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Morpho(MORPHO)

Total Value Locked$11.054b

TVL by Chain

Ethereum$5.018b

Base$4.423b

Robinhood Chain$599.67m

Arc$300.49m

Monad$165.43m

Hyperliquid L1$136.57m

Pharos$66.89m

Tempo$65.78m

Morph$56.29m

Arbitrum$54.12m

Flare$43.4m

World Chain$39.61m

Katana$27.73m

Stable$27.72m

Citrea$8.61m

OP Mainnet$4.21m

Etherlink$3.66m

Sei$3.31m

Polygon$3.13m

Plume Mainnet$2.23m

Unichain$1.08m

MegaETH$928,268

Celo$555,431

XDC$551,183

Kaia$341,932

TAC$341,583

Abstract$35,051

Soneium$26,661

Lisk$3,862

Hemi$1,687

Avalanche$599

Fraxtal$365

Sonic$103

RISE$95

BSC$82

0G$38

Scroll$37

Ink$13

Mode$0

Corn$0

Zircuit$0

Bitlayer$0

Gnosis$0

Botanix$0

Linea$0

Key Metrics

Fees 30d$22.04m

Fees 30d by chain

Ethereum$9.84m

Base$8.88m

Robinhood Chain$1.77m

Monad$624,899

Hyperliquid L1$336,385

Arc$189,349

Stable$120,146

Flare$103,775

Katana$47,644

Pharos$46,081

Arbitrum$44,496

Plume Mainnet$17,510

Polygon$7,411

OP Mainnet$5,344

Unichain$4,416

Abstract$4,322

Citrea$2,686

Tempo$2,634

World Chain$89.76

Celo$49.37

Etherlink$13

Morph$0.38

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 7d$5.52m

Ethereum$2.38m

Base$2.26m

Robinhood Chain$427,017

Monad$136,688

Arc$107,431

Hyperliquid L1$106,338

Stable$31,646

Flare$23,289

Arbitrum$18,429

Pharos$15,134

Katana$10,183

Plume Mainnet$2,400

Polygon$1,864

OP Mainnet$1,173

Unichain$650.56

Citrea$574

Tempo$97.55

Celo$12.02

World Chain$4.65

Abstract$0.43

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 24h$815,617

Ethereum$333,525

Base$319,776

Hyperliquid L1$63,055

Robinhood Chain$58,704

Monad$17,959

Arc$10,572

Flare$3,009

Pharos$2,559

Arbitrum$2,506

Stable$2,307

Katana$1,054

Polygon$221

Plume Mainnet$212

OP Mainnet$142

Tempo$15.53

World Chain$0.04

Abstract$0

Celo$0

Citrea$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Unichain$0

Zircuit$0

Cumulative Fees$371.68m

Ethereum$222.51m

Base$114.71m

Hyperliquid L1$15.66m

Arbitrum$4.73m

Robinhood Chain$4.13m

Katana$2.92m

Monad$2.89m

Polygon$1.28m

Unichain$1.06m

Flare$478,554

Stable$373,732

OP Mainnet$315,281

Arc$199,973

Plume Mainnet$122,295

Soneium$90,232

Pharos$89,386

Corn$40,518

World Chain$36,266

Tempo$13,248

Abstract$12,428

Citrea$11,161

Hemi$3,640

Etherlink$3,354

Celo$704.07

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

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

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

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

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$10.35m

Incentives 30d$548,237

Incentives 7d$107,664

Incentives 24h$1,489

Cumulative Incentives$46.41m

Earnings (30d Run Rate)-$6.69m

Earnings 30d-$548,237

Earnings 7d-$107,664

Earnings 24h-$1,489

Cumulative Earnings-$46.41m

Collateral Liquidated 30d$4.29m

Collateral Liquidated 30d by chain

Base$2.7m

Robinhood Chain$567,436

Hyperliquid L1$558,327

Ethereum$303,687

Abstract$69,797

Flare$63,146

World Chain$12,976

Polygon$7,994

Plume Mainnet$1,040

Arbitrum$589.74

Arc$496

Katana$242.66

Monad$7.29

Morph$5.48

Unichain$0.90

Celo$0

Citrea$0

Etherlink$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

OP Mainnet$0

Pharos$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Zircuit$0

Collateral Liquidated 7d$2.5m

Base$1.73m

Hyperliquid L1$544,786

Ethereum$207,007

Flare$7,447

Robinhood Chain$4,848

World Chain$2,584

Arbitrum$526.57

Arc$496

Plume Mainnet$327.26

Katana$125.01

Monad$6.89

Polygon$1.22

Unichain$0.90

Abstract$0

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$663,318

Hyperliquid L1$497,413

Base$165,008

Ethereum$358.55

Flare$311

Katana$113

Robinhood Chain$98

World Chain$11

Monad$4.29

Plume Mainnet$1.15

Abstract$0

Arbitrum$0

Arc$0

Celo$0

Citrea$0

Fraxtal$0

Hemi$0

Ink$0

Mode$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$90.44m

Ethereum$81.7m

Base$4.65m

Hyperliquid L1$3.13m

Robinhood Chain$692,001

Flare$131,820

Abstract$76,746

Celo$22,905

World Chain$13,428

Polygon$13,298

Plume Mainnet$4,017

Arbitrum$3,649

Katana$771.42

Arc$496

OP Mainnet$18

Monad$7.29

Morph$5.48

Pharos$1.39

Unichain$0.90

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$1.685b

$MORPHO Price$2.40

All Time High$4.17

All Time Low$0.71

View $MORPHO token page

Fully Diluted Valuation$2.402b

Outstanding FDV$2.4b

$MORPHO Volume 24h$14.89m

CEX Volume$7.05m

DEX Volume$8.5m(57.1% of total)

Active Loans$5.613b

Treasury$32.31m

Majors$71.91

Stablecoins$99.91

Own Tokens$32.31m

Others$1,303

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 Tracked262

Average Supply APY4.65%

User Activity

Active Addresses (24h)2,725

Transactions (24h)50,349

Competitors

Aave V3 ($16.914b)Avalon Finance ($1.05m)Euler V2 ($287.72m)Ajna V2 ($45,858)PWN ($21,823)Gearbox ($22.48m)LayerBank ($2.85m)Tarot ($705,702)Impermax V2 ($569,087)Compound V3 ($1.397b)

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	$13.89M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$13.13M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$762.51K	$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	$13.89M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$13.13M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$762.51K	$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	$320.74K	$1.45M	$956.65K	$3.8M	$5.15M	$7.12M	$3.06M	$12.94M	$11.62M	$0	$0	$0
URD Claims	$0	$4.04K	$88.71K	$1.03M	$643.57K	$2.88M	$3.01M	$12.94M	$11.62M	$0	$0	$0
Merkl Campaigns	$320.74K	$1.44M	$867.95K	$2.77M	$4.51M	$4.24M	$44.12K	$0	$0	$0	$0	$0
Earnings	-$320.74K	-$1.45M	-$956.65K	-$3.8M	-$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 Oct 18, 2026.

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

Daily TVL, Sep 19, 2026 to Oct 18, 2026

Date	TVL
Sep 19, 2026	$10.741b
Sep 20, 2026	$10.753b
Sep 21, 2026	$10.732b
Sep 22, 2026	$11.03b
Sep 23, 2026	$11.052b
Sep 24, 2026	$10.859b
Sep 25, 2026	$10.877b
Sep 26, 2026	$11.03b
Sep 27, 2026	$11.053b
Sep 28, 2026	$11.056b
Sep 29, 2026	$10.982b
Sep 30, 2026	$11.021b
Oct 1, 2026	$10.984b
Oct 2, 2026	$11.197b
Oct 3, 2026	$11.302b
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

TVL at each month end, Nov 2024 to Oct 2026

Date	TVL
Nov 30, 2024	$2.474b
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 18, 2026 (latest)	$11.038b

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, Nov 2024 to Oct 2026

Month	Fees	Revenue	Holders revenue
Nov 2024	$5.93m	$0	$0
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 (to date)	$13.89m	$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 Oct 18, 2026, Morpho has $11.054b in total value locked. TVL has increased 8% over the past 30 days.

What chains does Morpho operate on?

Morpho operates on 45 chains: Ethereum, Base, Robinhood Chain, Arc, and Monad and 40 others. Ethereum holds the largest share at 45.4%.

How much has Morpho generated in fees and revenue?

Over the past 30 days, Morpho generated $22.04m in fees. Of that, $0 was protocol revenue. Based on the trailing year, the annualized rate is $203.96m in fees.

What is the MORPHO token price and valuation?

MORPHO is currently trading at $2.38. Its circulating market capitalization is $1.671b, ranking it #74. Its fully diluted valuation is $2.383b. Supply currently stands at 701.46m circulating, 1b total supply, 1b maximum supply.

How has MORPHO performed recently?

MORPHO is down 0.9% over the past 7 days and up 6.8% over the past 30 days. Its all-time high is $4.17, reached on Jan 17, 2025. The token is currently 42.9% 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 $51.42b across 516 protocols, and Morpho accounts for 21.5% of that total. Other leading 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 Oct 18, 2026, Morpho has $5.613b in active loans.

Does Morpho have a treasury?

Morpho has a tracked treasury currently valued at $32.31m. Its holdings include $99.91 in stablecoins, $71.91 in major assets, $32.31m in its own tokens, $1,303 in other assets.