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Morpho(MORPHO)

Total Value Locked$11.402b

TVL by Chain

Ethereum$5.231b

Base$4.483b

Robinhood Chain$613.53m

Arc$295.75m

Arbitrum$174.6m

Monad$171.14m

Hyperliquid L1$132.72m

Pharos$67.68m

Tempo$65.91m

Flare$44.92m

World Chain$37.16m

Stable$26.87m

Katana$26.83m

Citrea$8.66m

OP Mainnet$4.5m

Etherlink$4.37m

Polygon$3.22m

Morph$2.58m

Sei$2.1m

Plume Mainnet$1.65m

Unichain$1.05m

MegaETH$929,307

XDC$565,576

Celo$550,951

TAC$223,484

Kaia$115,399

Abstract$34,191

Soneium$27,223

Lisk$3,785

Avalanche$547

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$23.11m

Fees 30d by chain

Ethereum$10.14m

Base$9.41m

Robinhood Chain$1.78m

Monad$618,491

Hyperliquid L1$352,331

Arc$344,340

Stable$135,141

Arbitrum$99,751

Flare$93,849

Pharos$52,391

Katana$43,324

Plume Mainnet$13,451

Polygon$7,475

OP Mainnet$5,254

Unichain$3,908

Abstract$3,118

Citrea$2,853

Tempo$570.91

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$5.53m

Ethereum$2.5m

Base$2.19m

Robinhood Chain$418,675

Monad$143,152

Arc$126,722

Arbitrum$54,617

Hyperliquid L1$46,850

Flare$21,666

Pharos$14,008

Katana$8,551

Stable$4,023

Plume Mainnet$2,274

Polygon$1,550

OP Mainnet$1,327

Citrea$1,072

Unichain$661.01

Tempo$108.19

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$922,411

Ethereum$460,970

Base$331,057

Robinhood Chain$61,538

Arc$25,171

Monad$20,485

Arbitrum$9,025

Hyperliquid L1$6,567

Flare$2,689

Pharos$2,357

Katana$1,576

Plume Mainnet$525

Polygon$214

OP Mainnet$175

Unichain$45

Tempo$15.47

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$378.68m

Ethereum$225.62m

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$506,080

Stable$386,420

Arc$347,851

OP Mainnet$316,937

Plume Mainnet$125,291

Pharos$105,510

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$9.79m

Incentives 30d$520,355

Incentives 7d$95,999

Incentives 24h$408.70

Cumulative Incentives$46.6m

Earnings (30d Run Rate)-$6.35m

Earnings 30d-$520,355

Earnings 7d-$95,999

Earnings 24h-$408.70

Cumulative Earnings-$46.6m

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$19,316

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$988,059

Base$449,761

Ethereum$263,343

Robinhood Chain$258,901

World Chain$6,244

Polygon$6,182

Hyperliquid L1$1,519

Flare$1,300

Arbitrum$782.52

Plume Mainnet$24.87

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$15,300

Ethereum$15,285

World Chain$13

Base$1.43

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

Plume Mainnet$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$19,777

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$1.539b

$MORPHO Price$2.19

All Time High$4.17

All Time Low$0.71

View $MORPHO token page

Fully Diluted Valuation$2.189b

Outstanding FDV$2.19b

$MORPHO Volume 24h$17.47m

CEX Volume$9.01m

DEX Volume$8.74m(50.03% of total)

Active Loans$5.833b

Treasury$29.69m

Majors$70.27

Stablecoins$99.88

Own Tokens$29.69m

Others$1,077

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 91.7%

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 Tracked252

Average Supply APY5.55%

User Activity

Active Addresses (24h)3,021

Transactions (24h)57,369

Competitors

Aave V3 ($16.503b)Avalon Finance ($1.27m)Euler V2 ($283.02m)Ajna V2 ($44,712)PWN ($21,577)Gearbox ($23.07m)LayerBank ($5.56m)Impermax V2 ($532,064)Tarot ($523,960)Compound V3 ($1.358b)

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	$20.89M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$20.05M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$839.39K	$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	$20.89M	$52.9M	$48.6M	$44.72M	$59.33M	$54.02M	$20.09M	$28.06M	$20.38M	$11.34M	$17.3M	$1.04M
Borrow Interest	$20.05M	$51.31M	$42.11M	$33.84M	$49.93M	$52.97M	$19.35M	$26.74M	$20.16M	$9.64M	$16.21M	$911.66K
Liquidation Fees	$839.39K	$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	$482.59K	$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	$482.59K	$1.44M	$867.95K	$2.78M	$4.51M	$4.24M	$44.12K	$0	$0	$0	$0	$0
Earnings	-$482.59K	-$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)	$20.89m	$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 $11.402b in total value locked. TVL has increased 3.1% 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 45.9%.

How much has Morpho generated in fees and revenue?

Over the past 30 days, Morpho generated $23.11m in fees. Of that, $0 was protocol revenue. Based on the trailing year, the annualized rate is $205.19m in fees.

What is the MORPHO token price and valuation?

MORPHO is currently trading at $2.20. Its circulating market capitalization is $1.546b, ranking it #77. Its fully diluted valuation is $2.199b. Supply currently stands at 703.08m circulating, 1b total supply, 1b maximum supply.

How has MORPHO performed recently?

MORPHO is down 9% over the past 7 days and down 18.7% over the past 30 days. Its all-time high is $4.17, reached on Jan 17, 2025. The token is currently 47.2% 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 $52.354b across 517 protocols, and Morpho accounts for 21.8% 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 Oct 28, 2026, Morpho has $5.833b in active loans.

Does Morpho have a treasury?

Morpho has a tracked treasury currently valued at $29.69m. Its holdings include $99.88 in stablecoins, $70.27 in major assets, $29.69m in its own tokens, $1,077 in other assets.