Tenor Smart Contracts

The Tenor smart contracts extend Morpho Midnight with additional capabilities, grouped into callbacks, ratifiers, and gates. See the developer documentation for a full breakdown.

The Tenor smart contracts are open source under a Business Source License (BSL).

The contracts have undergone security reviews from leading security firms and independent researchers, and are covered by an active bug bounty offering up to $100,000 for critical findings. See Bug Bounty for details.

Design Principles

Tenor follows a similar design philosophy as Morpho. The contracts are minimal in scope, kept short and focused, and externalize complexity to the edges (ex: interest rate policies). The core Tenor contracts are immutable and cannot be upgraded once deployed. Users can opt in to pausable periphery contracts, such as rate policies, where pause functions apply only to the users who opted into them. See Pausable Functions for the full list.

The Tenor smart contracts are opt-in. Gates apply only to the markets and vaults that set them, and callbacks and ratifiers act only on the positions that invoke them. This prevents behavior added by one contract from affecting markets or positions that don't use it.