Whitepaper Reading @ethconf 2026: Morpho Midnight Thank you to @zeebradoom (@BigBrainVC) for the pizza and @0xCryptoSam (@recvcx) for the space! And of course @Morpho for an incredible paper! The conversations were deep and very insightful so thank you everyone that attended! The room was packed with experts, with members from @anza_xyz , @paxoslabs, @Quantstamp, @polychain, just to name a few. Some unique insights/questions discussed through the evening included: 1. What are the reasons for seemingly arbitrary numbers, like the 15 minute overdue position linear liquidation incentive factor growth, the max 50 bps annualized settlement fee, or the 1% continuous fee cap? 2. Why use "units" rather than ERC20 tokens? Our discussion thought that it may be to capture value through the settlement fee (forcing all trading to happen through Midnight), and to reduce on-chain computation overhead of using ERC standards. 3. Why are there just 2 optional gate contracts? We thought that it was just that one gate was to specify the restrictions on credit positions and one gate for debt positions. 4. What does footnote 5 mean? We discussed what it meant that Morpho Blue only realized bad debt after collateral was "fully seized" and the expectation for liquidators to act promptly. We discussed how frontrunning may still be an issue. 5. We discucsed the possibility to tokenize positions to create secondary markets, and the possibility for Midnight to internalize these products. 6. Is there the possibility for two identical markets to launch 2 different markets (thereby fragmenting liquidity)? We concluded that it was probably up to the Router to match markets that were structurally identical. 7. Are seperate "markets" created based on fee structure, duration, and collateral? We believed this may cause liquidity fragmentation issues. 8. What is the difference between Midnight and peer to peer lending? We thought the ability for Midnight to do "batch" liquidations rather than pair wise liquidations was a huge efficiency unlock. We also talked about how the fact that both lenders and borrows can act first and "bid" was a huge unlock, as previous lending protocols depended on either a borrower or lender to always act first. 9. Does a hand picked liquidator introduce new risk if the liquidator doesn't act? Yes, but institutional liquidators may be paid to help manage markets, which reduces the risk of this occuring. 10. Is it possible to sell your position to a particular individual? Through gates, it may be possible to control who you sell/buy your position to without only selling to the best market price. Thank you for attending, and reach out if you would like to attend the next ny whitepaper reading circle! Link to whitepaper: morpho.org/whitepapers/midni… Link to summary: docs.google.com/document/d/1…

🇸🇬 SINGAPORE | 11th June 🇸🇬 We hosted one of the most hardcore Whitepaper Reading Club sessions in Singapore last Thursday, where we were deciphering: 🧠 Cryptography’s XLA Moment: Why ZK may need a compiler, not another proving system 🧠 This session was led by @jumanzi_dev from Fractalyze, the team building “the PyTorch for ZK” — a Python-first compiler stack for Zero-Knowledge. Big shoutout to our: - Discussion: Jooman & Batzorig from Fractalyze for working on this amazing project. They are deeply passionate about what they do and I feel I've learned so much. - Thank you to my partner in crime @BrianSeong who made this session possible. - Great to see @ulandaoon @kowei1995 @9oelM and welcome @tomespel (welcome back to ZK) 🙏 Appreciate @kimmi from @SuperteamSG, for being there for us :) 📝 For more information: - Fractalyze: fractalyze.io - Event summary: docs.google.com/document/d/1… 📆 Upcoming events: luma.com/whitepaper ‼️ THE EVENT NOTES > TL;DR ‼️ (1) ZK’s Problem: zkVM/proving teams like @SuccinctLabs, @RiscZero, @ziskvm, OpenVM, Plonky3 (@0xPolygon), Jolt from @a16zcrypto, and Binius from @IrreducibleHW are all fighting the same hard problem: turning Rust/CUDA, memory layout, GPU execution, and field arithmetic into production-level proving performance. (2) Fractalyze's Solution: Build ZK proving systems in high-level Python, then let a cryptography-native compiler handle optimization underneath. (3) Zorch: Fractalyze’s stack aims to become the “PyTorch for ZK” — making proving systems easier to write, test, optimize, package, and deploy. (4) The XLA Analogy: ML scaled as researchers stopped hand-writing kernels. @OpenXLA / MLIR helped high-level models compile into efficient hardware execution. (5) Cryptography Needs the Same Layer: ZK, FHE, MPC, post-quantum crypto, and formal verification all need better compiler infrastructure if they are going to become real products they are going to become real products — see @zama, @TACEO_IO, @rv_inc, and @NethermindSec. (6) Not Just Developer UX: The goal is not only abstraction. The deeper claim is that compiler automation can beat hand-written optimization by reasoning across the whole computation graph. (7) Hardware Portability: Today’s ZK systems are often tied to specific @nvidia GPU assumptions. A compiler layer could make cryptographic workloads easier to move across CPU, GPU, FPGA, and future crypto-specific hardware — a direction also explored by teams like @Ingo_zk / ICICLE and @cysic_xyz. (8) Ethereum: This matters for real-time block proving, lighter validation, larger block capacity, and the long-term vision of @ethereumfndn becoming easier to verify. (9) Bigger Than ZK: The real question is whether advanced cryptography can move from research papers and hand-built systems into reusable infrastructure — the same way AI did. 🧠QUESTIONS: (i) Is the next major ZK breakthrough a new proving system — or the compiler layer underneath all of them? (ii) If Ethereum itself becomes ZK-powered, what is the future role of ZK rollups? (iii) Can cryptography become a profitable product category, or is it closer to public-good infrastructure? (iv) Will AI-generated code make formal verification and verifiable compute much more important? (v) What happens when cryptography gets 100x or 1000x cheaper to run? #ZK #Cryptography #Ethereum #MLIR #XLA #VerifiableCompute #Fractalyze #WhitepaperReadingClub

🇰🇷 SEOUL | 6월 18일 | REGISTER NOW 🇰🇷 Decipher와 WPRC가 빌더, 리서처, 블록체인 컨트리뷰터들을 위한 특별한 ‘독서모임’ 토론의 장을 엽니다! 🧠 주제: The Zcash Moment: AI가 버그를 찾는 시대 🧠 ✍️ 등록 링크: luma.com/fvgl400g 📆 행사 일시: 6월 18일 목요일 ‼️ Special thanks to our: Host & Moderator: @BrianSeong from @WPReadingClub @gookah4prez from @DecipherGlobal 🧠 TOPIC OVERVIEW: > > 2026년 5월, AI의 도움을 받은 보안 리뷰 과정에서 Zcash의 Orchard shielded pool의 치명적인 취약점이 발견되었습니다. 이 사건은 단순한 프로토콜 버그를 넘어, AI 시스템이 오픈 금융 인프라를 지속적으로 점검하고, 감사하고, 스트레스 테스트하는 미래를 보여준 사례였습니다. > > 프론티어 모델이 코드베이스, 암호학 시스템, 복잡한 소프트웨어 아키텍처를 추론할 수 있는 수준으로 발전하면서, 블록체인은 이러한 AI의 역량이 실제 인센티브와 측정 가능한 결과 속에서 검증되는 몇 안 되는 환경으로 떠오르고 있습니다. > > Zcash의 Orchard 취약점부터 EVMbench, SCONE-bench, ECDSA.fail까지, 우리는 블록체인이 AI 기반 보안 리서치의 실험장으로 변해가는 새로운 흐름을 목격하고 있습니다. 이러한 환경에서는 방어자가 취약점을 더 효과적으로 찾아내도록 돕는 동일한 시스템이, 공격자가 취약점을 더 빠르게 발견하는 데에도 활용될 수 있습니다. > > 이번 세션에서는 Zcash 사건의 기술적 배경, 프로토콜 보안에서 AI의 역할 변화, 그리고 업계가 마주한 더 큰 질문을 함께 다룹니다. > > AI는 블록체인의 면역 체계가 될 수 있을까요? 아니면 우리는 최초의 AI-vs-AI 보안 군비 경쟁에 들어서고 있는 걸까요? 👾 여러분의 많은 관심과 참여 부탁드립니다! 👉 앞으로의 이벤트에 참여하고 싶다면? wprc.club cc. @zcash @zodl_co #AI #Blockchain #Zcash #ZeroKnowledge #Security #CryptoResearch #ArtificialIntelligence #OpenSource #CyberSecurity #WPRC #SeoulEvent

🇰🇷 SEOUL | 18th June | REGISTER NOW 🇰🇷 🧠 TOPIC: The Zcash Moment: When AI Finds the Bug 🧠 ✍️ Register here: luma.com/fvgl400g 📆 Event date: Wednesday, 18th June ‼️ Special thanks to our: Host & Moderator: @BrianSeong from @WPReadingClub @gookah4prez from @DecipherGlobal 🧠 TOPIC OVERVIEW: > > In May 2026, an AI-assisted security review uncovered a critical vulnerability in Zcash's Orchard shielded pool. The incident wasn't just another protocol bug—it was a glimpse into a future where AI systems continuously inspect, audit, and stress-test open financial infrastructure. > > As frontier models become capable of reasoning about codebases, cryptographic systems, and complex software architectures, blockchain has emerged as one of the few environments where these capabilities can be observed under real incentives and measurable outcomes. > > From Zcash's Orchard vulnerability to EVMbench, SCONE-bench, and ECDSA.fail, we're beginning to see a new pattern emerge: blockchains are becoming a proving ground for AI-powered security research. The same systems that help defenders discover vulnerabilities may also help attackers find them faster. > > This discussion explores the technical details behind the Zcash incident, the evolving role of AI in protocol security, and a broader question for the industry: > > Can AI become blockchain's immune system—or are we entering the first AI-vs-AI security arms race? 👾 Mark your calendars! Hope to see you there! 👉 Want to join future events? wprc.club #AI #Blockchain #Zcash #ZeroKnowledge #Security #CryptoResearch #ArtificialIntelligence #OpenSource #CyberSecurity #WPRC #SeoulEvent

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🇹🇼 Whitepaper Reading Club 台北第二場，主題直接打進以太坊核心！ EF Mandate × EIP-7805 — 當抗審查寫進憲法之後 Reading EF Mandate × EIP-7805 When Censorship Resistance Becomes Constitutional 📅 時間：6月18日（四）18:30 立即報名：luma.com/8pzrehri 特別感謝 @WPReadingClub 協助舉辦與 Gut Co Cafe 場地支持，誠摯邀請大家一起來這場 nerdy night 🤓

🇸🇬 SINGAPORE | 11th June | REGISTER NOW 🇸🇬 🧠 TOPIC: The Next ZK Breakthrough - Why ZK Needs an XLA-Like Compiler 🧠 ✍️ Register here: luma.com/whitep-6r5n 📆 Event date: Thursday 11th June ‼️ Special thanks to our: Host: @jumanzi_dev from @ github.com/fractalyze Host & moderator: @BrianSeong from @0xMiden Moderator 2.0: Rongxin Zhang 🧠 TOPIC OVERVIEW: >> Most ZK discussions focus on new proving systems like #Plonky3, #Jolt, #WHIR, and #Hypercube. But what if the bigger breakthrough is the tooling underneath them? >> In #machinelearning, XLA made it easier to run and optimize models across different hardware. In ZK, teams still rebuild many of the same proving pipelines, GPU code, and core building blocks from scratch. A shared compiler layer could help #ZKsystems reuse these optimizations, speeding up development and making proof systems easier to build and run. >> #Fractalyze’s approach is to bring the #XLA/#MLIR model to #cryptography: write proving systems at a high level, compile them to any hardware target, and let the compiler handle optimization, scheduling, memory management, and hardware-specific code generation. 👾 Mark your calendars! Hope to see you there! ------------------------------------------------------- 👉 Follow us on LinkedIn: linkedin.com/company/whitepa… 👉 Want to join our future events? lnkd.in/gkUUGdrD #ZK #Crypto #XLA #MachineLearning #SingaporeEvent #WPRC

🇺🇸 NEW YORK 🇺🇸 10th June | See you there👇 🧠 Morpho Midnight: Fixed-Rate Lending Primitives for Permissionless Credit Markets 🧠 We’ll be hosting an event next week: ➡️ Want to join? luma.com/whitep-49fk 🗓️ When? Wednesday 10th June ⏲️ Time? 6-9PM 📍 Where? New York 🍎 - register to the event to see the full address! ❣️ Big shout-out to our: - Session lead: @zeebradoom from @BigBrainVC - Space sponsor: @0xCryptoSam from @recvcx TL;DR: >>> A discussion on how @Morpho's newest fixed-rate lending protocol extends their existing architecture and #marketpositioning. >>> How Morpho Midnight introduces fixed-rate, fixed-term credit markets using a zero-coupon bond structure where credit and debt units trade at a discount and settle at maturity, deriving the implied rate from the discount rather than a utilization curve >>> ​We'll walk through the Midnight paper's core design decisions and compare the architecture to traditional multi-asset pool models (e.g., Aave V3, Compound) and hub-and-spoke models (e.g., Aave V4). >>> See our Luma event for more details! Hope to see you there 🔜 👉 LinkedIn: linkedin.com/company/whitepa… 👉 Want to join future events?: lnkd.in/gkUUGdrD #Web3 #Web3Event #Blockchain #CreditMarkets #WPRC #Morpho #NYCEvent #NYEvent