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Morpho(MORPHO)

Total Value Locked$10.548b

TVL by Chain

Ethereum$4.825b

Base$4.004b

Robinhood Chain$596.42m

Arc$299.15m

Arbitrum$175.1m

Monad$168.53m

Hyperliquid L1$125.48m

Pharos$109.37m

Tempo$68.86m

Stable$64.4m

Flare$37.15m

World Chain$27.47m

Katana$20.96m

Citrea$7.82m

Etherlink$4.38m

OP Mainnet$3.13m

Morph$3.03m

Polygon$2.79m

Plume Mainnet$1m

MegaETH$918,315

Unichain$751,790

Sei$742,351

Celo$506,005

XDC$495,345

TAC$212,049

Kaia$104,042

Abstract$28,869

Soneium$21,644

Avalanche$494

Sonic$103

RISE$82

BSC$81

0G$35

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$30.49m

Fees 30d by chain

Base$14.53m

Ethereum$11.84m

Robinhood Chain$1.85m

Monad$660,176

Arc$494,081

Hyperliquid L1$468,880

Arbitrum$283,716

Flare$117,043

Stable$96,878

Pharos$76,695

Katana$34,260

Plume Mainnet$11,146

Polygon$9,960

OP Mainnet$5,922

Unichain$3,107

Citrea$2,702

Tempo$254.11

Celo$19.63

Abstract$6.27

World Chain$4.93

Hemi$0.01

Fraxtal$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 7d$9.47m

Base$5.55m

Ethereum$2.87m

Robinhood Chain$458,055

Monad$148,793

Arc$130,243

Hyperliquid L1$121,710

Arbitrum$91,421

Flare$40,453

Pharos$26,923

Stable$17,523

Katana$6,617

Polygon$3,063

Plume Mainnet$2,081

OP Mainnet$1,343

Unichain$736.33

Citrea$635

Tempo$10.66

Abstract$5.75

Celo$3.92

World Chain$0.08

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 24h$2.25m

Base$1.63m

Ethereum$477,454

Robinhood Chain$58,166

Monad$24,140

Arc$18,539

Flare$17,259

Arbitrum$12,909

Pharos$8,110

Hyperliquid L1$6,961

Katana$920

Plume Mainnet$442

Polygon$306

OP Mainnet$131

Unichain$90.96

Citrea$84

Tempo$2.45

Abstract$0

Celo$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

World Chain$0

Zircuit$0

Cumulative Fees$398.95m

Ethereum$233.03m

Base$127.91m

Hyperliquid L1$15.99m

Robinhood Chain$5.73m

Arbitrum$5m

Monad$3.48m

Katana$2.95m

Polygon$1.29m

Unichain$1.06m

Arc$637,190

Flare$580,941

Stable$456,175

OP Mainnet$320,543

Pharos$158,621

Plume Mainnet$132,339

Soneium$90,232

Corn$40,518

World Chain$36,267

Citrea$13,766

Tempo$13,444

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$9.05m

Incentives 30d$461,783

Incentives 7d$90,048

Incentives 24h$1,520

Cumulative Incentives$46.86m

Earnings (30d Run Rate)-$5.63m

Earnings 30d-$461,783

Earnings 7d-$90,048

Earnings 24h-$1,520

Cumulative Earnings-$46.86m

Collateral Liquidated 30d$101.66m

Collateral Liquidated 30d by chain

Base$81.73m

Ethereum$16.31m

Hyperliquid L1$2.48m

Robinhood Chain$596,654

Flare$379,868

World Chain$105,258

Arc$30,142

Arbitrum$17,123

Monad$10,897

Polygon$6,186

Katana$3,726

Plume Mainnet$143.75

Abstract$38

Unichain$7.14

Tempo$4.56

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

Zircuit$0

Collateral Liquidated 7d$71.27m

Base$63.64m

Ethereum$6.1m

Hyperliquid L1$852,684

Flare$312,537

Robinhood Chain$305,857

World Chain$42,759

Arbitrum$14,459

Arc$3,373

Katana$200

Plume Mainnet$40.17

Abstract$38

Tempo$4.56

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

Zircuit$0

Collateral Liquidated 24h$32.83m

Base$30.32m

Ethereum$2.27m

Flare$203,975

World Chain$22,110

Arbitrum$13,320

Robinhood Chain$412

Katana$84

Hyperliquid L1$15

Plume Mainnet$7.01

Tempo$4.56

Arc$1.05

Abstract$0

Celo$0

Citrea$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Monad$0

Morph$0

OP Mainnet$0

Pharos$0

Polygon$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Unichain$0

Zircuit$0

Cumulative Collateral Liquidated$190.24m

Ethereum$97.92m

Base$85.12m

Hyperliquid L1$5.1m

Robinhood Chain$1.29m

Flare$510,868

World Chain$117,549

Abstract$76,784

Arc$30,142

Celo$22,905

Arbitrum$20,246

Polygon$19,484

Monad$10,898

Katana$4,372

Plume Mainnet$4,142

OP Mainnet$18.01

Unichain$7.14

Morph$5.48

Tempo$4.56

Pharos$1.51

Sonic$0.04

Citrea$0

Etherlink$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Scroll$0

Soneium$0

Stable$0

Zircuit$0

Market Cap$1.344b

$MORPHO Price$1.91

All Time High$4.17

All Time Low$0.71

View $MORPHO token page

Fully Diluted Valuation$1.904b

Outstanding FDV$1.909b

$MORPHO Volume 24h$15.97m

CEX Volume$9.45m

DEX Volume$7.1m(44.45% of total)

Active Loans$5.651b

Treasury$26.33m

Majors$57.90

Stablecoins$99.90

Own Tokens$26.33m

Others$969.85

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

Other products:Morpho Optimizer AaveV2 Morpho Optimizer CompoundV2 Morpho Optimizer AaveV3

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 APY5.32%

Largest Pools by TVL

steakUSDGRobinhood Chain$533.85m

grove-steakUSDCBase$520.85m

sxsRLUSDEthereum$499.96m

sirloinUSDCBase$452.16m

gtUSDCpBase$398.85m

All pools above $1m (174)

View all Yields

User Activity

Active Addresses (24h)4,317

Transactions (24h)95,160

Competitors

Aave V3 ($14.431b)Avalon Finance ($906,538)Euler V2 ($245.28m)Ajna V2 ($40,793)PWN ($19,708)Gearbox ($19.56m)LayerBank ($5.05m)Impermax V2 ($478,940)Tarot ($463,484)Compound V3 ($1.1b)

Closest by TVL

SparkLend ($4.371b)JustLend V1 ($3.182b)

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	$43.29M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$36.27M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$7.02M	$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	$43.29M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$36.27M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$7.02M	$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	$746.49K	$1.47M	$956.65K	$3.81M	$5.15M	$7.12M	$3.06M	$12.94M	$11.62M	$0	$0	$0
URD Claims	$0	$23.25K	$88.71K	$1.03M	$643.57K	$2.88M	$3.01M	$12.94M	$11.62M	$0	$0	$0
Merkl Campaigns	$746.49K	$1.44M	$867.95K	$2.78M	$4.51M	$4.24M	$44.12K	$0	$0	$0	$0	$0
Earnings	-$746.49K	-$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 14, 2026.

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

Daily TVL, Oct 16, 2026 to Nov 14, 2026

Date	TVL
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
Nov 14, 2026	$10.626b

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 14, 2026 (latest)	$10.626b

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)	$17.47m	$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 14, 2026, Morpho has $10.548b in total value locked. TVL has decreased 4.2% 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 45.7%.

How much has Morpho generated in fees and revenue?

Over the past 30 days, Morpho generated $30.49m in fees. Of that, $0 was protocol revenue. Based on the trailing year, the annualized rate is $212.1m in fees.

What is the MORPHO token price and valuation?

MORPHO is currently trading at $1.92. Its circulating market capitalization is $1.352b, ranking it #74. Its fully diluted valuation is $1.917b. Supply currently stands at 705.46m circulating, 1b total supply, 1b maximum supply.

How has MORPHO performed recently?

MORPHO is down 8.6% over the past 7 days and down 17.9% over the past 30 days. Its all-time high is $4.17, reached on Jan 17, 2025. The token is currently 54.1% 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 $46.397b across 519 protocols, and Morpho accounts for 22.7% 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 14, 2026, Morpho has $5.651b in active loans.

Does Morpho have a treasury?

Morpho has a tracked treasury currently valued at $26.33m. Its holdings include $99.90 in stablecoins, $57.90 in major assets, $26.33m in its own tokens, $969.85 in other assets.