⌘KAsk LlamaAI for free

Ask about Morpho · free

Morpho(MORPHO)

Total Value Locked$11.389b

TVL by Chain

Ethereum$5.245b

Base$4.45b

Robinhood Chain$610.55m

Arc$296.45m

Arbitrum$179.13m

Monad$173.08m

Hyperliquid L1$130.88m

Pharos$68.26m

Tempo$65.94m

Flare$44.92m

World Chain$41.18m

Katana$26.99m

Stable$26.22m

Citrea$8.72m

OP Mainnet$4.52m

Etherlink$4.38m

Polygon$3.11m

Morph$2.61m

Sei$2.33m

Plume Mainnet$1.64m

Unichain$1.06m

MegaETH$929,113

Celo$551,880

XDC$547,963

TAC$223,786

Kaia$118,156

Abstract$34,666

Soneium$27,843

Lisk$3,786

Avalanche$553

Sonic$103

RISE$95

BSC$82

0G$38

Ink$13

Gnosis$0

Linea$0

Fraxtal$0

Scroll$0

Mode$0

Corn$0

Hemi$0

Zircuit$0

Bitlayer$0

Botanix$0

Key Metrics

Fees 30d$23.27m

Fees 30d by chain

Ethereum$10.16m

Base$9.54m

Robinhood Chain$1.77m

Monad$617,326

Arc$364,006

Hyperliquid L1$348,829

Stable$135,141

Arbitrum$109,563

Flare$94,200

Pharos$52,144

Katana$43,326

Plume Mainnet$13,563

Polygon$7,480

OP Mainnet$5,259

Unichain$3,769

Abstract$2,959

Citrea$2,853

Tempo$547.33

World Chain$76.53

Celo$47.05

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 7d$5.72m

Ethereum$2.57m

Base$2.29m

Robinhood Chain$416,496

Monad$145,536

Arc$135,370

Arbitrum$60,042

Hyperliquid L1$47,198

Flare$21,336

Pharos$12,929

Katana$9,135

Plume Mainnet$2,596

Polygon$1,603

OP Mainnet$1,321

Citrea$1,072

Unichain$730.01

Tempo$107.89

Celo$9.23

World Chain$0.12

Abstract$0.10

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Zircuit$0

Fees 24h$911,081

Base$408,627

Ethereum$378,251

Robinhood Chain$55,577

Monad$21,947

Arc$21,519

Arbitrum$10,164

Hyperliquid L1$7,436

Flare$3,066

Pharos$1,626

Katana$1,482

Plume Mainnet$766

Polygon$274

OP Mainnet$173

Unichain$158

Tempo$15.50

Celo$0.52

World Chain$0.01

Abstract$0

Citrea$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Zircuit$0

Cumulative Fees$379.61m

Ethereum$226.02m

Base$117.92m

Hyperliquid L1$15.75m

Arbitrum$4.8m

Robinhood Chain$4.72m

Monad$3.1m

Katana$2.93m

Polygon$1.28m

Unichain$1.06m

Flare$509,309

Stable$386,420

Arc$369,222

OP Mainnet$317,126

Plume Mainnet$126,058

Pharos$106,463

Soneium$90,232

Corn$40,518

World Chain$36,266

Tempo$13,404

Abstract$12,428

Citrea$12,233

Hemi$3,640

Etherlink$3,354

Celo$713.30

Fraxtal$1

Morph$0.38

Ink$0

Mode$0

Scroll$0

Sonic$0

Zircuit$0

Revenue 30d$0

Revenue 30d by chain

Abstract$0

Arbitrum$0

Arc$0

Base$0

Celo$0

Citrea$0

Ethereum$0

Flare$0

Fraxtal$0

Hemi$0

Hyperliquid L1$0

Ink$0

Katana$0

Mode$0

Monad$0

Morph$0

OP Mainnet$0

Pharos$0

Plume Mainnet$0

Polygon$0

Robinhood Chain$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Unichain$0

World Chain$0

Zircuit$0

Revenue 7d$0

Abstract$0

Arbitrum$0

Arc$0

Base$0

Celo$0

Citrea$0

Ethereum$0

Flare$0

Fraxtal$0

Hemi$0

Hyperliquid L1$0

Ink$0

Katana$0

Mode$0

Monad$0

Morph$0

OP Mainnet$0

Pharos$0

Plume Mainnet$0

Polygon$0

Robinhood Chain$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Unichain$0

World Chain$0

Zircuit$0

Revenue 24h$0

Abstract$0

Arbitrum$0

Arc$0

Base$0

Celo$0

Citrea$0

Ethereum$0

Flare$0

Fraxtal$0

Hemi$0

Hyperliquid L1$0

Ink$0

Katana$0

Mode$0

Monad$0

Morph$0

OP Mainnet$0

Pharos$0

Plume Mainnet$0

Polygon$0

Robinhood Chain$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Unichain$0

World Chain$0

Zircuit$0

Cumulative Revenue$0

Abstract$0

Arbitrum$0

Arc$0

Base$0

Celo$0

Citrea$0

Corn$0

Ethereum$0

Etherlink$0

Flare$0

Fraxtal$0

Hemi$0

Hyperliquid L1$0

Ink$0

Katana$0

Mode$0

Monad$0

Morph$0

OP Mainnet$0

Pharos$0

Plume Mainnet$0

Polygon$0

Robinhood Chain$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Unichain$0

World Chain$0

Zircuit$0

Holders Revenue 30d$0

Holders Revenue 30d by chain

Abstract$0

Arbitrum$0

Arc$0

Base$0

Celo$0

Citrea$0

Ethereum$0

Flare$0

Fraxtal$0

Hemi$0

Hyperliquid L1$0

Ink$0

Katana$0

Mode$0

Monad$0

Morph$0

OP Mainnet$0

Pharos$0

Plume Mainnet$0

Polygon$0

Robinhood Chain$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Unichain$0

World Chain$0

Zircuit$0

Holders Revenue 7d$0

Abstract$0

Arbitrum$0

Arc$0

Base$0

Celo$0

Citrea$0

Ethereum$0

Flare$0

Fraxtal$0

Hemi$0

Hyperliquid L1$0

Ink$0

Katana$0

Mode$0

Monad$0

Morph$0

OP Mainnet$0

Pharos$0

Plume Mainnet$0

Polygon$0

Robinhood Chain$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Unichain$0

World Chain$0

Zircuit$0

Holders Revenue 24h$0

Abstract$0

Arbitrum$0

Arc$0

Base$0

Celo$0

Citrea$0

Ethereum$0

Flare$0

Fraxtal$0

Hemi$0

Hyperliquid L1$0

Ink$0

Katana$0

Mode$0

Monad$0

Morph$0

OP Mainnet$0

Pharos$0

Plume Mainnet$0

Polygon$0

Robinhood Chain$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Unichain$0

World Chain$0

Zircuit$0

Cumulative Holders Revenue$0

Abstract$0

Arbitrum$0

Arc$0

Base$0

Celo$0

Citrea$0

Corn$0

Ethereum$0

Etherlink$0

Flare$0

Fraxtal$0

Hemi$0

Hyperliquid L1$0

Ink$0

Katana$0

Mode$0

Monad$0

Morph$0

OP Mainnet$0

Pharos$0

Plume Mainnet$0

Polygon$0

Robinhood Chain$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Unichain$0

World Chain$0

Zircuit$0

Incentives 1y$9.74m

Incentives 30d$519,830

Incentives 7d$97,587

Incentives 24h$3,115

Cumulative Incentives$46.62m

Earnings (30d Run Rate)-$6.34m

Earnings 30d-$519,830

Earnings 7d-$97,587

Earnings 24h-$3,115

Cumulative Earnings-$46.62m

Collateral Liquidated 30d$5.69m

Collateral Liquidated 30d by chain

Base$3.3m

Hyperliquid L1$1.26m

Ethereum$497,829

Robinhood Chain$467,109

Abstract$69,502

Flare$49,302

World Chain$19,322

Polygon$14,176

Arbitrum$1,815

Plume Mainnet$1,011

Arc$496.39

Katana$233.96

Monad$9.18

Unichain$1.84

OP Mainnet$0.01

Celo$0

Citrea$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Pharos$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Zircuit$0

Collateral Liquidated 7d$987,361

Base$449,570

Ethereum$263,026

Robinhood Chain$259,337

Polygon$6,182

World Chain$5,732

Flare$1,300

Hyperliquid L1$1,220

Arbitrum$975.52

Plume Mainnet$14.79

Monad$1.89

Arc$0.39

Abstract$0

Celo$0

Citrea$0

Fraxtal$0

Hemi$0

Ink$0

Katana$0

Mode$0

Morph$0

OP Mainnet$0

Pharos$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Unichain$0

Zircuit$0

Collateral Liquidated 24h$5,438

Ethereum$4,799

Robinhood Chain$436

Arbitrum$193

World Chain$4.71

Plume Mainnet$2.04

Monad$1.89

Base$0.96

Abstract$0

Arc$0

Celo$0

Citrea$0

Flare$0

Fraxtal$0

Hemi$0

Hyperliquid L1$0

Ink$0

Katana$0

Mode$0

Morph$0

OP Mainnet$0

Pharos$0

Polygon$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Unichain$0

Zircuit$0

Cumulative Collateral Liquidated$92.4m

Ethereum$81.97m

Base$5.35m

Hyperliquid L1$3.84m

Robinhood Chain$955,380

Flare$133,722

Abstract$76,746

Celo$22,905

World Chain$19,782

Polygon$19,480

Arbitrum$4,883

Plume Mainnet$4,052

Katana$771.42

Arc$496.39

OP Mainnet$18.01

Monad$9.18

Morph$5.48

Unichain$1.84

Pharos$1.39

Sonic$0.04

Citrea$0

Etherlink$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Scroll$0

Soneium$0

Stable$0

Tempo$0

Zircuit$0

Market Cap$1.538b

$MORPHO Price$2.19

All Time High$4.17

All Time Low$0.71

View $MORPHO token page

Fully Diluted Valuation$2.187b

Outstanding FDV$2.19b

$MORPHO Volume 24h$15.35m

CEX Volume$8.74m

DEX Volume$7.72m(50.29% of total)

Active Loans$5.821b

Treasury$30.56m

Majors$70.63

Stablecoins$99.91

Own Tokens$30.56m

Others$952.30

Total Raised$243m

Jul 13, 2022$18mRound: StrategicInvestors: a16z, Variant

Feb 28, 2024Round: PrivateInvestors: Pantera Capital

Aug 1, 2024$50mRound: StrategicInvestors: Ribbit Capital, a16z crypto, Coinbase Ventures, Variant Fund, Pantera Capital, Brevan Howard, BlockTower Capital, Kraken Ventures, Hack VC, IOSG, RockawayX, L1D, Mirana Ventures, Cherry Crypto, Semantic, Fenbushi Capital, LeadBlock Partners, Robot Ventures

Jun 9, 2026$175mRound: Investors: Paradigm, a16z crypto, Ribbit Capital, VanEck, Apollo Global Management, Circle Ventures, Ledger Cathay Capital, Variant Fund, Wintermute Ventures, IOSG Ventures, HashKey Capital, SBI Group, BPI France, Mirana Ventures

TradingCrypto Hacks · DefiLlama

Markets by Trueo All markets

Morpho bad debt or exploit in October 2026?

Trade Yes 7%Trade No 93.8%

Quotes fetched just now.

Market details

Protocol Information

Morpho is a permissionless decentralized lending platform that operates on two levels: it offers tailored solutions for users to earn and borrow on their terms and provides a flexible infrastructure stack that empowers developers and businesses to build custom applications. Morpho's unique value lies in offering users the ability to tailor their own risk-reward profile by selecting from curated vaults, markets, or products.

Website GitHub X/Twitter

Category:Lending

Products:

Morpho BlueLending
Morpho MidnightLending

Methodology

TVL: Total value of all coins held in the smart contracts of the protocol

Fees:

Morpho Blue - Total borrow interest paid by borrowers + liquidation bonues earned by liquidators.Morpho Midnight - Total borrow interest paid by borrowers: for every trade, the face value of the debt (units) minus the loan tokens the borrower received (sellerAssets), i.e. the fixed-rate discount locked in at execution.

Revenue:

Morpho Blue - No revenue for Morpho protocol.Morpho Midnight - Protocol fees kept by Morpho: the settlement fee (taker-paid spread on each trade) plus the continuous fee accrued on new lender credit. Both are disabled at launch, so Revenue is currently 0.

Holders Revenue:

Collateral Liquidated: USD value of collateral seized during protocol liquidations

Incentives: Tokens allocated to users through liquidity mining or incentive schemes, typically as part of governance or reward mechanisms.

Earnings: Revenue of the protocol minus the incentives distributed to users

Yields

Pools Tracked254

Average Supply APY5.31%

User Activity

Active Addresses (24h)3,143

Transactions (24h)65,958

Competitors

Aave V3 ($16.252b)Avalon Finance ($1.17m)Euler V2 ($276.21m)Ajna V2 ($47,164)PWN ($21,404)Gearbox ($22.74m)LayerBank ($5.97m)Impermax V2 ($527,920)Tarot ($527,463)Compound V3 ($1.333b)

Income statement for Morpho

YearlyQuarterlyMonthlyCumulative

	Q4 2026*	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Gross Protocol Revenue	$22.73M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$21.89M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$839.95K	$1.59M	$6.49M	$10.88M	$9.4M	$1.05M	$738.75K	$1.32M	$216.94K	$1.7M	$1.08M	$127.4K
Cost of Revenue	$22.73M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$21.89M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$839.95K	$1.59M	$6.49M	$10.88M	$9.4M	$1.05M	$738.75K	$1.32M	$216.94K	$1.7M	$1.08M	$127.4K
Gross Profit	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Incentives	$501.18K	$1.46M	$956.65K	$3.81M	$5.15M	$7.12M	$3.06M	$12.94M	$11.62M	$0	$0	$0
URD Claims	$0	$22.22K	$88.71K	$1.03M	$643.57K	$2.88M	$3.01M	$12.94M	$11.62M	$0	$0	$0
Merkl Campaigns	$501.18K	$1.44M	$867.95K	$2.78M	$4.51M	$4.24M	$44.12K	$0	$0	$0	$0	$0
Earnings	-$501.18K	-$1.46M	-$956.65K	-$3.81M	-$5.15M	-$7.12M	-$3.06M	-$12.94M	-$11.62M	$0	$0	$0
Token Holder Net Income	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0

Income flow visualization

YearlyQuarterlyMonthlyCumulative

Morpho history

TVL is the default DefiLlama definition, which excludes Active Loans. Daily values are UTC snapshots from Aug 19, 2022 to Oct 29, 2026.

All-time high TVL: $11.482b on Oct 6, 2026. All-time low TVL: $25.13m on Sep 15, 2022.

Daily TVL, Sep 30, 2026 to Oct 29, 2026

Date	TVL
Sep 30, 2026	$11.021b
Oct 1, 2026	$10.984b
Oct 2, 2026	$11.197b
Oct 3, 2026	$11.302b
Oct 4, 2026	$11.326b
Oct 5, 2026	$11.472b
Oct 6, 2026	$11.482b
Oct 7, 2026	$11.466b
Oct 8, 2026	$11.268b
Oct 9, 2026	$11.082b
Oct 10, 2026	$11.219b
Oct 11, 2026	$11.293b
Oct 12, 2026	$11.369b
Oct 13, 2026	$11.123b
Oct 14, 2026	$11.264b
Oct 15, 2026	$11.011b
Oct 16, 2026	$11.096b
Oct 17, 2026	$11.054b
Oct 18, 2026	$11.038b
Oct 19, 2026	$11.101b
Oct 20, 2026	$11.101b
Oct 21, 2026	$11.284b
Oct 22, 2026	$11.371b
Oct 23, 2026	$11.197b
Oct 24, 2026	$11.266b
Oct 25, 2026	$11.319b
Oct 26, 2026	$11.324b
Oct 27, 2026	$11.45b
Oct 28, 2026	$11.387b
Oct 29, 2026	$11.391b

TVL at each month end, Nov 2024 to Oct 2026

Date	TVL
Nov 30, 2024	$2.474b
Dec 31, 2024	$3.252b
Jan 31, 2025	$4.084b
Feb 28, 2025	$3.275b
Mar 31, 2025	$2.89b
Apr 30, 2025	$2.8b
May 31, 2025	$3.71b
Jun 30, 2025	$4.2b
Jul 31, 2025	$5.996b
Aug 31, 2025	$7.403b
Sep 30, 2025	$7.211b
Oct 31, 2025	$8.518b
Nov 30, 2025	$6.181b
Dec 31, 2025	$5.803b
Jan 31, 2026	$6.581b
Feb 28, 2026	$5.703b
Mar 31, 2026	$6.982b
Apr 30, 2026	$7.008b
May 31, 2026	$7.408b
Jun 30, 2026	$6.644b
Jul 31, 2026	$7.795b
Aug 31, 2026	$9.517b
Sep 30, 2026	$11.021b
Oct 29, 2026 (latest)	$11.391b

TVL at each year end, Dec 31, 2022 to Dec 31, 2025

Date	TVL
Dec 31, 2022	$181.66m
Dec 31, 2023	$598.61m
Dec 31, 2024	$3.252b
Dec 31, 2025	$5.803b

Fees, revenue and holders revenue by UTC calendar month, Nov 2024 to Oct 2026

Month	Fees	Revenue	Holders revenue
Nov 2024	$5.93m	$0	$0
Dec 2024	$11.81m	$0	$0
Jan 2025	$10.93m	$0	$0
Feb 2025	$10.04m	$0	$0
Mar 2025	$7.09m	$0	$0
Apr 2025	$5.62m	$0	$0
May 2025	$6.35m	$0	$0
Jun 2025	$8.12m	$0	$0
Jul 2025	$12.16m	$0	$0
Aug 2025	$19.06m	$0	$0
Sep 2025	$22.81m	$0	$0
Oct 2025	$24.15m	$0	$0
Nov 2025	$22.93m	$0	$0
Dec 2025	$12.25m	$0	$0
Jan 2026	$15.65m	$0	$0
Feb 2026	$17.74m	$0	$0
Mar 2026	$11.34m	$0	$0
Apr 2026	$14.55m	$0	$0
May 2026	$15.28m	$0	$0
Jun 2026	$18.77m	$0	$0
Jul 2026	$14.89m	$0	$0
Aug 2026	$18.43m	$0	$0
Sep 2026	$19.59m	$0	$0
Oct 2026 (to date)	$22.73m	$0	$0

The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/morpho

Frequently asked questions

What is Morpho's TVL?

As of Oct 29, 2026, Morpho has $11.389b in total value locked. TVL has increased 3.7% over the past 30 days.

What chains does Morpho operate on?

Morpho operates on 45 chains: Ethereum, Base, Robinhood Chain, Arc, and Arbitrum and 40 others. Ethereum holds the largest share at 46.1%.

How much has Morpho generated in fees and revenue?

Over the past 30 days, Morpho generated $23.27m in fees. Of that, $0 was protocol revenue. Based on the trailing year, the annualized rate is $205.36m in fees.

What is the MORPHO token price and valuation?

MORPHO is currently trading at $2.19. Its circulating market capitalization is $1.538b, ranking it #76. Its fully diluted valuation is $2.187b. Supply currently stands at 703.13m circulating, 1b total supply, 1b maximum supply.

How has MORPHO performed recently?

MORPHO is down 6.6% over the past 7 days and down 10.8% over the past 30 days. Its all-time high is $4.17, reached on Jan 17, 2025. The token is currently 47.5% below that level.

How does Morpho's TVL compare to similar protocols?

Among Lending protocols tracked by DefiLlama, Morpho ranks #2 by TVL. The category holds $51.802b across 516 protocols, and Morpho accounts for 22% of that total. Similar protocols include Aave V3, Avalon Finance, Euler V2, Ajna V2, PWN, Gearbox, LayerBank, Impermax V2, Tarot, and Compound V3.

How much has been borrowed through Morpho?

As of Oct 29, 2026, Morpho has $5.821b in active loans.

Does Morpho have a treasury?

Morpho has a tracked treasury currently valued at $30.56m. Its holdings include $99.91 in stablecoins, $70.63 in major assets, $30.56m in its own tokens, $952.30 in other assets.