This paper describes in details the first version of Morphonette, a new French morphological resource and a new radically lexeme-based method of morphological analysis. This research is grounded in a paradigmatic conception of derivational morphology where the morphological structure is a structure of the entire lexicon and not one of the individual words it contains. The discovery of this structure relies on a measure of morphological similarity between words, on formal analogy and on the properties of two morphological paradigms: