Morpho Sector Overview
Aggregate metrics across 12 chains, 27 curators, 1775 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: $11.08B.
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 | 37.5% |
| cbBTC | 16.3% |
| USR | 15.8% |
| wstETH | 4.1% |
| USDT | 2.8% |
| WBTC | 2.6% |
| PYUSD | 2.4% |
| Other | 18.5% |
Borrow mix
Debt by asset. Top 7 shown individually; rest as Other.
Debt by asset
| USDC | 59.1% |
| USR | 26.2% |
| USDT | 4.1% |
| PYUSD | 3.5% |
| RLUSD | 1.6% |
| WETH | 1.6% |
| USDtb | 1.1% |
| Other | 2.8% |
Asset class asymmetry. Deposits vs borrow interest
Where capital sits versus where economic activity concentrates. Stablecoins are 46% of deposits but 96% of borrow interest; BTC is 34% of deposits but 0.1% as a borrowed asset. As of 2026-06-10.
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 | $2.48B | $0 | $2.48B | 100.0% | N/A | N/A | |
| 2 | cbBTC / USDC | Base | $1.35B | $159.41M | $1.19B | 88.2% | 4.00% | 4.55% | |
| 3 | PAXG / USDC | Ethereum | $1.16B | $0 | $1.16B | 100.0% | N/A | N/A | |
| 4 | K / USDC | Arbitrum | $1.13B | $0.1 | $1.13B | 100.0% | N/A | N/A | |
| 5 | sdeUSD / USDC | Ethereum | $679.92M | $0 | $679.92M | 100.0% | N/A | N/A | |
| 6 | cbBTC / USDC | Ethereum | $270.67M | $34.99M | $235.68M | 87.1% | 3.53% | 4.06% | |
| 7 | wstETH / USDT | Ethereum | $171.72M | $30.99M | $140.73M | 82.0% | 3.35% | 4.11% | |
| 8 | WBTC / USDC | Ethereum | $143.05M | $18.81M | $124.24M | 86.9% | 3.53% | 4.07% | |
| 9 | sUSDe / USDtb | Ethereum | $110.33M | $10.24M | $100.09M | 90.7% | 2.45% | 2.71% | |
| 10 | PRIME / PYUSD | Ethereum | $79.99M | $6.74M | $73.26M | 91.6% | 4.79% | 5.25% |
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 | 5.11% | 3.07% | 3.07% | 6.03% | 2.80% | 3.81% | +129 bps |
| USDT | 3.38% | 2.69% | 2.72% | 4.88% | 4.61% | 3.13% | +25 bps |
| DAI | 4.88% | 5.58% | N/A | N/A | N/A | 5.58% | −70 bps |
| WETH | 1.65% | 1.39% | 0.00% | 1.64% | 1.55% | 1.25% | +40 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 June 10, 2026 from /.