Morpho Oracles Analysis

This repository holds scripts to analyse the oracles used within Morpho markets across multiple blockchains.

Features

• Chains: Analyze Morpho markets on Ethereum mainnet and Base
• Data Sources: Compare TVL data from Morpho API and TheGraph subgraphs
• Automatic Oracle Detection: Scrape latest Chainlink oracle addresses from data.chain.link
• Comprehensive Analysis: Track oracle usage, TVL distribution, and market coverage

Directory Structure

data/
├── mainnet/           # Ethereum mainnet data files
└── base/             # Base chain data files

results/
├── mainnet/          # Mainnet analysis results
└── base/            # Base chain analysis results

Installation

1. Set up a Python virtual environment:

python -m venv morpho_env
source morpho_env/bin/activate  # On Windows: morpho_env\Scripts\activate

2. Install dependencies:

pip install web3 eth-abi requests

Usage

Quick Start

To run the complete analysis pipeline for a specific chain. If the api key is not specified the program will use cached tvl data.

# Analyze Ethereum mainnet with TheGraph API (automatically uses TheGraph as TVL source)
python oracles.py --chain mainnet (--thegraph-api-key YOUR_API_KEY)

# Analyze Base chain (uses Morpho API by default)
python oracles.py --chain base

# Analyze Base chain with TheGraph API (automatically uses TheGraph as TVL source)
python oracles.py --chain base (--thegraph-api-key YOUR_API_KEY)

Individual Steps

You can also run each step individually:

1. Retrieve Markets and Oracles:

python oracles.py --chain mainnet --oracles

2. Query Oracle Aggregators:

python oracles.py --chain mainnet --aggr

3. Fetch TVL Data:

# Default source (TheGraph for mainnet, Morpho API for Base)
python oracles.py --chain mainnet --tvl --thegraph-api-key YOUR_API_KEY
python oracles.py --chain base --tvl

# Force specific data source
python oracles.py --chain base --tvl --use-thegraph --thegraph-api-key YOUR_API_KEY
python oracles.py --chain mainnet --tvl --use-morpho

4. Run Analysis:

# Standard analysis
python oracles.py --chain base --analysis

# Analysis with specific data source (auto-fetches fresh data)
python oracles.py --chain base --analysis --use-thegraph --thegraph-api-key YOUR_API_KEY
python oracles.py --chain mainnet --analysis --use-morpho

Advanced Options

Chain Selection:

• --chain mainnet - Analyze Ethereum mainnet
• --chain base - Analyze Base chain

Data Source Options:

• --use-thegraph - Force use TheGraph API for TVL data
• --use-morpho - Force use Morpho API for TVL data
• --thegraph-api-key KEY - Provide TheGraph API key (automatically uses TheGraph as TVL source)

Market Filtering (Base chain only):

• --whitelisted - Analyze only whitelisted markets (default)
• --all-markets - Analyze all markets including non-whitelisted

Utility Commands:

• --update-chainlink - Update Chainlink oracle addresses from website
• --help - Show all available options

Data Sources

TVL Data Sources

1. Morpho API (https://blue-api.morpho.org/graphql)

   • Real-time, accurate TVL data
   • Supports both whitelisted and all markets
   • Default for Base chain
   • Available for both chains

2. TheGraph API

   • Comprehensive market coverage
   • Requires API key from https://thegraph.com/studio/
   • Default for mainnet
   • May have data staleness on some chains

Oracle Data Sources

• Chainlink Addresses: Automatically scraped from data.chain.link with fallback to local cache
• Market Events: Retrieved directly from blockchain via RPC
• Oracle Aggregators: Queried from oracle contracts on-chain

Output Files

Data Files (data/{chain}/)

• markets.json - Market data and oracle addresses from blockchain events
• aggregator.json - Oracle aggregator feed mappings
• chainlink.json - Chainlink oracle addresses
• tvl.json - Default TVL data
• tvl-morpho.json - TVL data from Morpho API
• tvl-thegraph.json - TVL data from TheGraph API
• tvl-all.json - All markets TVL data (Base only)

Results Files (results/{chain}/)

• analysis.json - Default analysis results
• analysis-morpho.json - Analysis using Morpho API data
• analysis-thegraph.json - Analysis using TheGraph API data
• analysis-whitelisted.json - Whitelisted markets analysis (Base)
• analysis-all.json - All markets analysis (Base)

Configuration

Required: API Keys Setup

Before running the analysis, you must configure your API keys:

1. Infura API Key (Required for blockchain access):
   • Get your free API key at https://infura.io/
   • In oracles.py, replace YOUR_INFURA_API_KEY with your actual Infura project ID:

CHAIN_CONFIG = {
    "mainnet": {
        "rpc_url": "https://mainnet.infura.io/v3/YOUR_ACTUAL_INFURA_KEY",
        # ...
    },
    "base": {
        "rpc_url": "https://base-mainnet.infura.io/v3/YOUR_ACTUAL_INFURA_KEY",
        # ...
    }
}

2. TheGraph API Key (Optional, for mainnet TVL data):
   • Get your API key at https://thegraph.com/studio/
   • Pass via command line: --thegraph-api-key YOUR_ACTUAL_KEY

Error Messages

If you forget to configure API keys, you'll see helpful error messages:

• ❌ Infura API key not configured! - Replace the placeholder in CHAIN_CONFIG
• ⚠️ No valid TheGraph API key provided - Pass --thegraph-api-key parameter

Results

The analysis provides:

• Total TVL across all markets
• TVL and percentage using Chainlink oracles
• Market count and oracle distribution
• Unused markets (in TVL data but not in blockchain events)
• Data source tracking for transparency Example output:

Total TVL: $981,114,661.56 USD
TVL using Chainlink: $909,809,993.20 USD (92.73%)
Total Markets: 1,006
Markets using Chainlink: 159 (15.81%)