Credit · Lending · MORPHO
Morpho is a lending protocol built around Morpho Blue, a minimal primitive for creating isolated markets, with MetaMorpho vaults that allocate deposits across those markets through risk curators.
Customizable lending infrastructure: isolated markets + curated vaults.
MORPHO price
$1.93
-1.4% 24h
Latest data · 15 min delay
Curated asset listings joined to their typed risks, with oracles and parameters.
Morpho has no protocol level asset list at all. Anyone can deploy an immutable market defined by a collateral token, a loan token, an LLTV and an oracle, so "supported assets" means whichever markets curators and vaults have actually funded. There are no supply or borrow caps at the market level; exposure limits live in the ERC-4626 vaults that allocate into markets. Liquidation incentive is derived from LLTV rather than set per asset, and the Morpho liquidation documentation states that at an LLTV of 86 percent the liquidation incentive factor is approximately 1.05, a 5 percent bonus, with the protocol taking no fee; Morpho does not publish the general formula on that page, so bonuses at other LLTVs are marked n.a. below. The practical consequence is that Morpho's Ethereum book is dominated by a handful of LLTV tiers (86, 91.5, 94.5, 96.5 percent) and by long tail collateral that no shared pool would list: tokenised credit tranches, Pendle principal tokens, RWA style yield tokens and curator specific dollars. Data below comes from the Morpho API filtered to `listed: true` markets on Ethereum, ranked by supplied USD, with oracle feed names read from each feed contract.
| Asset | Role | Max LTV | Liq. threshold | Oracle | ||
|---|---|---|---|---|---|---|
cbBTC vs USDC Ethereum | collateral vs loan | 86 (LLTV) | 86% | Morpho ChainlinkOracleV2 over Chainlink "BTC / USD" | MTCG | |
wstETH vs USDT Ethereum | collateral vs loan | 86% | 86% | Morpho ChainlinkOracle `0x95DB...92` | MTCG | |
PRIME vs PYUSD Ethereum | collateral vs loan | 86% | 86% | ChainlinkOracleV2 over "PRIME / WYLDS Exchange Rate" plus "PYUSD / USD" | MTCG | |
kBTC vs RLUSD Ethereum | collateral vs loan | 86% | 86% | ChainlinkOracleV2 over "BTC / USD" and "RLUSD / USD" | MTCG | |
WBTC vs USDC Ethereum | collateral vs loan | 86% | 86% | Morpho ChainlinkOracle `0xDddd...83` | MTCG | |
kBTC vs PYUSD Ethereum | collateral vs loan | 86% | 86% | ChainlinkOracleV2 over "BTC / USD" and "PYUSD / USD" | MTCG | |
wstETH vs WETH Ethereum | collateral vs loan | 96.5% | 96.5% | ChainlinkOracleV2 over the "wstETH/stETH exchange rate" | MTCG | |
weETH vs RLUSD Ethereum | collateral vs loan | 86% | 86% | ChainlinkOracleV2 over "weETH / ETH", "ETH / USD", "RLUSD / USD" | MTCG |
Full narratives on the Risks tab.
Risk-linked assets with no row in this entity's asset table: Aerodrome LP, All market collateral, Any market collateral, PT-USD0++, RLP, USD0++, USDC, USDO, USR, USUAL, User-approved ERC-20 tokens, Vault V1.0 share tokens, Vault share tokens, cUSDO, deUSD, wstUSR, xUSD. These are real dependencies that sit outside the curated top 20, so render them as text in the risk drill down rather than as a clickable asset row.
| Asset | Role | Borrow cap | Supply cap | Oracle | ||
|---|---|---|---|---|---|---|
cbBTC vs USDC Ethereum | collateral vs loan | none | none at market level | Morpho ChainlinkOracleV2 over Chainlink "BTC / USD" | MTCG | |
wstETH vs USDT Ethereum | collateral vs loan | none | none | Morpho ChainlinkOracle `0x95DB...92` | MTCG | |
PRIME vs PYUSD Ethereum | collateral vs loan | none | none | ChainlinkOracleV2 over "PRIME / WYLDS Exchange Rate" plus "PYUSD / USD" | MTCG | |
kBTC vs RLUSD Ethereum | collateral vs loan | none | none | ChainlinkOracleV2 over "BTC / USD" and "RLUSD / USD" | MTCG | |
WBTC vs USDC Ethereum | collateral vs loan | none | none | Morpho ChainlinkOracle `0xDddd...83` | MTCG | |
kBTC vs PYUSD Ethereum | collateral vs loan | none | none | ChainlinkOracleV2 over "BTC / USD" and "PYUSD / USD" | MTCG | |
wstETH vs WETH Ethereum | collateral vs loan | none | none | ChainlinkOracleV2 over the "wstETH/stETH exchange rate" | MTCG | |
weETH vs RLUSD Ethereum | collateral vs loan | none | none | ChainlinkOracleV2 over "weETH / ETH", "ETH / USD", "RLUSD / USD" | MTCG |
Full narratives on the Risks tab.
Risk-linked assets with no row in this entity's asset table: Aerodrome LP, All market collateral, Any market collateral, PT-USD0++, RLP, USD0++, USDC, USDO, USR, USUAL, User-approved ERC-20 tokens, Vault V1.0 share tokens, Vault share tokens, cUSDO, deUSD, wstUSR, xUSD. These are real dependencies that sit outside the curated top 20, so render them as text in the risk drill down rather than as a clickable asset row.
Chainlink via MorphoChainlinkOracleV2
Composite of up to four Chainlink feeds combined into a collateral/loan price
Morpho APIChainlink via the older MorphoChainlinkOracle
Legacy single contract Chainlink oracle, feed set not exposed by the API
RedStone
RedStone push feed used as a leg inside a Morpho oracle
Ojo
"Ojo PT Feed Pendle Chainlink-compatible Oracle" for Pendle principal tokens
Protocol internal exchange rates
Vault or wrapper exchange rate read on chain, no market price
Liq. bonus about 5Supply cap none at market levelBorrow cap noneevery market is isolated by design
Liq. bonus about 5Supply cap noneBorrow cap noneisolated
Liq. bonus about 5Supply cap noneBorrow cap noneisolated
Liq. bonus about 5Supply cap noneBorrow cap noneisolated
Liq. bonus about 5Supply cap noneBorrow cap noneisolated
Liq. bonus about 5Supply cap noneBorrow cap noneisolated
Supply cap noneBorrow cap noneisolated
Liq. bonus about 5Supply cap noneBorrow cap noneisolated
Supply cap noneBorrow cap noneisolated
Supply cap noneBorrow cap noneisolated
Liq. bonus about 5Supply cap noneBorrow cap noneisolated
Supply cap noneBorrow cap noneisolated
Liq. bonus about 5Supply cap noneBorrow cap noneisolated
Liq. bonus about 5Supply cap noneBorrow cap noneisolated
Supply cap noneBorrow cap noneisolated
Liq. bonus about 5Supply cap noneBorrow cap noneisolated
Supply cap noneBorrow cap noneisolated
Liq. bonus about 5Supply cap noneBorrow cap noneisolated
Supply cap noneBorrow cap noneisolated
Supply cap noneBorrow cap noneisolated
Roughly 65 percent of deUSD reserves sat in private Morpho vaults lending to Stream Finance; when Stream disclosed a $93M loss, deUSD fell about 98 percent and Elixir wound the token down, with Morpho named among the venues involved in liquidating Stream loans
Querying without `listed: true` surfaces very large markets carrying warnings such as "not_whitelisted" and "unrecognized_collateral_asset"; these are excluded from the table because no curator has vetted them
Utilisation reads 1.00, meaning no withdrawable liquidity is available to suppliers at the time of reading
The collateral is a claim on a private credit pool rather than a liquid token, held at a high LLTV tier
Morpho markets are immutable and uncapped; concentration risk is controlled only by vault allocation policy, so a market's stated LLTV is the whole of its on chain risk configuration
MORPHO governs the framework; risk is delegated to independent vault curators.
MORPHO governs the framework; vault curators set per-market risk.
EVM-optimized smart contracts (docs.morpho.org).
Audit / exploit history
Morpho Blue is audited and formally verified; minimal immutable core reduces attack surface.
Curated list ranked by size and strategic importance; not the exhaustive on-chain asset universe. Data as of 2026-07-26.
