# Morpho

> Open infrastructure for onchain loans

Morpho is a decentralized lending protocol. It lets users lend and borrow crypto assets through permissionless, overcollateralized markets and curated vaults that allocate deposits across those markets.

Morpho is a decentralized lending protocol. It lets users earn interest on deposits, borrow assets against collateral, and build custom lending products on shared infrastructure. Lending markets are permissionless and overcollateralized, with each market setting its own collateral, oracle, and risk parameters.

The protocol separates risk from liquidity. Isolated markets hold the core lending logic in immutable smart contracts, so the parameters of a market are fixed when it is created and cannot be changed afterwards. Vaults sit above those markets and allocate deposits across them, giving depositors optimized rates without choosing markets themselves. Fixed-rate markets are also available to lenders and borrowers who want a known rate and term.

Morpho Vaults are curated by independent risk experts, who set allocations, caps, and permissions on behalf of depositors. The protocol runs across multiple blockchains and is reachable through its own interface, an API, and developer tools. It is used by individual lenders and borrowers, vault curators, and companies embedding lending and yield into their own applications.

- Type: Protocol
- Sector: DeFi
- Status: Active
- Founded: 2021-01-01
- Profile: https://thegrid.id/profiles/morpho_org

## Products

- [Morpho Blue Protocol](https://thegrid.id/profiles/morpho_org): Morpho Blue Protocol is a decentralized lending protocol providing permissionless, overcollateralized lending markets. Each market pairs one collateral asset with one loan asset and fixes its oracle, interest rate model, and liquidation threshold at creation, held in immutable smart contracts checked by formal verification. Isolating risk to individual markets lets anyone open a market and allocate capital under known parameters. (Decentralised Borrowing & Lending, Live, Main Product)
- [Morpho Vaults](https://thegrid.id/profiles/morpho_org): Morpho Vaults is a yield aggregator that allocates deposits across Morpho lending markets. Curators define each vault's strategy, setting market allocations, deposit caps, permissions, and risk parameters on behalf of depositors. Vaults follow a tokenized vault standard, so a depositor holds a transferable share that accrues interest from the underlying markets. (Decentralised Borrowing & Lending, Live)
- [Morpho Optimizers](https://thegrid.id/profiles/morpho_org): Morpho Optimizers was a peer-to-peer matching layer built on top of established lending pools. It matched lenders and borrowers directly at compatible rates and routed unmatched liquidity to the underlying pools, improving rates for both sides while keeping the risk parameters of those pools. The product has been deprecated by governance and is no longer maintained, though its contracts remain reachable onchain. (Centralised Borrowing & Lending, Inactive/Support Ended)
- [Morpho App](https://thegrid.id/profiles/morpho_org): Morpho App is a web interface for lending and borrowing on the Morpho protocol. It lets users deposit into curated vaults, borrow against collateral in isolated markets, and manage open positions from a self-custody wallet. The interface shows current rates, collateral ratios, and available liquidity, and bundles multi-step actions into a single transaction. (Decentralised Borrowing & Lending, Live)
- [Morpho Midnight](https://thegrid.id/profiles/morpho_org): Morpho Midnight is a noncustodial fixed-rate lending protocol. Lenders and borrowers trade market units that mature on a fixed date, and the price of a unit sets the implied fixed rate for the remaining term. Markets are isolated, immutable, and permissionlessly created, each naming a loan asset, a maturity date, and one or more collateral assets with their own oracles and risk parameters. (Decentralised Borrowing & Lending, Live)

## Assets

- [Morpho Token (MORPHO)](https://thegrid.id/profiles/morpho_org): MORPHO is the governance token of the Morpho lending protocol. Holders vote on protocol parameters, risk settings, and treasury allocations, with voting power weighted by the number of tokens held or delegated. The token is deployed across multiple blockchains, and governance controls the fee switch, the approved interest rate models, and the whitelisted liquidation loan-to-value settings. (Governance)

## Links

- [Main](https://morpho.org)
- [Blog](https://morpho.mirror.xyz)
- [Documentation](https://docs.morpho.org)
- [Whitepaper](https://docs.morpho.org/get-started/resources/whitepapers)
- [Media Kit/branding](https://brand.morpho.org)
- [Forum](https://forum.morpho.org)
- [Privacy policy](https://morpho.org/privacy-policy)
- [Blog](https://morpho.org/blog)
- [Terms of Service](https://morpho.org/terms-of-use)
- [Discord](https://discord.com/invite/BWXbJMHMdz)
- [Farcaster](https://warpcast.com/~/channel/morpho)
- [Twitter / X](https://x.com/MorphoLabs)
- [GitHub](https://github.com/morpho-org)
- [GitHub](https://github.com/morpho-org/midnight)
- [YouTube](https://www.youtube.com/@MorphoAssociation)
- [LinkedIn](https://www.linkedin.com/company/morpho-association)

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- [TGS Field Descriptions](https://github.com/The-Grid-Data/workspace-public/blob/main/references/tgs-field-descriptions.md): Schema field definitions for The Grid's data model
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- [Grid MCP Guide](https://github.com/The-Grid-Data/workspace-public/blob/main/grid-search/skills/grid-query/references/grid-mcp-guide.md): How to query The Grid programmatically via MCP