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Morpho(MORPHO)

Total Value Locked$11.409b

TVL by Chain

Ethereum$5.25b

Base$4.416b

Robinhood Chain$618.37m

Arc$286.84m

Monad$171.71m

Arbitrum$170.98m

Hyperliquid L1$129.85m

Pharos$67m

Morph$66.78m

Tempo$66.09m

Flare$44.92m

World Chain$38.15m

Stable$26.86m

Katana$26.5m

Citrea$8.6m

OP Mainnet$4.41m

Etherlink$4.37m

Polygon$3.19m

Sei$2.72m

Plume Mainnet$2.15m

Unichain$1.04m

MegaETH$928,956

XDC$587,493

Celo$542,228

TAC$223,032

Kaia$114,103

Abstract$33,726

Soneium$27,001

Lisk$3,780

Avalanche$534

Sonic$103

RISE$94

BSC$82

0G$38

Ink$13

Gnosis$0

Linea$0

Fraxtal$0

Scroll$0

Mode$0

Corn$0

Hemi$0

Zircuit$0

Bitlayer$0

Botanix$0

Key Metrics

Fees 30d$22.9m

Fees 30d by chain

Ethereum$10.01m

Base$9.34m

Robinhood Chain$1.79m

Monad$620,394

Hyperliquid L1$358,519

Arc$320,709

Stable$135,141

Flare$95,849

Arbitrum$91,424

Pharos$53,634

Katana$44,090

Plume Mainnet$13,212

Polygon$7,586

OP Mainnet$5,200

Unichain$4,000

Abstract$3,680

Citrea$2,907

Tempo$596.76

World Chain$79.55

Celo$47.62

Morph$0.38

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 7d$5.34m

Ethereum$2.36m

Base$2.15m

Robinhood Chain$414,722

Monad$140,243

Arc$112,097

Arbitrum$50,047

Hyperliquid L1$47,003

Flare$22,317

Pharos$12,697

Katana$7,930

Stable$7,835

Plume Mainnet$2,044

Polygon$1,677

OP Mainnet$1,323

Citrea$1,072

Unichain$790.01

Tempo$108.53

Celo$7.98

Abstract$0.38

World Chain$0.17

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 24h$827,876

Ethereum$389,417

Base$311,219

Robinhood Chain$60,921

Monad$20,823

Arc$18,741

Arbitrum$7,497

Hyperliquid L1$6,315

Pharos$5,832

Flare$2,879

Katana$2,175

Citrea$1,072

Polygon$389

Unichain$387

OP Mainnet$144

Plume Mainnet$50.25

Tempo$15.59

Celo$0.75

World Chain$0.01

Abstract$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Zircuit$0

Cumulative Fees$377.76m

Ethereum$225.16m

Base$117.17m

Hyperliquid L1$15.73m

Arbitrum$4.78m

Robinhood Chain$4.6m

Monad$3.06m

Katana$2.93m

Polygon$1.28m

Unichain$1.06m

Flare$503,391

Stable$386,420

Arc$322,680

OP Mainnet$316,762

Plume Mainnet$124,766

Pharos$103,153

Soneium$90,232

Corn$40,518

World Chain$36,266

Tempo$13,373

Abstract$12,428

Citrea$12,233

Hemi$3,640

Etherlink$3,354

Celo$712.05

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$9.86m

Incentives 30d$532,868

Incentives 7d$104,940

Incentives 24h$7,848

Cumulative Incentives$46.59m

Earnings (30d Run Rate)-$6.5m

Earnings 30d-$532,868

Earnings 7d-$104,940

Earnings 24h-$7,848

Cumulative Earnings-$46.59m

Collateral Liquidated 30d$6.01m

Collateral Liquidated 30d by chain

Base$3.35m

Hyperliquid L1$1.27m

Robinhood Chain$732,801

Ethereum$484,897

Abstract$69,502

Flare$64,857

World Chain$19,306

Polygon$14,176

Arbitrum$1,622

Plume Mainnet$1,038

Arc$496.39

Katana$233.96

Monad$7.29

Morph$5.48

Unichain$1.84

OP Mainnet$0.01

Celo$0

Citrea$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Pharos$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Zircuit$0

Collateral Liquidated 7d$973,522

Base$450,069

Robinhood Chain$258,997

Ethereum$248,193

World Chain$6,234

Polygon$6,182

Hyperliquid L1$1,519

Flare$1,300

Arbitrum$1,001

Plume Mainnet$27.09

Arc$0.39

Abstract$0

Celo$0

Citrea$0

Fraxtal$0

Hemi$0

Ink$0

Katana$0

Mode$0

Monad$0

Morph$0

OP Mainnet$0

Pharos$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Unichain$0

Zircuit$0

Collateral Liquidated 24h$7,442

Polygon$6,182

Hyperliquid L1$1,170

Base$61

Ethereum$21

World Chain$6.39

Plume Mainnet$1.90

Robinhood Chain$0.05

Abstract$0

Arbitrum$0

Arc$0

Celo$0

Citrea$0

Flare$0

Fraxtal$0

Hemi$0

Ink$0

Katana$0

Mode$0

Monad$0

Morph$0

OP Mainnet$0

Pharos$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Unichain$0

Zircuit$0

Cumulative Collateral Liquidated$92.38m

Ethereum$81.95m

Base$5.35m

Hyperliquid L1$3.84m

Robinhood Chain$954,944

Flare$133,722

Abstract$76,746

Celo$22,905

World Chain$19,764

Polygon$19,480

Arbitrum$4,690

Plume Mainnet$4,049

Katana$771.42

Arc$496.39

OP Mainnet$18.01

Monad$7.29

Morph$5.48

Unichain$1.84

Pharos$1.39

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$1.532b

$MORPHO Price$2.18

All Time High$4.17

All Time Low$0.71

View $MORPHO token page

Fully Diluted Valuation$2.179b

Outstanding FDV$2.18b

$MORPHO Volume 24h$20.73m

CEX Volume$11.06m

DEX Volume$10m(48.22% of total)

Active Loans$5.836b

Treasury$29.49m

Majors$69.31

Stablecoins$99.86

Own Tokens$29.48m

Others$1,090

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

TradingCrypto Hacks · DefiLlama

Markets by Trueo All markets

Morpho bad debt or exploit in October 2026?

Trade Yes 7%Trade No 89.5%

Quotes fetched just now.

Market details

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 Tracked253

Average Supply APY5.34%

User Activity

Active Addresses (24h)3,021

Transactions (24h)57,369

Competitors

Aave V3 ($16.427b)Avalon Finance ($1.2m)Euler V2 ($281.81m)Ajna V2 ($44,540)PWN ($21,443)Gearbox ($22.75m)LayerBank ($5.47m)Impermax V2 ($527,828)Tarot ($517,837)Compound V3 ($1.341b)

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	$20.87M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$20.03M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$839.26K	$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	$20.87M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$20.03M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$839.26K	$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	$474.57K	$1.46M	$956.65K	$3.8M	$5.15M	$7.12M	$3.06M	$12.94M	$11.62M	$0	$0	$0
URD Claims	$0	$22.22K	$88.71K	$1.03M	$643.57K	$2.88M	$3.01M	$12.94M	$11.62M	$0	$0	$0
Merkl Campaigns	$474.57K	$1.44M	$867.95K	$2.77M	$4.51M	$4.24M	$44.12K	$0	$0	$0	$0	$0
Earnings	-$474.57K	-$1.46M	-$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 27, 2026.

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

Daily TVL, Sep 28, 2026 to Oct 27, 2026

Date	TVL
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
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

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 27, 2026 (latest)	$11.45b

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)	$20.87m	$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 27, 2026, Morpho has $11.409b in total value locked. TVL has increased 3.2% 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 46%.

How much has Morpho generated in fees and revenue?

Over the past 30 days, Morpho generated $22.9m in fees. Of that, $0 was protocol revenue. Based on the trailing year, the annualized rate is $204.96m in fees.

What is the MORPHO token price and valuation?

MORPHO is currently trading at $2.18. Its circulating market capitalization is $1.532b, ranking it #78. Its fully diluted valuation is $2.179b. Supply currently stands at 703.06m circulating, 1b total supply, 1b maximum supply.

How has MORPHO performed recently?

MORPHO is down 10.2% over the past 7 days and down 21.1% over the past 30 days. Its all-time high is $4.17, reached on Jan 17, 2025. The token is currently 47.7% 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 $52.765b across 517 protocols, and Morpho accounts for 21.6% 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 Oct 27, 2026, Morpho has $5.836b in active loans.

Does Morpho have a treasury?

Morpho has a tracked treasury currently valued at $29.49m. Its holdings include $99.86 in stablecoins, $69.31 in major assets, $29.48m in its own tokens, $1,090 in other assets.