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Morpho(MORPHO)

Total Value Locked$10.693b

TVL by Chain

Ethereum$4.905b

Base$4.07b

Robinhood Chain$595.91m

Arc$296.81m

Arbitrum$174.39m

Monad$166.72m

Hyperliquid L1$127.99m

Pharos$110.65m

Tempo$68.23m

Stable$64.8m

Flare$37.14m

World Chain$28.21m

Katana$21.48m

Citrea$7.81m

Etherlink$4.38m

Morph$3.33m

OP Mainnet$2.92m

Polygon$2.82m

Plume Mainnet$1.09m

MegaETH$916,023

Unichain$781,019

Sei$588,126

Celo$502,623

XDC$496,145

TAC$213,095

Kaia$105,247

Abstract$29,100

Soneium$21,725

Avalanche$497

Sonic$103

RISE$83

BSC$81

0G$34

Ink$13

Lisk$0

Gnosis$0

Linea$0

Fraxtal$0

Scroll$0

Mode$0

Corn$0

Hemi$0

Zircuit$0

Bitlayer$0

Botanix$0

Key Metrics

Fees 30d$28.98m

Fees 30d by chain

Base$13.21m

Ethereum$11.69m

Robinhood Chain$1.85m

Monad$656,123

Arc$491,886

Hyperliquid L1$467,116

Arbitrum$273,818

Flare$103,083

Stable$97,317

Pharos$72,175

Katana$34,285

Plume Mainnet$11,058

Polygon$9,888

OP Mainnet$5,951

Unichain$3,149

Citrea$2,876

Tempo$265.50

Celo$19.79

Abstract$6.41

World Chain$4.98

Hemi$0.01

Fraxtal$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 7d$8.27m

Base$4.48m

Ethereum$2.76m

Robinhood Chain$454,948

Monad$146,924

Arc$133,357

Hyperliquid L1$122,901

Arbitrum$90,965

Flare$26,049

Pharos$22,281

Stable$20,158

Katana$6,276

Polygon$3,043

Plume Mainnet$1,862

OP Mainnet$1,442

Unichain$712.44

Citrea$551

Tempo$13.82

Abstract$5.75

Celo$4.99

World Chain$0.10

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 24h$1.3m

Base$701,727

Ethereum$433,702

Robinhood Chain$96,206

Monad$22,722

Arc$16,934

Arbitrum$11,388

Hyperliquid L1$7,168

Flare$3,387

Katana$641

Polygon$350

Plume Mainnet$233

OP Mainnet$214

Citrea$213

Pharos$169

Unichain$58.90

Celo$3.92

Tempo$1.34

Abstract$0.02

World Chain$0.02

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Zircuit$0

Cumulative Fees$396.69m

Ethereum$232.56m

Base$126.28m

Hyperliquid L1$15.98m

Robinhood Chain$5.68m

Arbitrum$4.99m

Monad$3.46m

Katana$2.95m

Polygon$1.29m

Unichain$1.06m

Arc$618,651

Flare$563,682

Stable$456,175

OP Mainnet$320,412

Pharos$150,511

Plume Mainnet$131,897

Soneium$90,232

Corn$40,518

World Chain$36,267

Citrea$13,682

Tempo$13,441

Abstract$12,434

Hemi$3,640

Etherlink$3,354

Celo$723.70

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$9.1m

Incentives 30d$466,291

Incentives 7d$91,958

Incentives 24h$2,828

Cumulative Incentives$46.78m

Earnings (30d Run Rate)-$5.69m

Earnings 30d-$466,291

Earnings 7d-$91,958

Earnings 24h-$2,828

Cumulative Earnings-$46.78m

Collateral Liquidated 30d$68.94m

Collateral Liquidated 30d by chain

Base$51.45m

Ethereum$14.1m

Hyperliquid L1$2.48m

Robinhood Chain$597,123

Flare$175,930

World Chain$83,151

Arc$30,140

Monad$10,897

Polygon$6,186

Arbitrum$3,803

Katana$3,642

Plume Mainnet$138.25

Abstract$38

Unichain$7.14

Pharos$0.12

OP Mainnet$0.01

Celo$0

Citrea$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Zircuit$0

Collateral Liquidated 7d$40.28m

Base$34.91m

Ethereum$4.08m

Hyperliquid L1$853,191

Robinhood Chain$305,445

Flare$110,799

World Chain$22,170

Arc$3,372

Arbitrum$1,139

Katana$116

Abstract$38

Plume Mainnet$33.16

Unichain$3.71

Monad$3.42

Polygon$1.10

Celo$0

Citrea$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

OP Mainnet$0

Pharos$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Zircuit$0

Collateral Liquidated 24h$8.65m

Base$8.28m

Robinhood Chain$304,911

Ethereum$33,365

Flare$20,325

Arc$3,372

World Chain$2,305

Plume Mainnet$12

Hyperliquid L1$0.51

Abstract$0

Arbitrum$0

Celo$0

Citrea$0

Fraxtal$0

Hemi$0

Ink$0

Katana$0

Mode$0

Monad$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$157.42m

Ethereum$95.65m

Base$54.8m

Hyperliquid L1$5.1m

Robinhood Chain$1.29m

Flare$306,893

World Chain$95,439

Abstract$76,784

Arc$30,140

Celo$22,905

Polygon$19,484

Monad$10,898

Arbitrum$6,926

Katana$4,288

Plume Mainnet$4,135

OP Mainnet$18.01

Unichain$7.14

Morph$5.48

Pharos$1.51

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$1.376b

$MORPHO Price$1.96

All Time High$4.17

All Time Low$0.71

View $MORPHO token page

Fully Diluted Valuation$1.953b

Outstanding FDV$1.958b

$MORPHO Volume 24h$14.27m

CEX Volume$10.43m

DEX Volume$7.67m(53.79% of total)

Active Loans$5.737b

Treasury$27.58m

Majors$60.36

Stablecoins$99.89

Own Tokens$27.58m

Others$966.62

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

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

Morpho token unlocks

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 Tracked272

Average Supply APY5.19%

User Activity

Active Addresses (24h)3,566

Transactions (24h)75,271

Competitors

Aave V3 ($14.407b)Avalon Finance ($912,582)Euler V2 ($245.46m)Ajna V2 ($41,343)PWN ($20,111)Gearbox ($19.64m)LayerBank ($5.07m)Tarot ($923,160)Impermax V2 ($489,225)Compound V3 ($1.129b)

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	$40.58M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$35.49M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$5.09M	$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	$40.58M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$35.49M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$5.09M	$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	$733.1K	$1.47M	$956.65K	$3.81M	$5.15M	$7.09M	$3.01M	$12.94M	$11.62M	$0	$0	$0
URD Claims	$0	$23.2K	$88.71K	$1.03M	$643.57K	$2.88M	$3.01M	$12.94M	$11.62M	$0	$0	$0
Merkl Campaigns	$733.1K	$1.44M	$867.95K	$2.78M	$4.51M	$4.21M	$0	$0	$0	$0	$0	$0
Earnings	-$733.1K	-$1.47M	-$956.65K	-$3.81M	-$5.15M	-$7.09M	-$3.01M	-$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 Nov 13, 2026.

All-time high TVL: $11.642b on Nov 5, 2026. All-time low TVL: $25.13m on Sep 15, 2022.

Daily TVL, Oct 15, 2026 to Nov 13, 2026

Date	TVL
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	$11.402b
Oct 29, 2026	$11.34b
Oct 30, 2026	$10.602b
Oct 31, 2026	$11.049b
Nov 1, 2026	$11.139b
Nov 2, 2026	$11.281b
Nov 3, 2026	$11.092b
Nov 4, 2026	$11.226b
Nov 5, 2026	$11.642b
Nov 6, 2026	$11.124b
Nov 7, 2026	$10.997b
Nov 8, 2026	$11.101b
Nov 9, 2026	$10.96b
Nov 10, 2026	$11.056b
Nov 11, 2026	$10.991b
Nov 12, 2026	$11.074b
Nov 13, 2026	$10.903b

TVL at each month end, Dec 2024 to Nov 2026

Date	TVL
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 31, 2026	$11.049b
Nov 13, 2026 (latest)	$10.903b

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, Dec 2024 to Nov 2026

Month	Fees	Revenue	Holders revenue
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	$25.82m	$0	$0
Nov 2026 (to date)	$14.76m	$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 Nov 13, 2026, Morpho has $10.693b in total value locked. TVL has decreased 5.1% 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 45.9%.

How much has Morpho generated in fees and revenue?

Over the past 30 days, Morpho generated $28.98m in fees. Of that, $0 was protocol revenue. Based on the trailing year, the annualized rate is $210.85m in fees.

What is the MORPHO token price and valuation?

MORPHO is currently trading at $1.96. Its circulating market capitalization is $1.38b, ranking it #74. Its fully diluted valuation is $1.959b. Supply currently stands at 704.4m circulating, 1b total supply, 1b maximum supply.

How has MORPHO performed recently?

MORPHO is down 8.4% over the past 7 days and down 18% over the past 30 days. Its all-time high is $4.17, reached on Jan 17, 2025. The token is currently 52.9% 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 $46.766b across 519 protocols, and Morpho accounts for 22.8% of that total. Similar protocols include Aave V3, Avalon Finance, Euler V2, Ajna V2, PWN, Gearbox, LayerBank, Tarot, Impermax V2, and Compound V3.

How much has been borrowed through Morpho?

As of Nov 13, 2026, Morpho has $5.737b in active loans.

Does Morpho have a treasury?

Morpho has a tracked treasury currently valued at $27.58m. Its holdings include $99.89 in stablecoins, $60.36 in major assets, $27.58m in its own tokens, $966.62 in other assets.