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Morpho(MORPHO)

Total Value Locked$10.884b

TVL by Chain

Ethereum$4.962b

Base$4.189b

Robinhood Chain$593.71m

Arc$304.26m

Arbitrum$174.1m

Monad$170.83m

Hyperliquid L1$128.11m

Pharos$113.12m

Tempo$68.43m

Stable$65.89m

Flare$37.93m

World Chain$29m

Katana$21.84m

Citrea$8.09m

Etherlink$4.38m

Morph$3.34m

OP Mainnet$2.9m

Polygon$2.86m

Plume Mainnet$1.09m

MegaETH$917,279

Unichain$799,527

Sei$590,296

Celo$510,211

XDC$496,943

TAC$214,831

Kaia$111,637

Abstract$29,865

Soneium$21,742

Avalanche$509

Sonic$103

RISE$85

BSC$82

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$28.5m

Fees 30d by chain

Base$12.85m

Ethereum$11.6m

Robinhood Chain$1.82m

Monad$651,614

Arc$490,505

Hyperliquid L1$469,312

Arbitrum$264,452

Stable$104,026

Flare$102,432

Pharos$75,110

Katana$35,005

Plume Mainnet$11,345

Polygon$9,821

OP Mainnet$5,905

Unichain$3,168

Citrea$2,663

Tempo$276.98

Celo$27.73

Abstract$6.39

World Chain$5.01

Hemi$0.01

Fraxtal$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 7d$8.33m

Base$4.18m

Ethereum$3.05m

Robinhood Chain$425,432

Hyperliquid L1$161,122

Monad$148,525

Arc$131,502

Arbitrum$93,177

Stable$69,755

Flare$29,483

Pharos$25,447

Katana$7,131

Polygon$3,096

Plume Mainnet$1,830

OP Mainnet$1,356

Unichain$774.54

Citrea$592

Tempo$13.08

Abstract$5.74

Celo$2.05

World Chain$0.09

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 24h$803,368

Ethereum$341,319

Base$325,534

Robinhood Chain$57,944

Monad$19,133

Stable$16,732

Arc$16,191

Arbitrum$11,208

Hyperliquid L1$6,541

Pharos$3,777

Flare$2,528

Katana$1,493

Polygon$473

OP Mainnet$217

Plume Mainnet$207

Unichain$69.90

Tempo$1.33

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

Zircuit$0

Cumulative Fees$395.4m

Ethereum$232.12m

Base$125.57m

Hyperliquid L1$15.97m

Robinhood Chain$5.58m

Arbitrum$4.98m

Monad$3.43m

Katana$2.95m

Polygon$1.29m

Unichain$1.06m

Arc$601,717

Flare$560,295

Stable$456,175

OP Mainnet$320,198

Pharos$150,342

Plume Mainnet$131,664

Soneium$90,232

Corn$40,518

World Chain$36,267

Citrea$13,469

Tempo$13,440

Abstract$12,434

Hemi$3,640

Etherlink$3,354

Celo$719.78

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$9.15m

Incentives 30d$480,441

Incentives 7d$103,342

Incentives 24h$13,634

Cumulative Incentives$46.85m

Earnings (30d Run Rate)-$5.86m

Earnings 30d-$480,441

Earnings 7d-$103,342

Earnings 24h-$13,634

Cumulative Earnings-$46.85m

Collateral Liquidated 30d$60.76m

Collateral Liquidated 30d by chain

Base$43.6m

Ethereum$14.06m

Hyperliquid L1$2.52m

Robinhood Chain$292,337

Flare$156,445

World Chain$82,203

Arc$26,768

Monad$10,897

Polygon$6,187

Arbitrum$3,803

Katana$3,642

Plume Mainnet$375.25

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$40.95m

Base$27.64m

Ethereum$11.94m

Hyperliquid L1$1.2m

Flare$145,460

World Chain$31,239

Katana$2,447

Arbitrum$1,165

Robinhood Chain$1,042

Abstract$38

Plume Mainnet$27.74

Polygon$4.18

Unichain$3.71

Monad$3.42

Arc$0.08

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$66,096

Base$65,915

World Chain$126

Katana$37

Arbitrum$11

Ethereum$4.03

Robinhood Chain$1.29

Plume Mainnet$1.28

Abstract$0

Arc$0

Celo$0

Citrea$0

Flare$0

Fraxtal$0

Hemi$0

Hyperliquid L1$0

Ink$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$148.77m

Ethereum$95.61m

Base$46.52m

Hyperliquid L1$5.1m

Robinhood Chain$983,149

Flare$286,568

World Chain$93,134

Abstract$76,784

Arc$26,768

Celo$22,905

Polygon$19,484

Monad$10,898

Arbitrum$6,926

Katana$4,288

Plume Mainnet$4,123

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$1.408b

$MORPHO Price$2

All Time High$4.17

All Time Low$0.71

View $MORPHO token page

Fully Diluted Valuation$1.998b

Outstanding FDV$2.002b

$MORPHO Volume 24h$15.29m

CEX Volume$9.17m

DEX Volume$7.08m(46.3% of total)

Active Loans$5.776b

Treasury$27.25m

Majors$60.46

Stablecoins$99.90

Own Tokens$27.25m

Others$1,006

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 APY5.16%

User Activity

Active Addresses (24h)3,294

Transactions (24h)67,771

Competitors

Aave V3 ($14.826b)Avalon Finance ($942,021)Euler V2 ($248.78m)Ajna V2 ($41,472)PWN ($20,124)Gearbox ($20.3m)LayerBank ($5.17m)Impermax V2 ($488,592)Tarot ($438,558)Compound V3 ($1.159b)

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	$38.91M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$34.63M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$4.28M	$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	$38.91M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$34.63M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$4.28M	$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	$729.42K	$1.47M	$956.65K	$3.81M	$5.15M	$7.12M	$3.06M	$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	$729.42K	$1.44M	$867.95K	$2.78M	$4.51M	$4.24M	$44.12K	$0	$0	$0	$0	$0
Earnings	-$729.42K	-$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 12, 2026.

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

Daily TVL, Oct 14, 2026 to Nov 12, 2026

Date	TVL
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	$11.281b
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

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 12, 2026 (latest)	$11.074b

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)	$13.09m	$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 12, 2026, Morpho has $10.884b in total value locked. TVL has decreased 2.1% 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 45.6%.

How much has Morpho generated in fees and revenue?

Over the past 30 days, Morpho generated $28.5m in fees. Of that, $0 was protocol revenue. Based on the trailing year, the annualized rate is $210.17m in fees.

What is the MORPHO token price and valuation?

MORPHO is currently trading at $2.02. Its circulating market capitalization is $1.424b, ranking it #77. Its fully diluted valuation is $2.022b. Supply currently stands at 704.39m circulating, 1b total supply, 1b maximum supply.

How has MORPHO performed recently?

MORPHO is down 3.6% over the past 7 days and down 15.5% over the past 30 days. Its all-time high is $4.17, reached on Jan 17, 2025. The token is currently 51.6% 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 $47.766b 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, Impermax V2, Tarot, and Compound V3.

How much has been borrowed through Morpho?

As of Nov 12, 2026, Morpho has $5.776b in active loans.

Does Morpho have a treasury?

Morpho has a tracked treasury currently valued at $27.25m. Its holdings include $99.90 in stablecoins, $60.46 in major assets, $27.25m in its own tokens, $1,006 in other assets.