Morpho Blue is a permissionless lending protocol where anyone can create custom lending pairs by choosing collateral and loan assets, setting interest rates and terms. Morpho Vaults wrap approved markets for curation.
$13.5B+ in deposits across Blue markets; core protocol powering Coinbase Lend and 50+ integrations.
Checked 10 Oct0 updates this week
Each Morpho market is isolated: one collateral token, one loan token, with rules set by the market creator. This prevents cascade failures if one pair fails.
Lenders earn a floating rate, borrowers pay a floating rate; Morpho updates these rates each block based on supply and demand without a central coordinator.
Lenders keep assets in Morpho vaults and keep custody keys; borrowers retain collateral keys. Morpho itself never holds assets for institutions like Coinbase.
| Spec | Morpho Blue |
|---|---|
| Total value locked (Blue) | $13.5B+R (reported) |
| Total deposits | $16B+R (reported) |
| Active loans | $4.5BR (reported) |
| Annualized fees | ~$192MR (reported) |
R reported by the company
Morpho Labs
DeFi lending, Morpho Blue, Morpho Vaults
Morpho Labs operates an open credit network connecting lenders and borrowers. Morpho Blue is a permissionless lending market; Morpho Vaults curates capital across Blue markets. Institutions like Coinbase and Kraken use Morpho. June 2026: $175M raised at $2B valuation.
