the market archive.
MNEMON is an independent archive of every Morpho market on eight chains: HyperEVM, Robinhood Chain, Ethereum, Base, Arbitrum, Katana, Monad and Arc. It samples the chains itself, on its own infrastructure; it is not a copy of the Morpho API. On top of that data it answers two questions per market: is it broken, and is it investable? Terms are defined in the glossary.
WHAT IT TRACKS
| DATA | CADENCE | WHAT IT HOLDS |
|---|---|---|
| MARKET STATE | 5 min | Rates, utilization, supply, borrow, oracle price |
| BOOKS | 5 min | Borrower health factors, debt near liquidation, lender concentration |
| FLOWS | 15 min | Every supply, withdraw, borrow, repay and liquidation; single events of 5% or more of a market's supply |
| ORACLE DEVIATION | 15 min | The market's oracle price against the DefiLlama price, signed |
| UTILIZATION SPELLS | 15 min | Periods at or near full utilization, when lenders may not be able to exit |
| DEX QUOTES | 1 h | Relay sale quotes at growing sizes and HyperCore order-book depth, per collateral |
| ORACLE IDENTITY | once | The contracts behind each oracle. Oracles are immutable, so one probe is enough (details) |
BROKEN MARKETS
| FLAG | ENTER / EXIT | MEANING |
|---|---|---|
| RATE_RATCHET | apy@target > 50% / < 25% | The rate model is in a runaway. The high APY is a defect, not an opportunity |
| PINNED_UTIL | u ≥ 99.9% for 24h / below 95% for 48h | Stuck at full utilization: lenders cannot withdraw. Only below $25k of supply |
| DUST | supply < $1k | Too small to matter |
A deep market at full utilization pays lenders well and can recover, so PINNED_UTIL ignores it. RATE_RATCHET applies at any size: most of a ratcheting market's supply is interest the runaway rate keeps adding. Each flag enters and exits at different thresholds, so it does not flicker.
INVESTABLE MARKETS
INVESTABLE asks one question: can a lender put money into this market today and get it back? Every market is checked on each new sample. A hard gate that fails blocks the verdict. A gate with no data fails too (UNVERIFIED): a market MNEMON cannot check is not called investable.
| HARD GATE | RULE | WHY |
|---|---|---|
| BROKEN | no classifier flag | A broken market is not a market |
| IDLE | the market has a collateral token | Idle markets hold vault cash and lend nothing |
| TRACK_RECORD | at least 7 days of samples | The 7-day gates need 7 days of data |
| EXIT_LIQUIDITY | available liquidity ≥ $50k | A $50k deposit must be able to leave now |
| EXIT_REGIME | ≤ 10% of the last 7 days above 99% utilization | A market that keeps returning to full utilization can trap a withdrawal |
| HIGH_RATE | apy@target > 15% fails, < 10% recovers | The rate model doubles the rate about every 5 days at full utilization: 15% means about a week stuck |
| ORACLE_OVERPRICE | oracle > 2% above DefiLlama fails, < 1% recovers | An inflated oracle lets borrowers take too much against the collateral. A lower oracle is a haircut and never fails |
| BAD_DEBT | < 10 bps of supply lost to bad debt in 30 days | Lenders here have already paid for a failed liquidation |
| LIQUIDATABLE | the at-risk debt can be sold at a profit | Liquidators skip unprofitable sales; lenders then take the loss |
A failure shows at once. A pass shows only when every gate passes on the newest sample and on one at least an hour older; in between, the market is PENDING. This keeps a market on a threshold from flickering.
LIQUIDATABLE is the one gate that needs a model. In short:
- ▸Bad day: the larger of three daily standard deviations of the collateral price (30-day window) and its worst one-day drop on record.
- ▸Debt at risk: the debt of every position that one bad day would push into liquidation.
- ▸Pass: selling that much collateral on a DEX costs less than 80% of the liquidation bonus, the margin the liquidator earns.
The full derivation, with the bonus per LLTV, is under RISK · LIQUIDATION CAPACITY.
| WARNING | MEANING |
|---|---|
| LENDER_MAJORITY | One lender holds more than half the supply |
| LENDER_EXIT_SHOCK | If the largest lender left, the remaining supply would not cover the debt: the book would lock until repayments |
| REDEMPTION_ONLY_COLLATERAL | No DEX route at any size (tokenized funds, Pendle PTs, vault shares): LIQUIDATABLE and ORACLE_OVERPRICE are skipped |
| AT_RISK_ABOVE_QUOTE_LADDER | The debt at risk is larger than the biggest quoted sale: the slippage shown is a lower bound |
| LLTV_BUFFER_BELOW_CUTOFF | One bad day is larger than the drop from LLTV to an unprofitable liquidation |
Warnings never block. Lender concentration in particular cannot: the largest lender of most Morpho markets is a curated vault, and MNEMON cannot tell a vault from a whale.
LIMITS
INVESTABLE answers whether a lender can get money out of a market. It does not check:
- ▸Code: no gate reviews the market's oracle, rate model or token contracts for bugs. Morpho's own contracts are audited; what a market plugs into is not checked here.
- ▸Control: no gate reads who can change the oracle or the tokens. Oracle identity shows whether an oracle has an admin, but it does not block the verdict. A token issuer can freeze, mint or upgrade its token.
- ▸The future: the verdict reads the newest sample (5 to 15 minutes old) and recent history. It does not forecast.
- ▸You: your size, your horizon and your view on the collateral.
- ▸Anything outside Morpho, or outside the eight archived chains.
Investable is a filter, not a recommendation. Every threshold above is a choice, written down so you can disagree with it.
DATA // STATIC JSON EXPORT
UNSTABLE. These files serve the site's own tools, and fields can change without notice. Build on the risk API instead.
| FILE | CONTENT |
|---|---|
| market_health.json | Latest state, broken flag and investable verdict per market, with failed gates, warnings and the values each gate read |
| market_flows.json | Flow windows, large single events and liquidations per market |
| util_spells.json | Near-full-utilization episodes, last 30 days |
| depeg_spells.json | Oracle deviation episodes, last 30 days |
Served from data.myrmidons-strategies.com and rebuilt every 15 minutes. Rows are keyed on (chain_id, market_id). Each file carries a schema_version.