Logo of MorphoMorpho(MORPHO)
Total Value Locked$9.362b

TVL by Chain

Ethereum$4.231b

Base$3.881b

Robinhood Chain$433.61m

Hyperliquid L1$352.6m

Monad$176.16m

Flare$53.91m

Katana$47.2m

Tempo$32.7m

World Chain$31.37m

Stable$30.7m

Arbitrum$25.17m

Pharos$15.66m

Sei$14.82m

Morph$10.73m

Plume Mainnet$6.34m

Citrea$4.88m

Polygon$4m

Etherlink$3.65m

OP Mainnet$2.19m

Unichain$1.25m

MegaETH$943,584

Celo$795,277

TAC$573,771

XDC$491,031

Kaia$256,980

Abstract$204,945

Soneium$26,419

Lisk$11,938

Scroll$7,382

Hemi$2,787

BSC$578

Fraxtal$367

Sonic$83

0G$32

Ink$13

Corn$0

Botanix$0

Linea$0

Bitlayer$0

Zircuit$0

Mode$0

Gnosis$0

Key Metrics

Fees (Annualized)$208.55m
Fees 30d$16.34m

Ethereum$7.15m

Base$6.98m

Robinhood Chain$877,189

Hyperliquid L1$640,773

Monad$468,527

Flare$74,211

Katana$55,662

Arbitrum$40,217

Plume Mainnet$25,140

Pharos$12,478.57

OP Mainnet$5,127

Polygon$4,706.23

Unichain$3,576.44

Citrea$1,731.41

Tempo$884.11

Etherlink$696.12

Abstract$560.11

Stable$306.12

World Chain$32.15

Celo$23.43

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 7d$4.02m

Ethereum$1.79m

Base$1.67m

Robinhood Chain$253,375

Hyperliquid L1$151,334

Monad$111,914

Flare$14,937

Katana$12,831

Arbitrum$9,239

Plume Mainnet$6,357

Pharos$3,042

Polygon$1,296.77

OP Mainnet$1,285

Unichain$981

Tempo$679.78

Citrea$494.96

Abstract$265.31

Stable$151

Etherlink$78.98

World Chain$13.47

Celo$0.01

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 24h$639,436.01

Base$313,144.01

Ethereum$245,900

Robinhood Chain$35,301

Hyperliquid L1$23,191

Monad$15,713

Flare$2,198

Katana$1,467

Arbitrum$1,238

Plume Mainnet$648

Polygon$178

OP Mainnet$151

Unichain$127

Tempo$122

Citrea$55.9

World Chain$1.82

Abstract$0.84

Celo$0

Etherlink$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Pharos$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Zircuit$0

Cumulative Fees$331.86m

Ethereum$204.37m

Base$99.08m

Hyperliquid L1$14.82m

Arbitrum$4.64m

Katana$2.82m

Monad$1.8m

Polygon$1.27m

Robinhood Chain$1.07m

Unichain$1.05m

OP Mainnet$305,213

Flare$271,505

Soneium$90,232.19

Plume Mainnet$81,808

Stable$72,176.44

Corn$40,518

World Chain$36,160.19

Pharos$13,018.45

Citrea$6,794.32

Hemi$3,640

Etherlink$3,119.87

Abstract$3,035.74

Tempo$886.65

Celo$635.94

Fraxtal$1

Ink$0

Mode$0

Morph$0

Scroll$0

Sonic$0

Zircuit$0

Revenue (30d Run Rate)$0
Revenue 30d$0

Abstract$0

Arbitrum$0

Base$0

Celo$0

Citrea$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

Revenue 7d$0

Abstract$0

Arbitrum$0

Base$0

Celo$0

Citrea$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

Revenue 24h$0

Abstract$0

Arbitrum$0

Base$0

Celo$0

Citrea$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

Cumulative Revenue$0

Abstract$0

Arbitrum$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 Run Rate)$0
Holders Revenue 30d$0

Abstract$0

Arbitrum$0

Base$0

Celo$0

Citrea$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 7d$0

Abstract$0

Arbitrum$0

Base$0

Celo$0

Citrea$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 24h$0

Abstract$0

Arbitrum$0

Base$0

Celo$0

Citrea$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

Cumulative Holders Revenue$0

Abstract$0

Arbitrum$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$13.87m

$529,951.58

$244,743.85

$802.02

$45.42m

Earnings (30d Run Rate)-$6.47m

-$529,951.58

-$244,743.85

-$802.02

-$45.42m

Collateral Liquidated 30d$4.37m
Collateral Liquidated 30d by chain

Ethereum$2.49m

Base$1.15m

Hyperliquid L1$666,799.62

Flare$35,834

Celo$22,905

Polygon$5,302.08

Arbitrum$2,840.5

Plume Mainnet$343.42

World Chain$305.24

Abstract$131.82

Katana$109.73

Robinhood Chain$49.35

OP Mainnet$18

Pharos$1.39

Sonic$0.04

Citrea$0

Etherlink$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Stable$0

Tempo$0

Zircuit$0

Collateral Liquidated 7d$1.43m

Base$722,863

Hyperliquid L1$448,724.66

Ethereum$255,628.54

Flare$2,053

World Chain$202.48

Polygon$71

Plume Mainnet$64.74

Robinhood Chain$24.23

Arbitrum$18.5

Katana$3.52

Sonic$0.04

Abstract$0

Celo$0

Citrea$0

Etherlink$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

OP Mainnet$0

Pharos$0

Scroll$0

Soneium$0

Stable$0

Tempo$0

Zircuit$0

Collateral Liquidated 24h$806,778

Base$697,878

Hyperliquid L1$89,447

Ethereum$17,468

Flare$1,945

World Chain$22

Plume Mainnet$14

Katana$3.52

Abstract$0

Arbitrum$0

Celo$0

Citrea$0

Etherlink$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

OP Mainnet$0

Pharos$0

Polygon$0

Robinhood Chain$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Zircuit$0

Cumulative Collateral Liquidated$47.49m

Ethereum$43.92m

Hyperliquid L1$2.33m

Base$1.16m

Flare$41,661

Celo$22,905

Polygon$5,303.08

Arbitrum$3,004.5

Plume Mainnet$2,248.42

Abstract$1,107.82

World Chain$322.24

Katana$265.73

Robinhood Chain$58.35

OP Mainnet$18

Pharos$1.39

Sonic$0.04

Citrea$0

Etherlink$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Stable$0

Tempo$0

Zircuit$0

Market Cap$1.514b

$MORPHO Price$2.3

All Time High$4.17

All Time Low$0.71

View $MORPHO token page

$2.305b

$2.3b

$MORPHO Volume 24h$43.11m

CEX Volume$21.85m

DEX Volume$21.78m(50.52% of total)

Active Loans$4.633b

$MORPHO Liquidity$6.54m

Aerodrome Slipstream$3.24m

Uniswap V3$1.87m

Uniswap V3$1.34m

Aerodrome V1$91,302

Treasury$30.62m

$73.09

Stablecoins$99.99

Own Tokens$30.62m

Others$1,734.7

Total Raised

Jul 13, 2022$18mRound: Strategic Investors: a16z, Variant

Feb 28, 2024Round: PrivateInvestors: Pantera Capital

Aug 1, 2024$50mRound: Strategic Investors: 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

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.

Category:Lending
Products:
WebsiteGitHubTwitter

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.View code on GitHubMorpho 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.View code on GitHub

Revenue:

Morpho Blue - No revenue for Morpho protocol.View code on GitHubMorpho 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.View code on GitHub
Holders Revenue: View code on GitHub

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 Tracked234

Average Supply APY4.12%

Competitors

Aave V3 ($16.96b)Avalon Finance ($1.33m)Euler V2 ($364.28m)PWN ($22,743.77)Gearbox ($21.85m)Ajna V2 ($449,782.56)LayerBank ($2.64m)Teller ($1.19m)Impermax V2 ($596,795.99)Tarot ($583,968.6)

Frequently Asked Questions

What is Morpho?

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.

What is Morpho's TVL?

Morpho currently has $9.362b in total value locked. TVL has increased 24.1% over the past 30 days.

What chains does Morpho operate on?

Morpho operates on 42 chains: Ethereum, Base, Robinhood Chain, Hyperliquid L1, and Monad and 37 others. Ethereum holds the largest share at 45.2%.

How much has Morpho generated in fees and revenue?

Over the past 30 days, Morpho generated $16.34m in fees. Of that, $0 was protocol revenue. Based on the trailing year, the annualized rate is $208.55m in fees.

What is the MORPHO token price and valuation?

MORPHO is currently trading at $2.3. Its circulating market capitalization is $1.514b, ranking it #72. Its fully diluted valuation is $2.305b. Supply currently stands at 657.11m circulating, 1b total supply, 1b maximum supply.

How has MORPHO performed recently?

MORPHO is up 17.8% over the past 7 days and up 18% over the past 30 days. Its all-time high is $4.17, reached on Jan 17, 2025. The token is currently 44.8% 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 $49.151b across 513 protocols, and Morpho accounts for 19.1% of that total. Other leading protocols include Aave V3, Avalon Finance, Euler V2, PWN, Gearbox, Ajna V2, LayerBank, Teller, Impermax V2, and Tarot.

How much has been borrowed through Morpho?

Morpho currently has $4.633b in active loans.

Does Morpho have a treasury?

Morpho has a tracked treasury currently valued at $30.62m. Its holdings include $99.99 in stablecoins, $73.09 in major assets, $30.62m in its own tokens, $1,734.7 in other assets.