Morpho
MORPHODecentralized lending-borrowing protocol
News Heat Trend
Project Overview
Morpho is a lending protocol that combines the liquidity pool model used by Compound or AAVE with the capital efficiency of peer-to-peer matching engines used in order books. Morpho-Compound improves Compound by providing the same user experience, liquidity, and liquidation parameters, but with an increased APY due to peer-to-peer matchings.
SBI Holdings: Advancing On-Chain Transformation, Deploying "Token Economy" End-to-End Services
According to The Block, Japanese financial group SBI Holdings has recently made a series of aggressive moves, completing multiple major crypto investments in succession: exclusively investing $125 million in Gauntlet's Series C, $76 million in EDX Markets' Series C, spending approximately $289 million to acquire Japanese crypto exchange Bitbank, and taking a stake in Singaporean exchange Coinhako. In addition, SBI also participated in Digital Asset's $355 million financing, Morpho's $175 million token round, and Circle's $222 million token presale, and launched Japan's first trust bank-backed yen stablecoin, JPYSC. SBI stated that the company is driving the group's overall on-chain transformation, aiming to provide end-to-end services across exchanges, asset tokenization, market platforms, and other segments, to position itself ahead of the upcoming "token economy" era. Analysts point out that SBI is building Asia's first scaled on-chain asset management business; its strategic core is not purchasing crypto exposure, but controlling the infrastructure of the next-generation financial system. On the regulatory front, the Japanese parliament is advancing legislation to include cryptocurrencies as regulated financial instruments, and plans to significantly reduce the capital gains tax on crypto assets from 55% to 20% by 2028, aligning it with stocks and bonds, providing policy support for institutional entry.
Bio Protocol Launches OpenLabs, Plans to Support Scientific Projects and Agent Collaboration via USDC Yield Mechanism
DeSci protocol Bio Protocol has announced the launch of OpenLabs, positioning it as a coordination layer for human-agent collaboration in scientific research, aimed at transforming scientific ideas into funded execution projects. OpenLabs comprises five interconnected layers: Posts & Discovery, Projects, Agent Collaboration, Web3 Incentive Layer, and a Bounty System. Regarding incentives, OpenLabs plans to adopt a USDC yield-based funding mechanism to finance agent reasoning and tool usage. Users can deposit USDC and select projects to support; funds are allocated to audited yield vaults such as Morpho and Aave. The generated yield flows to projects for computation, queries, and simulations, while the principal assumes no risk. When a project reaches the stage requiring real capital, it can issue tokens via the Bio launchpad or pursue private fundraising and follow the traditional biotech path.
a16z Crypto Explains the Logic Behind Leading Morpho Investment: Betting on an On-Chain Open Credit Network
a16z Crypto has published an article explaining the rationale behind leading the investment in Morpho. It points out that credit is a core mechanism for modern economic growth and capital allocation, and that blockchain-driven open credit networks have the potential to lower the cost of financial infrastructure, enhance market competition efficiency, and provide global users with broader financing and yield opportunities. a16z Crypto disclosed that it first engaged with the Morpho team in 2022. Since the global financial crisis, the private credit market has grown rapidly, reflecting the market’s demand for more direct and efficient financing models. Meanwhile, institutions can issue their own lending markets that share the network’s liquidity and network effects. The infrastructure in this area is expected to dismantle traditional financial intermediary systems and build a global open credit network.
Morpho completes $175 million funding round, led by a16z Crypto and Paradigm
DeFi lending protocol Morpho has announced the completion of a $175 million funding round, led by a16z Crypto, Paradigm, and Ribbit Capital, with participation from Apollo Funds, Circle Ventures, VanEck, and other institutions.The report states that this funding round was priced based on the average price of Morpho tokens over the past month, corresponding to a valuation of approximately $2 billion for the protocol. Morpho allows institutions to customize lending markets and risk parameters on-chain and has already attracted adoption by institutions such as Coinbase, Kraken, Anchorage Digital, and Galaxy Digital.Data shows that Morpho's current Total Value Locked (TVL) is approximately $6.6 billion. The company stated that it will continue to expand its institutional-grade DeFi lending business and strengthen competition with lending protocols like Aave. (Fortune)
RWA leverage protocol 3F completes $4 million funding round, led by Maven 11
Odaily reports: 3F, a vault protocol built on the decentralized lending protocol Morpho, has completed a total of $4 million in funding. The round was led by Maven 11, with participation from F-Prime, GSR, Gate Ventures, and other institutions. The company did not disclose its specific valuation.Built on top of Morpho, 3F aims to provide users with leveraged exposure to RWAs through a "one-click" operation. Users simply select their target asset and desired leverage multiple, and the protocol automatically executes the entire position-building process: purchasing the underlying asset via short-term bridge financing, depositing it as collateral on Morpho, and borrowing stablecoins to repay the financing.Essentially, this mechanism simplifies the traditional "looping" process in DeFi, which involves repeatedly buying assets, depositing them as collateral, borrowing, and reinvesting. While this process can be executed efficiently via flash loans in purely crypto-native assets, it is typically more complex and less efficient in the RWA context due to issues like settlement delays.3F is expected to officially launch in the second quarter of this year.
SBI Holdings: Advancing On-Chain Transformation, Deploying "Token Economy" End-to-End Services
According to The Block, Japanese financial group SBI Holdings has recently made a series of aggressive moves, completing multiple major crypto investments in succession: exclusively investing $125 million in Gauntlet's Series C, $76 million in EDX Markets' Series C, spending approximately $289 million to acquire Japanese crypto exchange Bitbank, and taking a stake in Singaporean exchange Coinhako. In addition, SBI also participated in Digital Asset's $355 million financing, Morpho's $175 million token round, and Circle's $222 million token presale, and launched Japan's first trust bank-backed yen stablecoin, JPYSC. SBI stated that the company is driving the group's overall on-chain transformation, aiming to provide end-to-end services across exchanges, asset tokenization, market platforms, and other segments, to position itself ahead of the upcoming "token economy" era. Analysts point out that SBI is building Asia's first scaled on-chain asset management business; its strategic core is not purchasing crypto exposure, but controlling the infrastructure of the next-generation financial system. On the regulatory front, the Japanese parliament is advancing legislation to include cryptocurrencies as regulated financial instruments, and plans to significantly reduce the capital gains tax on crypto assets from 55% to 20% by 2028, aligning it with stocks and bonds, providing policy support for institutional entry.
Blockworks joins Coinbase and other crypto institutions to establish a Token Disclosure Alliance, promoting transparent disclosure standards akin to the stock market
the "Transparency Alliance," initiated by Blockworks, has been officially established, garnering support from over 40 crypto enterprises including Coinbase, Kraken, and Binance.US. The alliance aims to jointly develop unified token information disclosure standards to enhance market transparency and attract institutional capital. Based on Blockworks' Token Transparency Framework, the alliance seeks to establish a standardized information disclosure mechanism for crypto assets, similar to that of the stock market, enabling investors to gain a clearer understanding of token structures and risks.Reportedly, the framework covers details such as token issuance structure, internal holdings allocation, market maker arrangements, exchange listing terms, and repurchase mechanisms. It distinguishes between two types of document systems: "one-time pre-issuance disclosure" and "ongoing update disclosure." To date, 44 projects, including Morpho, Jupiter, Spark, and dYdX, have completed the relevant filings.Industry insiders point out that this initiative aims to establish a unified information infrastructure for the crypto market to meet institutional investors' demands for transparency and compliance. Blockworks stated that it has communicated with relevant personnel from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Analysts believe that this alliance signifies the crypto industry is accelerating its shift towards an "institutionalized information disclosure system." However, its ultimate impact will depend on whether the market translates these disclosure standards into widespread industry consensus. (CoinDesk)
MoonPay Launches New Platform MoonPay Trade to Expand Tokenized Assets and DeFi Market
MoonPay has announced the launch of a new platform, MoonPay Trade, designed for banks, fintech companies, and enterprise clients. It provides unified access to tokenized assets, decentralized finance (DeFi) protocols, and stablecoin liquidity across over 200 blockchain networks.The platform is powered by Decent.xyz, a cross-chain routing infrastructure company recently acquired by MoonPay for a reported "high eight-figure USD amount." MoonPay stated that this product will serve as the core execution layer for its institutional business, MoonPay Institutional, which is led by former Acting Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Caroline Pham.MoonPay Trade will support subscriptions for tokenized funds, collateral transfers, and integrations with DeFi protocols such as Aave, Morpho, and Maple Finance, enabling institutions to conduct lending and yield generation operations directly on-chain.Industry data shows that the current scale of tokenized real-world assets (RWA) has exceeded $33 billion, growing threefold within a year. Traditional financial institutions, including BlackRock, Franklin Templeton, and JPMorgan, have successively launched tokenized fund products, accelerating the influx of institutional capital into on-chain finance.MoonPay stated that as institutions continue to advance their tokenized asset strategies, its goal is to provide traditional financial institutions with the infrastructure capabilities for compliant access to on-chain markets through a unified interface. (CoinDesk)
Standard Chartered: Estimates Tokenized On-Chain Assets to Reach $4 Trillion by End of 2028
OdailyOdaily reports that Standard Chartered expects the market capitalization of tokenized on-chain assets to reach $4 trillion by the end of 2028, split evenly between stablecoins and real-world assets.Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, stated that established DeFi protocols with strong risk metrics will be the primary beneficiaries. The composability of DeFi is a core advantage, citing BlackRock's BUIDL fund, which has approximately $2.85 billion in assets under management, as an example. BUIDL allows investors to earn yield while using the fund as collateral and maintaining liquidity. The passage of the Clarity Act is seen as a near-term catalyst accelerating the shift from traditional channels to DeFi.Data shows that Aave, the largest DeFi lending protocol, once ranked 38th among US banks in terms of asset size. Daily on-chain stablecoin lending volume stands between $1.5 billion and $2 billion. The lending product offered by Coinbase in partnership with Morpho has reached a loan size of $1.75 billion. (The Block)
Morpho CEO: Engaged with multiple institutions; their interest in DeFi will not disappear
, Morpho CEO Paul Frambot posted on X that over the past week, he has communicated with several large institutions to understand their views on the current DeFi landscape. The core conclusions are as follows.First, institutional interest will not disappear. The reason is simple: distribution channels will not disappear — massive amounts of assets under management (AUM), payments, and lending businesses are moving on-chain. Almost all fintech companies aim to be fully on-chain. For institutions, this is not a question of "whether," but a matter of "necessity."Second, they have lost trust in the pool/hub model. Institutions and distributors want to control everything, including control over code, control over risk, and control over compliance. At the same time, they also desire flexibility — the ability to isolate their own operations and connect to a global liquidity network that is compatible with them.
Data: Robinhood Earn Vault TVL Reaches $16 Million, APY at 7.1%
Tom Wan, Head of Data at Entropy Advisors and former analyst at 21.co, stated on platform X that the Robinhood Earn vault, managed by Steakhouse Financial on Morpho, has currently reached a TVL of $16 million with an APY of 7.1%. Of this, 1.7% comes from protocol revenue, and 5.4% comes from incentive subsidies.Tom Wan noted that Robinhood allocates an annual incentive budget of $115 million in USDG to this vault. Based on the current incentive rate of approximately 5%, this could theoretically support a deposit scale of around $2 billion, corresponding to a TVL potential of between $1.5 billion and $2.5 billion.
A whale withdrew 212,500 HYPE from Morpho and then transferred it all to Coinbase
according to on-chain analyst Ember CN's monitoring, HYPE has rebounded from $60 back above $70 in recent days. About an hour ago, a whale withdrew 212,500 HYPE ($15 million) from Morpho and then transferred the entire amount to Coinbase.
Standard Chartered Bank issues first rating on Morpho, with a price target of $60
According to Cointelegraph, as tokenized TradFi assets continue to flow into DeFi, Standard Chartered Bank has rated Morpho for the first time, projecting the price could rise to $60 by the end of 2030, representing approximately 33x upside from current levels.
Analyst: Aftermath of rsETH Security Incident Continues; Demand for ETH Leveraged Loops Notably Cools
: On-chain analyst Tom Wan stated on platform X that the current ETH utilization rate has dropped below 90%, and the lending APY has fallen to 1.9%. Since the rsETH LayerZero cross-chain bridge was attacked, the deposits of wstETH and weETH have decreased by approximately $1.2 billion and $1.76 billion, respectively. As the strategy of leveraged looping wstETH/weETH against ETH becomes profitable again, market attention is turning to whether demand for ETH leveraged loops will return, or if capital will continue to wait on the sidelines or flow into protocols like Spark and Morpho.
RWA leverage protocol 3F completes $4 million funding round, led by Maven 11
Odaily reports: 3F, a vault protocol built on the decentralized lending protocol Morpho, has completed a total of $4 million in funding. The round was led by Maven 11, with participation from F-Prime, GSR, Gate Ventures, and other institutions. The company did not disclose its specific valuation.Built on top of Morpho, 3F aims to provide users with leveraged exposure to RWAs through a "one-click" operation. Users simply select their target asset and desired leverage multiple, and the protocol automatically executes the entire position-building process: purchasing the underlying asset via short-term bridge financing, depositing it as collateral on Morpho, and borrowing stablecoins to repay the financing.Essentially, this mechanism simplifies the traditional "looping" process in DeFi, which involves repeatedly buying assets, depositing them as collateral, borrowing, and reinvesting. While this process can be executed efficiently via flash loans in purely crypto-native assets, it is typically more complex and less efficient in the RWA context due to issues like settlement delays.3F is expected to officially launch in the second quarter of this year.
Aave Sees $15.1 Billion Outflow in Three and a Half Days, Total Deposits Drop to $30.7 Billion
According to on-chain analyst Yujin (@EmberCN), since the rsETH incident, funds have continuously flowed out of the Aave platform—approximately $15.1 billion in total over 3.5 days. Total deposits dropped from $48.5 billion pre-incident to $30.7 billion, representing a withdrawal of roughly one-third of funds; stablecoin outflows amounted to $4.5 billion. However, due to this capital outflow, the platform’s stablecoin deposit APY temporarily remained elevated at 13.4%. During the same period, Morpho saw outflows of approximately $1.5 billion, with total deposits declining from $11.7 billion to $10.2 billion. In contrast, Spark experienced逆势 fund inflows: its TVL rose from $1.9 billion to $3.2 billion—an increase of about $1.3 billion—partly driven by reallocation from whales such as Justin Sun and institutions withdrawing from Aave.
Uniswap Partners with Morpho to Launch On-Chain Yield Product Earn
Uniswap partners with decentralized lending protocol Morpho to launch yield product Earn, enabling users to directly deposit USDC, USDT, and ETH to earn on-chain yield while keeping assets non-custodial.
Upbit to List MORPHO KRW Trading Pair
Upbit announced that it will list MORPHO on the Korean Won (KRW) market on July 25, with deposits and withdrawals supported only on the Ethereum network. Restrictions on buying, selling, and order types will be implemented during the initial trading period.
Pendle sUSDD Market Reward Boost Campaign Officially Launched, Maximize Yield with Looping Strategy
Decentralized stablecoin USDD announces additional TRX-exclusive bonuses to the sUSDD market on Pendle, while simultaneously increasing base USDD rewards. The additional benefits include 22,000 USDD and 13,000 TRX, as well as Pendle market rewards (approximately 30% of the value of the USDD and TRX rewards). The event runs from today until July 30 at 08:00 (Singapore Time). USDD officially notes that users can leverage the current high liquidity and low borrowing costs of the Morpho PT-sUSDD/USDT pool to enhance asset utilization and further maximize yields. With this round of USDD incentive injection, sUSDD YT-side yields are expected to reach new highs. Users are advised to seize this window of opportunity and lock in high-yield opportunities through Morpho loop lending immediately.
Morpho Launches Fixed-Rate Lending Protocol Midnight on Base
decentralized lending protocol Morpho has officially launched Midnight, a fixed-rate, fixed-term lending protocol on the Base network. Midnight aims to introduce traditional credit market models into the on-chain financial ecosystem, further expanding the on-chain credit market.Midnight was first unveiled in May of this year. With this public launch, it will complement Morpho’s existing floating-rate lending protocol, Morpho Blue, offering users a fixed-rate lending option. (The Block)
Galaxy Launches Institutional-Grade DeFi Vault Service “Galaxy Curator”
crypto financial services firm Galaxy Digital (GLXY) has announced the launch of an institutional-grade vault management service, “Galaxy Curator.” Built on the decentralized lending protocol Morpho and made available through Fireblocks Earn to over 2,400 institutional clients, the service helps them generate stablecoin on-chain yields without the need to directly manage DeFi infrastructure.Galaxy stated that the product aims to address the issue of large sums of stablecoins held by institutions remaining idle for extended periods. Due to settlement, capital deployment, and operational requirements, large-scale stablecoin assets often sit in custody accounts, while direct participation in DeFi protocols presents high technical and risk barriers. (CoinDesk)
SBI and DigiFT to Tokenize $1.3 Billion Japan Equity Fund, Startale Participates in JPYSC Settlement Testing
: SBI Group, DigiFT, and Startale Group have completed a joint proof-of-concept, utilizing the JPYSC stablecoin in an Ethereum testnet environment to demonstrate the full lifecycle of tokenized securities, including instant fund subscription settlement and on-chain automatic dividend distribution. SBI Group and DigiFT are advancing the tokenization of the SBI Japan High Dividend Equity Fund. Managed by SBI Asset Management, the fund has approximately $1.3 billion in assets under management and represents one of Japan's major public equity strategies. The three parties completed two tests. One demonstrated the near-instant settlement of fund subscriptions using JPYSC, and the other automatically calculated and distributed dividends to eligible token holders' wallets via smart contracts after the distribution register was completed. The three companies plan to explore integrating tokenized Japanese equities with institutional DeFi platforms and are considering testing use cases such as collateralized lending and on-chain asset management with ecosystem partners like Morpho and Gauntlet.
Related news
Uniswap Partners with Morpho to Launch On-Chain Yield Product Earn
Uniswap partners with decentralized lending protocol Morpho to launch yield product Earn, enabling users to directly deposit USDC, USDT, and ETH to earn on-chain yield while keeping assets non-custodial.
Upbit to List MORPHO KRW Trading Pair
Upbit announced that it will list MORPHO on the Korean Won (KRW) market on July 25, with deposits and withdrawals supported only on the Ethereum network. Restrictions on buying, selling, and order types will be implemented during the initial trading period.
Pendle sUSDD Market Reward Boost Campaign Officially Launched, Maximize Yield with Looping Strategy
Decentralized stablecoin USDD announces additional TRX-exclusive bonuses to the sUSDD market on Pendle, while simultaneously increasing base USDD rewards. The additional benefits include 22,000 USDD and 13,000 TRX, as well as Pendle market rewards (approximately 30% of the value of the USDD and TRX rewards). The event runs from today until July 30 at 08:00 (Singapore Time). USDD officially notes that users can leverage the current high liquidity and low borrowing costs of the Morpho PT-sUSDD/USDT pool to enhance asset utilization and further maximize yields. With this round of USDD incentive injection, sUSDD YT-side yields are expected to reach new highs. Users are advised to seize this window of opportunity and lock in high-yield opportunities through Morpho loop lending immediately.
1kx: Q2 On-Chain Fees Down 33% YoY, Token Allocation Maintains Stability Against the Trend
According to crypto VC firm 1kx (@1kxnetwork), total on-chain fees in Q2 2026 decreased 33% year-over-year, exhibiting typical bear market characteristics. Among them, DEX fees saw the largest decline, down 57% year-over-year, a decrease of approximately $625 million, with Meteora, Raydium, and PancakeSwap being the main drags; blockchain and MEV fees decreased by $40 million (-40%); Pump.fun drove Launchpad-type fees down 57%. In terms of highlights, perpetual contracts and prediction markets grew counter-trend by 22%, led by edgeX and Hyperliquid, with Polymarket's single-quarter fees approaching $100 million; lending and asset management sectors continued compound growth, with Morpho, USDai, and Maple Finance each contributing between $9 million and $19 million; Canton Network added $179 million in L1 fees, and both it and Polymarket entered the Fee Top 20 for the first time.
Morpho Launches Fixed-Rate Lending Protocol Midnight on Base
decentralized lending protocol Morpho has officially launched Midnight, a fixed-rate, fixed-term lending protocol on the Base network. Midnight aims to introduce traditional credit market models into the on-chain financial ecosystem, further expanding the on-chain credit market.Midnight was first unveiled in May of this year. With this public launch, it will complement Morpho’s existing floating-rate lending protocol, Morpho Blue, offering users a fixed-rate lending option. (The Block)
Morpho Frontend and API Experienced Brief Interruption Due to AWS Outage, Now Fully Restored
Odaily AWS Cloudfront experienced a service outage today, causing a cascading impact on access services for multiple crypto projects. Julien, Lead Engineer at Morpho, stated externally that shturl.cc/iTIk and shturl.cc/eVPC faced partial interruptions this afternoon, but all platform services have now resumed operation and are stable. Community feedback indicates that this AWS outage affected a wide range of crypto projects.In a post on platform X, Mando, Co-founder of the MEME project YEET, revealed that the project's official website went offline simultaneously and the team is urgently working on repairs. Both parties have officially clarified that this was solely a front-end access failure; users' on-chain assets and account funds remain completely unaffected. YEET is expected to complete recovery in the short term.