⌘K

Ask about Morpho · free

Morpho(MORPHO)

Total Value Locked$11.283b

TVL by Chain

Ethereum$5.167b

Base$4.455b

Robinhood Chain$591.12m

Arc$291.1m

Arbitrum$176.49m

Monad$171.22m

Hyperliquid L1$139.51m

Tempo$67.22m

Pharos$66.17m

Flare$44.27m

World Chain$35.13m

Stable$26m

Katana$24.93m

Citrea$8.58m

Etherlink$4.38m

OP Mainnet$3.3m

Polygon$2.99m

Morph$2.38m

Plume Mainnet$1.63m

Sei$1.51m

Unichain$964,362

MegaETH$927,934

Celo$592,207

XDC$522,735

TAC$220,172

Kaia$108,741

Abstract$33,285

Soneium$25,608

Avalanche$529

Sonic$103

RISE$92

BSC$82

0G$36

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$25.14m

Fees 30d by chain

Base$10.77m

Ethereum$10.64m

Robinhood Chain$1.8m

Monad$645,086

Arc$418,879

Hyperliquid L1$351,726

Arbitrum$152,198

Stable$135,141

Flare$95,781

Pharos$53,358

Katana$41,616

Plume Mainnet$13,904

Polygon$7,777

OP Mainnet$5,578

Unichain$3,455

Citrea$2,800

Abstract$2,422

Tempo$430.09

Celo$47.63

World Chain$9.06

Hemi$0.01

Fraxtal$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 7d$7.17m

Base$3.38m

Ethereum$2.86m

Robinhood Chain$437,988

Monad$177,283

Arc$133,032

Arbitrum$72,791

Hyperliquid L1$54,798

Flare$21,739

Pharos$16,136

Katana$10,958

Plume Mainnet$3,245

Polygon$2,278

OP Mainnet$1,561

Citrea$1,449

Unichain$994.13

Tempo$67.42

Celo$4.26

World Chain$0.10

Abstract$0.07

Hemi$0.01

Fraxtal$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Zircuit$0

Fees 24h$819,860

Base$362,881

Ethereum$341,696

Robinhood Chain$59,656

Monad$20,165

Arc$10,771

Arbitrum$9,570

Hyperliquid L1$7,909

Flare$2,896

Pharos$2,046

Katana$1,012

Plume Mainnet$478

Polygon$346

OP Mainnet$232

Unichain$202

Tempo$0.80

World Chain$0.01

Abstract$0

Celo$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$384.44m

Ethereum$227.97m

Base$120.24m

Hyperliquid L1$15.78m

Robinhood Chain$4.98m

Arbitrum$4.85m

Monad$3.21m

Katana$2.94m

Polygon$1.29m

Unichain$1.06m

Flare$522,251

Arc$436,971

Stable$386,420

OP Mainnet$318,179

Plume Mainnet$127,961

Pharos$113,457

Soneium$90,232

Corn$40,518

World Chain$36,266

Tempo$13,425

Citrea$12,610

Abstract$12,428

Hemi$3,640

Etherlink$3,354

Celo$715.56

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$9.57m

Incentives 30d$507,770

Incentives 7d$98,656

Incentives 24h$3,133

Cumulative Incentives$46.68m

Earnings (30d Run Rate)-$6.19m

Earnings 30d-$507,770

Earnings 7d-$98,656

Earnings 24h-$3,133

Cumulative Earnings-$46.68m

Collateral Liquidated 30d$16.95m

Collateral Liquidated 30d by chain

Base$13.71m

Ethereum$1.36m

Hyperliquid L1$1.26m

Robinhood Chain$387,576

Abstract$69,227

World Chain$59,166

Flare$56,623

Arc$26,768

Monad$10,894

Polygon$9,293

Arbitrum$1,852

Plume Mainnet$526.70

Katana$141.60

Unichain$3.43

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$11.43m

Base$10.42m

Ethereum$890,477

World Chain$41,147

Robinhood Chain$26,389

Arc$26,272

Monad$10,887

Flare$7,370

Polygon$6,182

Hyperliquid L1$1,214

Arbitrum$241.09

Plume Mainnet$25.15

Katana$5.92

Unichain$1.59

Pharos$0.12

Abstract$0

Celo$0

Citrea$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

OP Mainnet$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Zircuit$0

Collateral Liquidated 24h$140,929

Ethereum$140,547

Base$318

Hyperliquid L1$44

Plume Mainnet$12

World Chain$3.71

Robinhood Chain$3.19

Arbitrum$1.39

Abstract$0

Arc$0

Celo$0

Citrea$0

Flare$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$103.8m

Ethereum$82.84m

Base$15.77m

Hyperliquid L1$3.84m

Robinhood Chain$981,333

Flare$141,092

Abstract$76,746

World Chain$60,904

Arc$26,768

Celo$22,905

Polygon$19,480

Monad$10,894

Arbitrum$4,931

Plume Mainnet$4,072

Katana$777.34

OP Mainnet$18.01

Morph$5.48

Unichain$3.43

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$1.572b

$MORPHO Price$2.24

All Time High$4.17

All Time Low$0.71

View $MORPHO token page

Fully Diluted Valuation$2.235b

Outstanding FDV$2.24b

$MORPHO Volume 24h$20.7m

CEX Volume$10.87m

DEX Volume$9.06m(43.78% of total)

Active Loans$5.596b

Treasury$30.42m

Majors$68.05

Stablecoins$99.91

Own Tokens$30.42m

Others$1,313

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

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 APY5.61%

User Activity

Active Addresses (24h)3,041

Transactions (24h)50,585

Competitors

Aave V3 ($15.431b)Avalon Finance ($1.12m)Euler V2 ($270.03m)Ajna V2 ($43,873)PWN ($21,245)Gearbox ($23.34m)LayerBank ($5.93m)Impermax V2 ($523,969)Tarot ($495,755)Compound V3 ($1.314b)

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	$27.46M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$26M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$1.46M	$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	$27.46M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$26M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$1.46M	$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	$565.38K	$1.47M	$956.65K	$3.81M	$5.15M	$7.12M	$3.06M	$12.94M	$11.62M	$0	$0	$0
URD Claims	$0	$22.99K	$88.71K	$1.03M	$643.57K	$2.88M	$3.01M	$12.94M	$11.62M	$0	$0	$0
Merkl Campaigns	$565.38K	$1.44M	$867.95K	$2.78M	$4.51M	$4.24M	$44.12K	$0	$0	$0	$0	$0
Earnings	-$565.38K	-$1.47M	-$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 Nov 2, 2026.

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

Daily TVL, Oct 4, 2026 to Nov 2, 2026

Date	TVL
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	$11.402b
Oct 29, 2026	$11.34b
Oct 30, 2026	$10.602b
Oct 31, 2026	$11.049b
Nov 1, 2026	$11.139b
Nov 2, 2026	$11.14b

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 2, 2026 (latest)	$11.14b

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)	$1.64m	$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 2, 2026, Morpho has $11.283b in total value locked. TVL has decreased 0.2% 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 45.8%.

How much has Morpho generated in fees and revenue?

Over the past 30 days, Morpho generated $25.14m in fees. Of that, $0 was protocol revenue. Based on the trailing year, the annualized rate is $207.37m in fees.

What is the MORPHO token price and valuation?

MORPHO is currently trading at $2.24. Its circulating market capitalization is $1.572b, ranking it #76. Its fully diluted valuation is $2.235b. Supply currently stands at 703.38m circulating, 1b total supply, 1b maximum supply.

How has MORPHO performed recently?

MORPHO is up 9.5% over the past 7 days and down 13.4% over the past 30 days. Its all-time high is $4.17, reached on Jan 17, 2025. The token is currently 46.3% 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 $50.841b across 517 protocols, and Morpho accounts for 22.2% 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 Nov 2, 2026, Morpho has $5.596b in active loans.

Does Morpho have a treasury?

Morpho has a tracked treasury currently valued at $30.42m. Its holdings include $99.91 in stablecoins, $68.05 in major assets, $30.42m in its own tokens, $1,313 in other assets.