Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.05% | 1.33% | 4.72% | 4.28% | 7.75% | 17.80% |
Revenue & Burn
Protocol income
-$315.94KBuyback funds
$0Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | -$315.94K | $0 | -- | -- |
| Sep 2026 | -$509.62K | $0 | -- | -- |
| Aug 2026 | -$619.08K | $0 | -- | -- |
| Jul 2026 | -$317.81K | $0 | -- | -- |
| Jun 2026 | -$148.34K | $0 | -- | -- |
| May 2026 | -$205.35K | $0 | -- | -- |
Comparison
Tokenomics
Unlock Progress
Data source: CoinMarketCap
Top Holders
| Address | Token | Quantity | Percentage | Value |
|---|---|---|---|---|
| 0x9d03...5123 |   MORPHO | 387,065,922.18 | 38.71% | $897.1M |
| 0x6abf...f6a2 | MORPHO | 79,821,427.04 | 7.98% | $185M |
| 0x5305...b281 | MORPHO | 41,899,103.53 | 4.19% | $97.11M |
Open Markets
| # | Exchange | Pair | Price | +2% depth | -2% depth | Volume (24h) | volume % |
|---|---|---|---|---|---|---|---|
| 1 | BBinanceCEX | MORPHO/USDT | $2.3 | $317,236 | $276,701 | $2,794,554 | 13.12% |
| 2 | BBVOXDEX | MORPHO/USDT | $2.3 | $4,800 | $3,581 | $1,689,948 | 7.94% |
| 3 | DDeepcoinDEX | MORPHO/USDT | $2.3 | $4,601 | $4,021 | $1,563,206 | 7.34% |
| 4 | GGroveXDEX | MORPHO/USDT | $2.31 | $74,993 | $81,432 | $1,045,050 | 4.91% |
| 5 | BBlockFinDEX | MORPHO/USDT | $2.3 | $312,587 | $422,201 | $998,659 | 4.69% |
| 6 | TToobitDEX | MORPHO/USDT | $2.3 | $323,130 | $303,975 | $840,490 | 3.95% |
| 7 | WETH/MORPHO | $2.31 | -- | -- | $829,260 | 3.89% | |
| 8 | bbitcastleDEX | MORPHO/USDT | $2.3 | $60,780 | $91,794 | $729,223 | 3.42% |
| 9 | OOrangeXDEX | MORPHO/USDT | $2.3 | $151,647 | $44,928 | $693,674 | 3.26% |
| 10 | UUZX.COMDEX | MORPHO/USDT | $2.3 | $1,007,006 | $1,073,816 | $636,211 | 2.99% |
Follow Updates
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People
About Morpho
Morpho is a decentralized lending protocol that operates as an infrastructure layer for credit markets. Its core business is providing a base layer where anyone can create isolated lending markets with customizable parameters, and a curation layer where risk managers build vaults that allocate funds across these markets.
The core competitive advantage is its modular architecture. The immutable base contracts cannot be changed by governance, which reduces systemic risk. Unlike shared-pool lenders like Aave, isolated markets prevent one market's failure from cascading to others. This design allows institutions to embed Morpho into their own products rather than forcing users to interact with a standalone application.
The market pain point Morpho addresses is the lack of predictable and customizable credit infrastructure in DeFi. Traditional lending protocols use algorithmic interest rate models that are opaque and inflexible. Morpho enables fixed-rate, fixed-term lending through its Midnight product, where borrowers and lenders quote rates directly, and its vault system allows professional risk managers to tailor exposure for different user segments.
In the past six months (2026-03-02 to 2026-09-02), Morpho launched Midnight, a fixed-rate lending product initially on Base network supporting cbBTC/USDC pairs. Major integrations expanded with Stripe announcing a yield product built on Morpho, following earlier adoptions by Coinbase, Kraken, OKX, and Binance. However, on August 26, 2026, Morpho experienced approximately $36 million in liquidations when a Pendle reUSD pool was manipulated, triggering cascading liquidations across 33 positions. The incident highlighted oracle risks in illiquid markets, though no bad debt was recorded.
Morpho's journey began as an optimization layer on Aave/Compound, evolving into a modular lending primitive. Key milestones: 2022 seed round led by a16z and Variant; 2024 $175M raise co-led by a16z Crypto and Paradigm, signaling institutional conviction; launch of Morpho Blue, a permissionless lending market with isolated risk parameters managed by curators; release of Midnight whitepaper introducing fixed-rate, term credit; strategic integrations including Ethena/Coinbase USDe yield pool, Stripe-powered Tempo blockchain, and Zama's privacy DeFi product; ecosystem growth marked by intense competition for vault curator roles, with Steakhouse Fi leading by $1B; institutional adoption confirmed by Standard Chartered's optimistic price forecast and CEO's emphasis on persistent institutional interest in on-chain solutions.
Positives: In June 2026, Morpho completed a $175M funding round at a $2B valuation; in July, launched fixed-rate lending Morpho Midnight, with Robinhood Earn and Uniswap Earn integrating Morpho; in August, total deposits surpassed $14B, Base deposits exceeded $5B, and outstanding loans approached $5B. Negatives: The protocol has generated no revenue since launch, no fee switch activated, token holders have no economic rights; governance is concentrated among a few entities; 123.9M tokens will be unlocked over the next 12 months, with significant founder selling pressure; valuation appears high relative to Aave.
Co-founders:
Paul Frambot (Co-founder & CEO): Graduated from Télécom Paris, founded Morpho in 2021. Previously worked as a software engineer and blockchain developer. Twitter: @PaulFrambot.
Merlin Egalite (Co-founder): Software engineer and blockchain developer, studied at Télécom Paris. Led technical development of Morpho's peer-to-peer lending engine. Twitter: @MerlinEgalite.
Julien Thomas (Co-founder & Lead Developer): Studied at Télécom Paris and EURECOM. Focused on protocol architecture and smart contract development. Twitter: @Julien_devatom.
Core Executives:
Christopher Robins (General Counsel): Experienced lawyer specializing in crypto and financial regulation. Previously at major law firms. Twitter: @CJRobins01.
John McCarthy (General Counsel): Legal expert with background in securities and corporate law. Advises on compliance and governance.
Morpho has recently expanded its team with two key additions. In March 2026, Christopher Robins joined as General Counsel, overseeing legal matters. In June 2026, Anton Cheng joined as Solutions Engineer, focusing on the Asia-Pacific region.
Anton, founder of Monarch, has been building on Morpho since 2023 and will continue maintaining Monarch while gradually handing it over to ecosystem developers. These moves indicate Morpho is strengthening its legal compliance and Asia-Pacific presence to further advance its lending protocol.