Morpho (DeFi lending protocol)
From Wikipedia, the free encyclopedia
Morpho is an open-source decentralized finance (DeFi) lending network that functions on Ethereum and other EVM-compatible blockchains. Established in 2021, it enables businesses and financial applications to create and utilize customized lending markets.[1][2][3][4][5] The project has secured over $70 million in funding from various investors, including a16z, Ribbit Capital, Variant, Coinbase Ventures, Pantera, and Nascent. In 2024, Morpho was listed in Forbes' 30 Under 30, acknowledged for its impact in the finance sector in Europe.[6][7][8][9][10]
History
Morpho was founded in August 2021 by Paul Frambot, Merline Egalite, Julien Thomas, and Mathis Gontier Delanuey, with a focus on research and software development in blockchain technology.[11] In September 2021, Frambot secured a $1 million seed round while completing his fourth year as an engineering student, followed by an $18 million investment from Andreessen Horowitz and Variant in June 2022. Morpho was launched in June 2022 with the release of Morpho V0, also referred to as the "Morpho Optimizer," which functions as a peer-to-peer layer on top of the Aave and Compound platforms.[12][13][14][15]
In January 2024, Morpho released Morpho V1, which introduced an immutable protocol that includes Morpho Markets and Morpho Vaults, featuring a modular and permissionless architecture.[16] In August 2024, the project raised $50 million in a funding round led by Ribbit Capital. In June 2025, Morpho announced Morpho V2, a fixed-rate, fixed-term lending protocol intended for institutional-scale on-chain lending.[17][18][19][20]
Philosophy
Morpho seeks to create open and permissionless financial infrastructure. The network emphasizes the reduction of intermediaries and aims to facilitate capital allocation through market forces.[21][22][23][24]
Governance and adoption
Morpho is governed by the Morpho DAO, which employs the MORPHO token for decision-making.[25] Proposals are discussed in community forums and implemented through on-chain voting mechanisms.[26][27][28][29] Morpho has been integrated into several platforms, including Coinbase, Crypto.com, Gemini, and Bitpanda. The network is associated with the "DeFi mullet" model, where centralized platforms serve as user-facing frontends supported by decentralized protocols.[30][31][32]
