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Morpho is a decentralized lending protocol and open credit network that has evolved from an efficiency layer for existing platforms into a modular infrastructure allowing for the creation of independent, customized lending markets. The protocol has attracted significant institutional interest, recently securing $175 million in funding, bringing its total cumulative funding to $244.35 million. It currently reports over $11 billion in deposits and $6.6 billion in total value locked.
In June 2026, Morpho announced a partnership with Zama and Steakhouse Financial to integrate Fully Homomorphic Encryption (FHE) into its lending vaults. This initiative aims to provide institutional users with confidential yield opportunities for stablecoins, addressing concerns regarding the public visibility of financial strategies and balances on blockchains. Separately, the term 'Morpho' is also associated with Ed O'Brien's solo album, 'Blue Morpho'.
Morpho is a modular decentralized lending protocol that allows users to launch independent, customized lending markets.
The protocol reported over $11 billion in total deposits and $6.6 billion in total value locked as of June 2026.
A $175 million funding round led by Paradigm, a16z Crypto, and Ribbit Capital valued the protocol at up to $2 billion.
Morpho partnered with Zama to launch confidential DeFi yield products using Fully Homomorphic Encryption to protect institutional transaction privacy.
The name 'Morpho' is also used by musician Ed O'Brien for his solo album titled 'Blue Morpho'.
Morpho acts as a modular, open credit network that enables the creation of independent lending markets and provides infrastructure for embedding credit products.
The partnership integrates Fully Homomorphic Encryption into Morpho vaults, allowing institutional investors to earn yield on stablecoins without publicly disclosing their balances or financial strategies.
Morpho was founded in 2021 by Paul Frambot, Merlin Egalite, Julien Thomas, and Mathis Gontier Delaunay.
No, the term is also used in the music industry as the title of a solo album by Radiohead guitarist Ed O'Brien.
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