Logo of MorphoMorpho(MORPHO)
Total Value Locked$7.988b

TVL by Chain

Ethereum$3.647b

Base$3.26b

Robinhood Chain$401.13m

Hyperliquid L1$267.66m

Monad$155.14m

Katana$45.42m

Flare$38.31m

Stable$32.01m

Tempo$28.84m

World Chain$25.74m

Arbitrum$20.85m

Sei$16.05m

Morph$14.69m

Pharos$13.02m

Plume Mainnet$6.04m

Citrea$4.04m

Etherlink$3.65m

Polygon$3.23m

OP Mainnet$1.81m

Unichain$974,250

MegaETH$931,964

Celo$713,869

TAC$559,058

XDC$414,423

Kaia$218,991

Abstract$155,325

Soneium$22,527

Lisk$11,579

Scroll$7,359

Hemi$2,179

Fraxtal$291

Sonic$83

BSC$77

0G$32

Ink$13

Corn$0

Botanix$0

Linea$0

Gnosis$0

Mode$0

Zircuit$0

Bitlayer$0

Key Metrics

Fees (Annualized)$222.3m
Fees 30d$16.98m

Ethereum$7.68m

Base$6.73m

Hyperliquid L1$1.26m

Robinhood Chain$700,662

Monad$374,313

Flare$79,804

Katana$52,948

Arbitrum$45,972

Plume Mainnet$22,915

Pharos$8,896.63

OP Mainnet$5,296

Polygon$4,650.79

Unichain$4,621.63

Morph$2,298

Citrea$1,819.45

Etherlink$1,135.14

Celo$1,011.85

Abstract$426.54

Stable$155.12

Tempo$141.4

World Chain$62.21

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 7d$3.71m

Base$1.64m

Ethereum$1.55m

Robinhood Chain$221,156

Hyperliquid L1$130,084

Monad$112,563

Flare$15,501

Katana$12,854

Arbitrum$11,341

Plume Mainnet$6,172

Pharos$5,465

OP Mainnet$1,148

Polygon$1,066.83

Celo$992.51

Unichain$672.7

Etherlink$534

Citrea$358

Tempo$112.53

Abstract$70.42

World Chain$7.61

Stable$5.09

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 24h$529,921.95

Base$226,443.95

Ethereum$225,301

Robinhood Chain$32,382

Hyperliquid L1$19,370

Monad$17,918

Flare$2,205

Katana$1,844

Arbitrum$1,677

Pharos$1,298

Plume Mainnet$1,211

OP Mainnet$145

Polygon$65.84

Tempo$56.51

Abstract$4.11

World Chain$0.61

Celo$0

Citrea$0

Etherlink$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Unichain$0

Zircuit$0

Cumulative Fees$341.33m

Ethereum$214.51m

Base$97.51m

Hyperliquid L1$16.08m

Arbitrum$4.66m

Katana$2.82m

Monad$1.72m

Polygon$1.27m

Unichain$1.05m

Robinhood Chain$814,837

OP Mainnet$303,890

Flare$255,165

Soneium$90,226

Plume Mainnet$75,705

Stable$64,411.12

Corn$40,518

World Chain$36,503.03

Pharos$9,564.63

Citrea$6,219.45

Hemi$3,644

Abstract$2,743.72

Morph$2,298

Etherlink$2,084.14

Celo$1,678.85

Tempo$206.95

Fraxtal$1

Ink$0

Mode$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$14.49m

$372,330.14

$87,097.51

$12,452.77

$45.34m

Earnings (30d Run Rate)-$4.54m

-$372,330.14

-$87,097.51

-$12,452.77

-$45.34m

Collateral Liquidated 30d$3.93m
Collateral Liquidated 30d by chain

Ethereum$2.65m

Hyperliquid L1$772,910.96

Base$435,925.94

Flare$34,447

Celo$22,905

Polygon$5,231.08

Arbitrum$2,986

Plume Mainnet$1,313.67

Katana$144.21

Abstract$131.82

World Chain$100.32

Robinhood Chain$34.12

OP Mainnet$18

Pharos$1.39

Citrea$0

Etherlink$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$261,742.5

Base$173,074

Ethereum$64,265.84

Celo$22,793

Flare$1,409

World Chain$82.22

Hyperliquid L1$80.96

Plume Mainnet$31.28

Robinhood Chain$4.88

Pharos$1.39

Katana$0.02

Abstract$0

Arbitrum$0

Citrea$0

Etherlink$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

OP Mainnet$0

Polygon$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Zircuit$0

Collateral Liquidated 24h$35,669

Base$34,748

Ethereum$906

Plume Mainnet$8.84

Robinhood Chain$4.88

World Chain$0.74

Hyperliquid L1$0.64

Abstract$0

Arbitrum$0

Celo$0

Citrea$0

Etherlink$0

Flare$0

Fraxtal$0

Hemi$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

Zircuit$0

Cumulative Collateral Liquidated$46.09m

Ethereum$43.66m

Hyperliquid L1$1.88m

Base$473,891.94

Flare$39,608

Celo$22,905

Polygon$5,232.08

Arbitrum$2,986

Plume Mainnet$2,183.68

Abstract$1,107.82

Katana$262.21

World Chain$120.05

Robinhood Chain$34.12

OP Mainnet$18

Pharos$1.39

Citrea$0

Etherlink$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Zircuit$0

Market Cap$1.289b

$MORPHO Price$1.96

All Time High$4.17

All Time Low$0.71

View $MORPHO token page

$1.963b

$1.96b

$MORPHO Volume 24h$7.86m

CEX Volume$3.7m

DEX Volume$4.33m(55.06% of total)

Active Loans$4.459b

$MORPHO Liquidity$6.54m

Aerodrome Slipstream$3.24m

Uniswap V3$1.87m

Uniswap V3$1.34m

Aerodrome V1$91,302

Treasury$26.55m

$56.42

Stablecoins$99.91

Own Tokens$26.54m

Others$1,813.85

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

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 Tracked233

Average Supply APY4.33%

Competitors

Aave V3 ($14.165b)Avalon Finance ($1.33m)Euler V2 ($355.5m)PWN ($20,530.19)Gearbox ($17.39m)SparkLend ($3.724b)Maple ($2.425b)Compound V3 ($1.134b)Venus Core Pool ($1.073b)Lista Lending ($717.53m)

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 $7.988b in total value locked. TVL has increased 8% 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 45.6%.

How much has Morpho generated in fees and revenue?

Over the past 30 days, Morpho generated $16.98m in fees. Of that, $0 was protocol revenue. Based on the trailing year, the annualized rate is $222.3m in fees.

What is the MORPHO token price and valuation?

MORPHO is currently trading at $1.96. Its circulating market capitalization is $1.289b, ranking it #72. Its fully diluted valuation is $1.963b. Supply currently stands at 656.42m circulating, 1b total supply, 1b maximum supply.

How has MORPHO performed recently?

MORPHO is up 0.9% over the past 7 days and down 3.4% over the past 30 days. Its all-time high is $4.17, reached on Jan 17, 2025. The token is currently 53% 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 $41.158b across 467 protocols, and Morpho accounts for 19.3% of that total. Other leading protocols include Aave, Spark, and JustLend.

How much has been borrowed through Morpho?

Morpho currently has $4.459b in active loans.

Does Morpho have a treasury?

Morpho has a tracked treasury currently valued at $26.55m. Its holdings include $99.91 in stablecoins, $56.42 in major assets, $26.54m in its own tokens, $1,813.85 in other assets.