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Morpho(MORPHO)

Total Value Locked$11.44b

TVL by Chain

Ethereum$5.246b

Base$4.502b

Robinhood Chain$612.6m

Arc$296.41m

Arbitrum$177.44m

Monad$173.37m

Hyperliquid L1$132.42m

Pharos$68.2m

Tempo$65.91m

Flare$44.92m

World Chain$36.92m

Katana$26.96m

Stable$26.2m

Citrea$8.71m

OP Mainnet$4.48m

Etherlink$4.37m

Polygon$3.11m

Morph$2.61m

Sei$2.33m

Plume Mainnet$1.65m

Unichain$1.06m

MegaETH$928,805

XDC$566,945

Celo$550,104

TAC$223,607

Kaia$118,443

Abstract$34,437

Soneium$27,492

Lisk$3,805

Avalanche$550

Sonic$103

RISE$95

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$23.12m

Fees 30d by chain

Ethereum$10.15m

Base$9.41m

Robinhood Chain$1.78m

Monad$619,642

Hyperliquid L1$352,116

Arc$344,192

Stable$135,141

Arbitrum$100,068

Flare$94,012

Pharos$51,718

Katana$43,344

Plume Mainnet$13,452

Polygon$7,475

OP Mainnet$5,270

Unichain$3,908

Abstract$3,118

Citrea$2,853

Tempo$570.87

World Chain$77.13

Celo$48.35

Morph$0.38

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 7d$5.55m

Ethereum$2.51m

Base$2.19m

Robinhood Chain$418,945

Monad$144,303

Arc$126,574

Arbitrum$54,934

Hyperliquid L1$46,635

Flare$21,829

Pharos$13,335

Katana$8,571

Stable$4,023

Plume Mainnet$2,275

Polygon$1,550

OP Mainnet$1,343

Citrea$1,072

Unichain$661.01

Tempo$108.15

Celo$8.71

World Chain$0.13

Abstract$0.10

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Zircuit$0

Fees 24h$938,952

Ethereum$474,702

Base$332,965

Robinhood Chain$61,808

Arc$25,023

Monad$21,636

Arbitrum$9,342

Hyperliquid L1$6,352

Flare$2,852

Pharos$1,684

Katana$1,596

Plume Mainnet$526

Polygon$214

OP Mainnet$191

Unichain$45

Tempo$15.43

Celo$0.73

World Chain$0.02

Abstract$0

Citrea$0

Fraxtal$0

Hemi$0

Ink$0

Mode$0

Morph$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Zircuit$0

Cumulative Fees$378.7m

Ethereum$225.64m

Base$117.51m

Hyperliquid L1$15.74m

Arbitrum$4.79m

Robinhood Chain$4.66m

Monad$3.08m

Katana$2.93m

Polygon$1.28m

Unichain$1.06m

Flare$506,243

Stable$386,420

Arc$347,703

OP Mainnet$316,953

Plume Mainnet$125,292

Pharos$104,837

Soneium$90,232

Corn$40,518

World Chain$36,266

Tempo$13,389

Abstract$12,428

Citrea$12,233

Hemi$3,640

Etherlink$3,354

Celo$712.78

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$9.8m

Incentives 30d$530,264

Incentives 7d$105,908

Incentives 24h$10,317

Cumulative Incentives$46.61m

Earnings (30d Run Rate)-$6.47m

Earnings 30d-$530,264

Earnings 7d-$105,908

Earnings 24h-$10,317

Cumulative Earnings-$46.61m

Collateral Liquidated 30d$5.85m

Collateral Liquidated 30d by chain

Base$3.35m

Hyperliquid L1$1.27m

Robinhood Chain$587,931

Ethereum$493,150

Abstract$69,502

Flare$49,317

World Chain$19,317

Polygon$14,176

Arbitrum$1,622

Plume Mainnet$1,032

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$988,061

Base$449,761

Ethereum$263,343

Robinhood Chain$258,901

World Chain$6,245

Polygon$6,182

Hyperliquid L1$1,519

Flare$1,300

Arbitrum$782.52

Plume Mainnet$25.75

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$15,302

Ethereum$15,285

World Chain$14

Base$1.44

Plume Mainnet$0.88

Hyperliquid L1$0.25

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

Polygon$0

Robinhood Chain$0

Scroll$0

Soneium$0

Sonic$0

Stable$0

Tempo$0

Unichain$0

Zircuit$0

Cumulative Collateral Liquidated$92.4m

Ethereum$81.97m

Base$5.35m

Hyperliquid L1$3.84m

Robinhood Chain$954,944

Flare$133,722

Abstract$76,746

Celo$22,905

World Chain$19,778

Polygon$19,480

Arbitrum$4,690

Plume Mainnet$4,050

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$1.535b

$MORPHO Price$2.18

All Time High$4.17

All Time Low$0.71

View $MORPHO token page

Fully Diluted Valuation$2.183b

Outstanding FDV$2.18b

$MORPHO Volume 24h$14.09m

CEX Volume$7.78m

DEX Volume$7.22m(51.26% of total)

Active Loans$5.829b

Treasury$29.87m

Majors$70.25

Stablecoins$99.87

Own Tokens$29.87m

Others$1,050

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 6.3%Trade No 94.5%

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 Tracked254

Average Supply APY5.36%

User Activity

Active Addresses (24h)3,116

Transactions (24h)62,040

Competitors

Aave V3 ($16.36b)Avalon Finance ($1.2m)Euler V2 ($277.77m)Ajna V2 ($44,356)PWN ($21,571)Gearbox ($22.89m)LayerBank ($5.61m)Impermax V2 ($531,601)Tarot ($524,099)Compound V3 ($1.346b)

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	$21.78M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$20.94M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$839.78K	$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	$21.78M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$20.94M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$839.78K	$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	$492.5K	$1.46M	$956.65K	$3.81M	$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	$492.5K	$1.44M	$867.95K	$2.78M	$4.51M	$4.24M	$44.12K	$0	$0	$0	$0	$0
Earnings	-$492.5K	-$1.46M	-$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 Oct 28, 2026.

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

Daily TVL, Sep 29, 2026 to Oct 28, 2026

Date	TVL
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
Oct 28, 2026	$11.402b

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 28, 2026 (latest)	$11.402b

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)	$21.78m	$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 28, 2026, Morpho has $11.44b in total value locked. TVL has increased 3.5% 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 45.9%.

How much has Morpho generated in fees and revenue?

Over the past 30 days, Morpho generated $23.12m in fees. Of that, $0 was protocol revenue. Based on the trailing year, the annualized rate is $205.21m in fees.

What is the MORPHO token price and valuation?

MORPHO is currently trading at $2.18. Its circulating market capitalization is $1.535b, ranking it #76. Its fully diluted valuation is $2.183b. Supply currently stands at 703.1m circulating, 1b total supply, 1b maximum supply.

How has MORPHO performed recently?

MORPHO is down 8.9% over the past 7 days and down 16.5% 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 $52.13b across 517 protocols, and Morpho accounts for 21.9% 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 28, 2026, Morpho has $5.829b in active loans.

Does Morpho have a treasury?

Morpho has a tracked treasury currently valued at $29.87m. Its holdings include $99.87 in stablecoins, $70.25 in major assets, $29.87m in its own tokens, $1,050 in other assets.