Morpho

Morpho Labs SAS, the French company that built the protocol, became a wholly owned subsidiary of the Morpho Association, a French non-profit, in June 2025. The non-profit cannot have shareholders or pay out profits, so MORPHO is the only asset aligning stakeholders. Co-founder Paul Frambot still leads public work. The team keeps shipping: Morpho Midnight, a fixed-rate, fixed-term credit protocol, went live on Base on 21 July 2026. Morpho lists audits by Spearbit, OpenZeppelin, Certora, ChainSecurity, Zellic and others, including Midnight audits from April to July 2026. Core contracts are immutable, and code is published on GitHub.

• Aligning Around MORPHO: The Only Asset For Morpho (Morpho blog)
• Now Live: Morpho Midnight & New Markets App (Morpho blog)
• Audits (Morpho docs)
• Morpho Governance (Morpho docs)

On 9 June 2026 the Morpho Association announced a $175 million raise led by Paradigm, a16z crypto and Ribbit Capital, with Apollo Funds, Circle Ventures, VanEck, Variant, Bpifrance and others. The announcement did not say what instrument was used. In February 2026 Apollo signed a deal allowing it to acquire up to 90 million MORPHO (9% of supply) over 48 months, subject to ownership caps. Ownership is concentrated: at the November 2024 snapshot strategic partners held 27.5% and founders 15.2% of supply, alongside 35.4% for governance. About 22,200 addresses held the token on Ethereum in September 2026.

• Morpho Association Raises $175M To Build The Open Credit Network For The World (Morpho blog)
• Morpho Association Announces Cooperation Agreement with Apollo (Morpho blog)
• Wall Street giant Apollo follows BlackRock in DeFi push with Morpho token deal (CoinDesk)
• The MORPHO token (Morpho docs)
• Morpho (MORPHO) token: Etherscan

MORPHO has a hard cap of 1 billion tokens. CoinGecko reported about 699.6 million in circulation on 27 September 2026, about 70% of the cap. Unlocks continue: one strategic-partner cohort (6.7%) is fully vested by November 2027 and the founders' 15.2% by May 2028 at the latest. The token is used for governance and has no staking or revenue share. The code lets governance turn on a fee of up to 25% of borrower interest, but on 27 September 2026 the fee was zero on the 1,000 largest markets, and DefiLlama records zero protocol revenue. The Association has said it favours reinvesting any future fees rather than paying them out. Rewards are paid in MORPHO to users through Merkl campaigns.

• The MORPHO token (Morpho docs)
• Morpho (MORPHO): CoinGecko
• Morpho API (blue-api.morpho.org): market fees
• morpho-blue ConstantsLib.sol (GitHub)
• DefiLlama API: Morpho fees and revenue
• Rewards (Morpho docs)

DefiLlama showed about $11.1 billion of net deposits and about $5.4 billion borrowed on Morpho on 27 September 2026, mostly on Ethereum and Base. Borrower interest and liquidation bonuses paid to lenders and liquidators came to about $205 million over the past year. Morpho reported a record $14 billion in total deposits in August 2026. Large platforms build on it: Robinhood launched an Earn product backed by a Morpho Vault in July 2026, and Coinbase launched fixed-rate loans on Morpho Midnight in September 2026, with more than $1.4 billion in active Morpho-powered loans. Governance acts through a 5-of-9 multisig.

• DefiLlama: Morpho
• Morpho Effect August 2026: New All-time High (Morpho blog)
• Robinhood Chooses Morpho to Power New Earn Product (Morpho blog)
• Coinbase Launches Fixed-rate Crypto-backed Loans Powered by Morpho Midnight (Morpho blog)