Morpho

MORPHO is the governance token of Morpho, a decentralised lending protocol where users lend and borrow crypto at interest.

Morpho is a decentralised lending protocol. Lenders deposit crypto into markets or into curated vaults and earn interest; borrowers post collateral and pay interest. Morpho Blue, live on Ethereum since late December 2023, offers variable-rate markets that anyone can create and whose core code cannot be changed. Morpho Midnight, launched on 21 July 2026, adds fixed-rate, fixed-term loans.

MORPHO is the governance token. Its maximum supply is 1 billion; about 700 million were circulating on 27 September 2026. The token became transferable on 21 November 2024, and tokens held by founders and some strategic partners are still vesting. Holders vote on the protocol, but there is no native staking and no revenue share for them.

The protocol can charge a fee of up to 25% of the interest borrowers pay, but at the date of the check, 27 September 2026, the fee was zero on each of the 1,000 largest markets by supply, and DefiLlama records no protocol revenue. MORPHO is also paid out as rewards to lenders and borrowers. The Morpho Association, a French non-profit that owns the developer Morpho Labs, supports the protocol; it raised $175 million in June 2026 and agreed in February 2026 that Apollo may acquire up to 90 million MORPHO.

Morpho held about $11 billion of net deposits on 27 September 2026 and reported $14 billion of deposits in August 2026. It powers crypto-backed loans at Coinbase and a Robinhood Earn product.