75 to create a wrapping contract, wrapping the original MORPHO Token into a new version of the Token. Users can convert the original Token to the new Token at a 1:1 ratio through the wrapping contract, and the transfer function can be used to complete the wrapping operation on the Morpho App. To prevent misuse of the original Token by external integrations (such as exchange), only the new version of the MORPHO Token will have the transfer function.