What Morpho Labs does

Morpho Labs operates a decentralized, non-custodial lending protocol on the Ethereum Virtual Machine that functions as open credit infrastructure for the crypto economy. The protocol consists of two core layers: Morpho Blue, a permissionless primitive that allows anyone to create isolated, immutable lending markets defined by five parameters (collateral asset, loan asset, LLTV, oracle, and interest rate model), and MetaMorpho Vaults, a curated risk-management layer where professional risk managers (Steakhouse Financial, Gauntlet, Sentora, Re7 Labs, Wintermute's Armitage) allocate deposits across markets using ERC-4626 tokenized vaults. Supporting infrastructure includes a GraphQL API, TypeScript SDKs (Blue SDK, Bundler SDK, Simulation SDK), Chainlink oracle integrations, and Merkl-based reward distribution, with deployment across 12+ EVM chains (Ethereum, Base, Arbitrum, Optimism, Polygon, HyperEVM, Monad, Katana, Unichain, and others).

The primary go-to-market is B2B2C embedded infrastructure, with Morpho acting as the backend for major platforms including Coinbase (powering $2.17B+ in USDC-backed loan originations), Robinhood (Robinhood Earn on Robinhood Chain), Kraken ($245M in stablecoin deposits), Binance, MetaMask (Money Account on Monad), Trezor, Ledger, Safe, Fireblocks, BitGo, Telegram Wallet, and Société Générale's SG Forge. The protocol also serves traditional finance institutions including BlackRock (BUIDL integration) and Apollo Global Management (which is acquiring 9% of MORPHO token supply). Revenue is generated through a protocol fee of up to 25% on borrower interest, controlled by MORPHO token governance via a 5/9 multisig.

The Morpho Association, a French nonprofit entity, holds the IP and coordinates protocol development. As of mid-2026, the protocol holds ~$6.6B in TVL and ~$11B in deposits, controls 57% of DeFi lending deposits and 63% of active loans (second-largest after Aave), and is backed by a $175M funding round at approximately $2B valuation led by Paradigm, a16z Crypto, and Ribbit Capital. The organization employs 51-100 people distributed globally.

Name

Morpho Labs

Legal name

Morpho Association

Website

https://morpho.org

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

51–100 employees

Short description

Morpho Labs operates Morpho, a decentralized non-custodial lending protocol on EVM chains that powers embedded earn and borrowing products for exchanges (Coinbase, Robinhood, Kraken), wallets (MetaMask, Trezor), and institutions (BlackRock, Apollo) via API/SDK infrastructure.

Ownership category

akta.pro rank

Product category

Decentralized Finance (DeFi) Lending Infrastructure

NAICS

Software Publishers (5132), Consumer Lending (522291)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Decentralized Lending Protocols (DeFi Money Markets) (FSADAFAB)

akta.pro secondary industries

Yield Aggregators & Strategy Vaults (FSADAMAF), DAO Treasury, Governance & On-Chain Finance Tools (FSADAMAL)

Keywords

• Decentralized lending protocol
• Defi lending infrastructure
• Onchain credit network
• Embedded yield infrastructure
• Smart contract lending

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Interest Rate Spread / Protocol Fees: Morpho charges a fee (up to 25% of borrower interest, configurable per market) on the interest paid by borrowers. This fee accrues to the protocol treasury controlled by MORPHO governance. The remaining interest flows to lenders. This is the primary revenue mechanism for the protocol itself.
2. MORPHO Token Governance & Incentives: The MORPHO governance token aligns stakeholders. Strategic partners (27.5% of token supply) received tokens in exchange for support. Token is used for governance voting. MORPHO token incentives are distributed to users via Merkl reward campaigns.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

Morpho provides a decentralized, non-custodial lending protocol on the EVM that combines peer-to-peer matching with pooled liquidity to deliver more competitive rates than pool-based lending platforms like Aave and Compound. Its core product, Morpho Blue, enables anyone to create permissionless, isolated, immutable lending markets with one collateral asset and one loan asset, while MetaMorpho Vaults V2 layer curated yield strategies on top via external risk curators such as Steakhouse Financial and Gauntlet. The protocol exposes its primitives via APIs, SDKs, and smart contracts that 200+ partner platforms embed under their own brands to offer yield, crypto-backed loans, and institutional credit products.

Product overview

Morpho Labs offers an open credit network for decentralized lending on the EVM, consisting of Morpho Blue (permissionless lending markets), Morpho Vaults (curated yield strategies), the Morpho API (GraphQL data access), and Morpho SDK (developer tools). The protocol enables overcollateralized lending and borrowing through immutable, isolated markets, with rewards distributed via Merkl. The MORPHO token governs the protocol, while Midnight provides fixed rate market capabilities. Morpho positions itself as infrastructure for embedded finance, powering products from exchanges, fintechs, and institutional players.

Differentiator

Problem solved

Functional benefit

Brands

• Morpho Blue: A permissionless lending primitive launched mid-2024 enabling anyone to create isolated lending markets. It is a variable rate market that pairs one collateral asset with one loan asset, with immutable parameters once created.
• Morpho Vaults
• Midnight

Products and services

• Morpho Blue Permissionless, immutable, isolated lending market primitive on EVM. Anyone can create a market with one collateral asset and one loan asset, defined by 5 immutable parameters (collateral asset, loan asset, LLTV, oracle, IRM), with no governance approval required. Supports flash loans.
• Morpho Vaults Curated risk-management layer that aggregates user deposits and allocates across Morpho Blue markets via adapters. Curators (risk managers) such as Steakhouse Financial, Gauntlet, and Sentora set strategy parameters, caps, and risk controls. Supports ERC-4626 tokenized vault shares, multiple adapters, and reallocation mechanisms.
• Morpho API GraphQL-based API providing comprehensive onchain and offchain data from the Morpho ecosystem, including markets, vaults, user positions, rewards, and Public Allocator liquidity across 12+ supported networks.
• Morpho SDK Suite of TypeScript/JavaScript SDKs (Blue SDK, Blue SDK Viem, Simulation SDK, Bundler SDK) enabling developers to interact with Morpho markets, simulate transactions, and bundle complex onchain operations including ERC20 approvals, token wrapping, and public liquidity reallocation.
• Merkl Rewards Reward distribution infrastructure integrated with Merkl for distributing token rewards to Morpho market and vault users via merkle proof-based claiming.
• Midnight (Fixed Rate Markets) Fixed rate markets infrastructure for Morpho, enabling predictable fixed-rate lending and borrowing by separating rate-setting from liquidity provision, as described in the published Midnight whitepaper.
• Confidential USDC Yield Vault (Steakhouse x Zama x Morpho) Confidential DeFi yield vault using Fully Homomorphic Encryption (FHE) that lets users shield USDC into encrypted cUSDC and earn yield without exposing balances or strategies, built with Zama.

Named customers17 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

19 partnerships are on record, tiered flagship, core and minor.

• CoinbaseflagshipTechnology or IntegrationCoinbase uses Morpho as the backend infrastructure for its USDC crypto-backed lending product (US and UK markets), offering up to $5M loans on BTC/ETH/cbETH collateral. Coinbase also launched a High Yield vault with Ethena assets powered by Morpho. Over $2.17B in USDC loan originations generated through this integration.
• RobinhoodflagshipTechnology or IntegrationRobinhood selected Morpho to power Robinhood Earn (7% APY on USDG stablecoin lending) as part of Robinhood Chain's launch on Arbitrum in July 2026. Morpho is a day-one ecosystem partner on Robinhood Chain alongside Uniswap. Robinhood allocated $115M annual incentive budget to the vault.
• KrakencoreTechnology or IntegrationKraken integrated Morpho infrastructure for its stablecoin yield products and Bitcoin vault (2.5% APY on BTC), routing capital through Veda and Sentora to Morpho and Aave markets. Stablecoin products accumulated ~$245M in deposits. BTC vault reached $30M in deposits within 10 hours.
• BinancecoreTechnology or IntegrationBinance integrated Morpho to power non-custodial stablecoin yield products for its millions of users, enabling access to DeFi lending markets through Binance's platform.
• ZamacoreStrategic or Co-development PartnerZama partnered with Morpho and Steakhouse Financial to launch the first confidential USDC yield vault on Ethereum using Fully Homomorphic Encryption (FHE), enabling private deposit logic within public DeFi. The Steakhouse Confidential USDC Prime vault launched June 23, 2026.
• Telegram (Wallet in Telegram)coreTechnology or IntegrationTelegram's built-in crypto wallet launched 'Vaults' feature in February 2026, integrating Morpho infrastructure to offer DeFi yield on BTC, ETH, and USDT to Telegram's 150M+ registered users. USDT strategies offer up to 18% APY via Morpho, TAC, and Re7.
• Steakhouse FinancialflagshipStrategic or Co-development PartnerSteakhouse Financial is the primary risk curator for Morpho Vaults, managing ~$1.5B+ in AUM across multiple curated vaults. They oversee vault strategy selection, collateral management, and risk parameters for institutional-grade vaults on Morpho. Partners include Coinbase, Safe, Robinhood, and many others.
• GauntletcoreStrategic or Co-development PartnerGauntlet provides quantitative risk management and market analytics for Morpho vaults and markets. As a curator, Gauntlet sets risk parameters and monitors portfolio health for institutional-grade vault strategies on Morpho. Used by Safe{Wallet}, Bitpanda, and others.
• SentoracoreStrategic or Co-development PartnerSentora is a vault curator and risk manager for Morpho, managing structured credit strategies onchain. Sentora's PRIME Main vault on Morpho reached $110M in deposits (May 2026) denominated in PayPal's PYUSD stablecoin. Sentora also launched a confidential USDC Prime vault with Zama.
• WintermutecoreStrategic or Co-development PartnerWintermute launched Armitage, a vault curation business on Morpho in May 2026, attracting ~$53M TVL within days. Wintermute acts as borrower, token issuer, vault curator, and market maker, using its $10B+ daily trading volume across 70+ venues to dynamically manage risk.
• ConsensyscoreTechnology or IntegrationConsensys (parent of MetaMask) partnered with Morpho for the MetaMask Money Account on Monad blockchain, routing mUSD stablecoin deposits via Veda vault infrastructure into Morpho lending markets, with Aave V3 integration planned.
• VedacoreTechnology or IntegrationVeda provides vault infrastructure for yield routing into DeFi lending protocols. Used by MetaMask Money Account on Monad to route mUSD into Morpho, and by Kraken's Bitcoin vault product. Veda is a key infrastructure partner for yield abstraction.
• ChainlinkcoreTechnology or IntegrationChainlink provides oracle infrastructure for Morpho Blue markets, pricing collateral assets against loan assets. Listed as a key ecosystem partner on Morpho's website alongside other integrations.
• Ethena LabscoreTechnology or IntegrationEthena Labs integrated its USDe synthetic dollar into Morpho-powered products including Coinbase High Yield vault and Robinhood Earn. The partnership extends Ethena's distribution from crypto-native into mainstream fintech apps via Morpho's infrastructure.
• Re7 LabsminorStrategic or Co-development PartnerRe7 Labs is listed as a curator on Morpho's website alongside Steakhouse Financial and Gauntlet, offering strategy selection for Morpho vault deployments. Used by Telegram Wallet for yield strategies alongside Morpho.
• Kelp DAOminorOthersKelp DAO's rsETH token was widely used as collateral across DeFi lending platforms including Aave and Morpho. Following the April 2026 exploit, Morpho absorbed capital flows as users rotated out of Aave. Kelp DAO is not a direct Morpho partner but represents an interconnected protocol.
• Ondo FinancecoreTechnology or IntegrationOndo Finance integrated its tokenized stocks and RWAs into Morpho's lending ecosystem, enabling tokenized assets to be used productively onchain. Ondo's USDY and other tokenized products are available through Morpho infrastructure as collateral.
• MerklcoreTechnology or IntegrationMerkl is the reward distribution infrastructure for Morpho's incentive programs. All new reward campaigns from July 2025 onwards use Merkl exclusively. Users claim MORPHO and other token rewards via Merkl's protocol with merkle proof-based claims.
• SymbioticcoreStrategic or Co-development PartnerSymbiotic launched Core V2 (pivoting from restaking to shared collateral infrastructure) routing idle capital to Morpho and Aave when not securing financial products. Liquid Lane, built on Core V2 with Midas and Fasanara Capital, enables instant RWA settlement on Morpho.

Scale indicators8 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Silo Finance: Silo Finance creates isolated lending markets per asset pair, mirroring Morpho Blue's permissionless isolated-market primitive. It is one of the closest architectural analogues in the DeFi lending category.
• Euler Finance: Euler is a permissionless DeFi lending protocol supporting multiple collateral types per market — architecturally similar to Morpho Blue's isolated-market design and a direct comparable in modular lending infrastructure.
• Maple Finance: Maple Finance is an institutional onchain credit platform offering undercollateralized lending. It overlaps with Morpho on the institutional credit infrastructure layer, particularly through its syrupUSDG vault on Robinhood Chain.
• Aave: Aave is the largest decentralized lending protocol by TVL and Morpho's primary direct competitor. Both offer overcollateralized lending on EVM chains via pool-based architectures, though Aave's liquidity scale remains larger.
• MakerDAO / Sky: Sky (formerly MakerDAO) operates the Dai / USDS stablecoin system and integrates sUSDS yield products with Morpho. It is a direct peer in decentralized credit issuance and stablecoin lending.
• Compound: Compound is a foundational DeFi money market protocol on Ethereum. Morpho's first product (Morpho-Compound) was built directly on top of Compound's pools, making it the closest architectural and historical peer.

Broad incumbents

• Uniswap: Uniswap is the dominant decentralized exchange and a peer on the broader 'open credit network' layer that Morpho references. Morpho is positioned as a day-one partner on Robinhood Chain alongside Uniswap, indicating shared infrastructure relevance.

Others

• Curve Finance: Curve is a major DeFi liquidity venue whose stablecoin pools interface with lending markets including Morpho. It is adjacent infrastructure that contributes to the broader DeFi credit and liquidity ecosystem Morpho operates in.

Regional players

• Kamino Finance: Kamino is the leading lending and liquidity protocol on Solana. While Morpho targets EVM chains, Kamino is a relevant cross-chain comparable in DeFi lending market structure and integrator economics.

Emerging players

• Spark (SparkLend): Spark is the liquidity layer of the Aave ecosystem and is listed as a co-curator on Morpho's site. It targets similar institutional credit and stablecoin yield use cases and represents the most direct emerging competitive threat.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Morpho
• GitHubgithub.com/morpho-org
• YouTubeyoutube.com/@MorphoAssociation
• LinkedInlinkedin.com/company/morpho-association

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds7 records

Investors53 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Morpho Labs