Morpho
Open lending network of isolated markets and curated vaults that route deposits into them.
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Morpho key facts
| Category | Lending protocol |
|---|---|
| Chains | Ethereum, Base and other EVM networks |
| Platforms | Web, SDK |
| Custody | Non-custodial |
| Security audits | Spearbit, ChainSecurity, Zellic, Blackthorn, Certora and others |
| Fees | Vault performance fee set by curator, capped at 50% of interest (Vaults V2) |
What is Morpho?
Morpho is an open lending network built from isolated lending markets and vaults run by independent curators. Its audits page lists reviews by Spearbit, ChainSecurity, Zellic, Blackthorn and other firms through July 2026. In Vaults V2 a curator can set a performance fee of up to 50% of the interest earned.
Morpho usage
From DefiLlama (TVL) (fees users paid), updated Sep 26, 2026.
Morpho pros and cons
- Long public audit list, with Spearbit, ChainSecurity and Zellic reviews in 2025 and 2026
- Isolated markets keep one market's bad debt away from others
- Formal verification with Certora
- Vault curators can charge a performance fee of up to 50% of interest
- Vault risk depends on the curator you pick
- More choices to compare than a single-pool protocol
Morpho FAQ
What is Morpho?
Morpho is an open lending network built from isolated lending markets and vaults run by independent curators. Its audits page lists reviews by Spearbit, ChainSecurity, Zellic, Blackthorn and other firms through July 2026. In Vaults V2 a curator can set a performance fee of up to 50% of the interest earned.
How much value is locked in Morpho?
$11B according to DefiLlama on Sep 26, 2026. It is deployed on 45 chains: Ethereum, Base, Robinhood Chain, Arc, Monad, Hyperliquid L1 and others.
How much does Morpho cost?
Vault performance fee set by curator, capped at 50% of interest (Vaults V2), according to Morpho’s own page (checked Sep 26, 2026).
How much do users pay Morpho in fees?
$18.9M over the last 30 days, according to DefiLlama on Sep 26, 2026.
Does Morpho hold my funds?
No. Morpho is non-custodial: you keep your funds in your own wallet and sign each transaction.
Sources
How this page works
Sources: Morpho: official site, Morpho: Docs, Audits, Morpho: Docs, Fee. Data as of Sep 26, 2026.
Not affiliated with any project listed. Educational content, not financial advice.