Tenor Morpho Migrations audit
A private security review of Tenor Markets (fixed-rate lending), conducted with Blackthorn and completed on 22nd May 2026 over 15 days. 0xSimao disclosed 5 findings: 5 low.
What Tenor is
Tenor is a collection of immutable contracts extending the Morpho stack, primarily Morpho Midnight, the intent-based fixed-rate lending protocol, alongside Morpho Blue, Vault V2 and Morpho's oracles. Its job is movement: getting positions into, out of and between fixed-rate markets without dismantling them by hand.
Scope
The Blackthorn review covered the migration callbacks invoked during Midnight's take(): migrations to and from Morpho Blue and Vault V2, Midnight-to-Midnight renewals and liquidation flows, alongside the MigrationRatifier enforcing the position owner's standing policies and the batch-fill router filling one position across several offers.
Low severity findings
- MidnightSupplyVaultSharesCallback deposits into ERC4626 without a min shares slippage bound
- MidnightVaultExecutor::onLiquidate forces liquidators to provide callback data and never refunds leftover loan tokens
- ClampLib::mulDivDownInverse reverts on
target == type(uint256).maxbefore the overflow guard runs - ClampLib::mulDivDownInverse contains a dead
n == 0check - ClampLib::mulDivUpInverse overflows on large
target, DoSing SELL offer reads
The report