24h Change-6.81%
All Time HighJan 17, 2025$4.17
All Time LowNov 25, 2024$0.71
Market Cap$1.175b
Fully Diluted Valuation$1.82b
Circ. Supply645.88m MORPHO
Max Supply1b MORPHO
Outstanding FDV$1.82b
CEX Volume$14.14m
DEX Volume$15.54m
Aerodrome Slipstream · Base$3.24m
Uniswap V3 · Ethereum$1.87m
Uniswap V3 · Base$1.34m
Aerodrome V1 · Base$91,302
Majors$55.58
Stablecoins$99.86
Own Tokens$38.01m
Others$1,669
Strategic · Jul 13, 2022$18m
Private · Feb 28, 2024Undisclosed
Strategic · Aug 1, 2024$50m
| Q2 2026* | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
Gross Protocol Revenue | $34.52M | $44.72M | $59.33M | $54.02M | $20.09M | $28.06M | $20.37M | $11.33M | $17.29M | $1.03M |
| Borrow Interest | $31.24M | $33.84M | $49.93M | $52.97M | $19.35M | $26.74M | $20.15M | $9.64M | $16.21M | $911.66K |
| Liquidation Fees | $3.27M | $10.88M | $9.40M | $1.05M | $738.74K | $1.31M | $216.93K | $1.69M | $1.08M | $127.40K |
Cost of Revenue | $34.52M | $44.72M | $59.33M | $54.02M | $20.09M | $28.06M | $20.37M | $11.33M | $17.29M | $1.03M |
| Borrow Interest | $31.24M | $33.84M | $49.93M | $52.97M | $19.35M | $26.74M | $20.15M | $9.64M | $16.21M | $911.66K |
| Liquidation Fees | $3.27M | $10.88M | $9.40M | $1.05M | $738.74K | $1.31M | $216.93K | $1.69M | $1.08M | $127.40K |
Gross Profit | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Incentives | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Earnings | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Token Holder Net Income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
How much debt can be issued against MORPHO as collateral across lending protocols.
Maximum possible exposure to MORPHO
$341,947
$34,190 (max additional borrows against MORPHO) + $307,757 (bad debt if MORPHO was hacked now)
Morpho V1
$341,947 at-risk exposure = $307,757 bad debt if hacked + $34,190 additional borrowable against MORPHO
Showing collateral exposure for MORPHO on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for MORPHO as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
MORPHO0x58d97b57bb95320f9a05dc918aef65434969c2b2 | $34,190 | $307,757 | ||
MORPHO0xbaa5cc21fd487b8fcc2f632f3f4e8d37262a0842 | $0.002 | $0 |
Risk-management actions published about MORPHO by tracked risk managers and governance contributors, newest first.
MORPHO tokens are now enabled as collateral to borrow USDC, providing liquidity options for holders without selling positions. Risk is managed via Api3’s OEV oracles for volatile conditions and Morpho’s partial liquidation to avoid all-or-nothing liquidations.
MORPHO lacks prior lending markets on Ethereum mainnet despite its quality and demand. Kabu USDC launches the first MORPHO/USDC market, leveraging Api3’s targeted oracle updates and Morpho’s partial liquidation to mitigate bad debt and volatility risks effectively.
LayerZero's Ethereum and Arbitrum bridging adapters for MORPHO had ineffective rate-limit configurations, potentially exposing cross-chain transfers to abuse. The migration redeploys adapters with proper rate limiting and moves locked tokens, with no funds at risk or impact on circulating supply.
Morpho deployment on Arbitrum requires bridging the MORPHO token for usability, using LayerZero's lock/mint pattern to enable cross-chain transfers while mitigating risks like DVN collusion through trusted providers and rate limits of 250k MORPHO/month from Ethereum.
The Aerodrome MORPHO/WETH pool supports higher volume than the Base Uniswap v3 pool despite smaller TVL, and AERO incentives can further boost MORPHO's onchain liquidity as part of the protocol's toolkit.
Gauntlet proposes deploying Morpho Association's treasury into Uniswap V3 positions via Aera to provide initial and dynamic liquidity for MORPHO transferability on mainnet and Base. The strategy uses 80% annualized volatility estimates from comparable tokens to set ranges, targeting low slippage while managing Loss Versus Rebalancing (LVR) costs offset by fees.
Whitelisting the vault address will allow it to transfer potential $MORPHO rewards from supplying to incentivized LST/ETH markets directly to depositors.
MORPHO is the governance token of Morpho, empowering holders to vote on protocol changes such as risk parameters, fee structures, ecosystem grants, and treasury management
Anyone who holds or has delegated to holders 500k MORPHO tokens can submit a proposal for voting. This threshold is adjustable by governance. The core smart contract code is immutable.
Governance powers include ownership of upgradeable MORPHO token contract
Governance has control over MORPHO tokens in governance treasury
Governance can activate and adjust the fee switch
Morpho DAO can activate fee switch with governance vote
Morpho Association is legally prohibited from having shareholders, distributing profits to members, or being sold. All resources must be directed towards stated mission. Morpho will only have one asset: MORPHO
Morpho can charge a fee on interest paid by borrowers, decided by DAO
No dividend or revenue distribution is currently active
No burn mechanism is currently active
An is required to view token usage.
An is required to view token unlocks.
Showing 10 of 14 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabETH-MORPHO0.30% | $3.2m | 48.11% | 48.11% | 18.25% | |||||
| open in new tabWETH-MORPHOCL200 - 0.276% | $1.93m | 64.82% | 32.99% | 62.36% | |||||
| open in new tabUSDC-MORPHO1% | $256,726 | 106% | 106% | 58.62% | |||||
| open in new tabUSDC-MORPHOUniswap | $160,797 | 63.40% | 62.94% | ||||||
| open in new tabMORPHO-WETH0.3% | $122,983 | 18.90% | 18.90% | 9.51% | |||||
| open in new tabMORPHO-USDC0.30% | $60,041 | 110% | 110% | 44.49% | |||||
| open in new tabMORPHO-WETHAerodrome | $47,323 | 12.79% | 12.30% | ||||||
| open in new tabMORPHO-WETH1% | $27,632 | 119% | 119% | 39.62% | |||||
| open in new tabWETH-MORPHOUniswap | $16,298 | 17.68% | 47.24% | ||||||
| open in new tabMORPHO-WETHAerodrome | $14,109 | 12.27% | 11.89% |
Showing 10 of 17 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabMORPHO âžž CBBTC | $8.3m | 0.04% | -0.15% | 65% | $10.72m | $381,389 | |||
| open in new tabMORPHO âžž LBTC | $3.34m | 0.73% | 0.91% | 65% | $10.72m | $381,389 | |||
| open in new tabMORPHO âžž ETH | $2.78m | -0.18% | -0.49% | 65% | $10.72m | $381,389 | |||
| open in new tabMORPHO âžž CBXRP | $2.03m | 0.05% | -0.13% | 65% | $10.72m | $381,389 | |||
| open in new tabMORPHO âžž VVV | $1.68m | 0.13% | < 0.0001% | 65% | $10.72m | $381,389 | |||
| open in new tabMORPHO âžž RETH | $1.58m | 0.07% | -0.10% | 65% | $10.72m | $381,389 | |||
| open in new tabMORPHO âžž VIRTUAL | $765,032 | -0.02% | -0.24% | 65% | $10.72m | $381,389 | |||
| open in new tabMORPHO âžž WELL | $545,831 | 0.66% | 0.80% | 65% | $10.72m | $381,389 | |||
| open in new tabMORPHO âžž WEETH | $122,268 | 0.09% | -0.07% | 65% | $10.72m | $381,389 | |||
| open in new tabMORPHO âžž TBTC | $47,508 | 0.42% | 0.44% | 65% | $10.72m | $381,389 |
