Morpho Sector Overview
Aggregate metrics across 13 chains, 27 curators, 1955 markets
Source: Morpho GraphQL API · DefiLlama
Morpho in the lending sector
Deposits, active loans (borrows), and TVL across the overcollateralized lending sector. Toggle the metric. TVL alone understates lending size; deposits and active loans are the truer yardsticks. Source: DefiLlama.
Morpho ranks #2 of 9 overcollateralized lending protocols by deposits. Gap to Aave V3: $13.18B.
Morpho by chain
Share of Morpho's selected metric across chains over time. Top 10 chains; rest aggregated as Other.
By chain. Top 8 by TVL
Net supply flows
Net change in deposit base over the period · inflows ▲ left, outflows ▼ right, components in the middle.
Collateral mix
Deposit base by asset. Top 7 shown individually; rest as Other.
Deposit base by asset
| USDC | 45.9% |
| USR | 17.7% |
| cbBTC | 12.4% |
| wstETH | 3.1% |
| USDT | 2.0% |
| PYUSD | 1.8% |
| USDe | 1.7% |
| Other | 15.4% |
Borrow mix
Debt by asset. Top 7 shown individually; rest as Other.
Debt by asset
| USDC | 64.4% |
| USR | 25.5% |
| USDT | 2.7% |
| PYUSD | 2.3% |
| RLUSD | 1.4% |
| USDG | 1.1% |
| WETH | 1.0% |
| Other | 1.5% |
Asset class asymmetry. Deposits vs borrow interest
Where capital sits versus where economic activity concentrates. Stablecoins are 47% of deposits but 98% of borrow interest; BTC is 33% of deposits but 0.1% as a borrowed asset. As of 2026-07-23.
Top markets across Morpho
Period / view / sort toggles. Supply & borrow APY clamped at 100% (saturated-util IRM artifacts shown as . ). Click a row to copy its market key.
| # | Asset | Chain | Total Supply | Available Liq. | Borrowed | Util | Supply APY | Borrow APY | Supply |
|---|---|---|---|---|---|---|---|---|---|
| 1 | BONDUSD / USR | Ethereum | $4.27B | $0 | $4.27B | 100.0% | N/A | N/A | |
| 2 | PAXG / USDC | Ethereum | $2.87B | $0 | $2.87B | 100.0% | N/A | N/A | |
| 3 | K / USDC | Arbitrum | $2.79B | $0.1 | $2.79B | 100.0% | N/A | N/A | |
| 4 | sdeUSD / USDC | Ethereum | $1.69B | $0 | $1.69B | 100.0% | N/A | N/A | |
| 5 | cbBTC / USDC | Base | $1.41B | $136.04M | $1.28B | 90.4% | 4.82% | 5.35% | |
| 6 | cbBTC / USDC | Ethereum | $282.39M | $28.85M | $253.54M | 89.8% | 3.55% | 3.96% | |
| 7 | USDe / USDC | Base | $233.95M | $20.22M | $213.73M | 91.4% | 4.72% | 5.18% | |
| 8 | wstETH / USDT | Ethereum | $171.25M | $15.13M | $156.11M | 91.2% | 4.33% | 4.76% | |
| 9 | USDe / USDG | Robinhood Chain | $157.28M | $16.17M | $141.12M | 89.7% | 2.68% | 3.00% | |
| 10 | kBTC / RLUSD | Ethereum | $143.16M | $13.25M | $129.91M | 90.7% | 2.73% | 3.02% |
Morpho vs sector supply APY
Depositor yield on Morpho vs the lending sector (Aave V3, Compound V3, Fluid, Euler V2), by asset. Positive spread = Morpho is the more efficient venue for lenders. Toggle chain.
| Asset | Morpho | Aave V3 | Compound V3 | Fluid | Euler V2 | Sector Avg | Spread vs Sector |
|---|---|---|---|---|---|---|---|
| USDC | 4.57% | 14.71% | 6.46% | 5.38% | 4.46% | 7.98% | −341 bps |
| USDT | 4.27% | 2.75% | 2.89% | 5.20% | 8.41% | 3.28% | +99 bps |
| DAI | 5.33% | 5.46% | N/A | N/A | N/A | 5.46% | −13 bps |
| WETH | 1.63% | 1.48% | 0.00% | 1.69% | 0.66% | 1.29% | +34 bps |
Supply APY on Morpho (supply-USD-weighted across markets) vs the lending sector (supply-USD-weighted across Aave V3, Compound V3, Fluid, Euler V2). Positive spread = Morpho pays depositors more. Competitor columns show “. ” until the competitor-rates backfill runs in prod.
Risk pulse
Bad debt is Morpho's stored unrealized figure. Stressed = utilization > 90%. LLTV is supply-weighted (stored as a fraction).
Data sources: Morpho GraphQL API · DefiLlama. Updated every 6 hours.
TVL definition matches Morpho's published dashboard: deposits − active loans.
Saturated-utilization IRM blow-ups (supply APY ≥ 100%) are excluded from every aggregate as data artifacts.
Full methodology: /methodology
Datum Labs. (2026). Morpho Research Terminal: Morpho Sector Overview. Retrieved July 23, 2026 from /.