Morpho

MORPHO Rank #56

$2.74▲ 8.17%24h

Low $2.53High $2.74

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Market cap$1.91BRank #56

Fully diluted value$2.75B

Volume (24h)$23.85MVol / Mcap 1.25%

Circulating supply699.97M70.0% of max

Total supply1.00B

Max supply1.00B

All-time high$4.17Jan 17, 2025

All-time low$0.7132Nov 24, 2024

What is Morpho?

Protocol development

Morpho was founded in 2021. Its Optimizer launched in 2022 as a layer over Aave and Compound. Morpho Blue followed in 2024 as an independent lending protocol. Blue separates individual collateral and borrowing markets instead of combining every asset into one pool. Each market specifies its loan asset, collateral asset, oracle, interest-rate model and liquidation ratio.

Vaults and risk settings

Morpho's vault infrastructure allocates deposited assets among selected lending markets. Independent curators configure exposure and risk limits for their vaults. Morpho Blue's core contract is immutable. Its governance can enable approved rate models and liquidation ratios, and configure protocol fees. Those administrative functions do not grant unrestricted control over users' funds or individual market execution.

Token mechanics

MORPHO has a maximum supply of one billion tokens. Holders use it to vote or delegate voting power. A wrapper converts the original token into the transferable governance version at a one-to-one ratio. The newer contract adds onchain vote accounting and an upgradeable token implementation. Ecosystem allocations support governance-controlled distribution and incentives rather than block-mining rewards.