Protocol Deep Dive
Per-protocol market breakdown, rates, and historical liquidity across the tracked Ethereum lending protocols. Source: DefiLlama Yields.
Morphoisolated
Permissionless isolated lending primitives. Each market is a single (loan, collateral, LLTV, oracle, IRM) tuple. Vaults aggregate across markets.
Total Supply
$6.56B
▼$50.00M24h
↓ 20% from Sep 2025 peak ($8.21B)
Total Borrows
$2.21B
▲$3.02M24h
↓ 29% from Sep 2025 peak ($3.12B)
Available Liquidity
$4.35B
▼$53.01M24h
↓ 14% from Sep 2025 peak ($5.08B)
Utilization
33.7%321 markets
Idle Ratio
66.3%vault capital sitting unallocated
DefiLlamaDefiLlama Yields aggregate · refreshes every few hours.
Morpho · Total Supply by Asset
USDC
CBBTC
PYUSD
WSTETH
KBTC
WBTC
RLUSD
Other
Morpho · Total Borrows by Asset
USDC
CBBTC
PYUSD
WSTETH
KBTC
WBTC
RLUSD
Other
Morpho · Top Vaults by Total Supply
Top 15
Vaults1–15 of 200, sorted by Total Supply · click a row for details
| # | Vault | Total Supply | Net APY | Share |
|---|---|---|---|---|
| 1 | CBBTC Core | $694.39M | 0.00% | |
| 2 | SENPYUSDMAIN | $379.53M | 2.87%+3.01% | |
| 3 | SENRLUSDV2 | $347.21M | 2.49%+3.70% | |
| 4 | WSTETH Core · WST · ETH | $333.07M | 0.00% | |
| 5 | KBTC Core | $252.50M | 0.00% | |
| 6 | WBTC Core | $236.99M | 0.00% | |
| 7 | Blue Chip USDC Vault (Prime)PRIME Core | $236.54M | 0.00% | |
| 8 | SENPYUSDPRIMEV2 | $201.30M | 3.75%+2.45% | |
| 9 | KBTC Core | $190.22M | 0.00% | |
| 10 | WEETH Core · WE · ETH | $154.38M | 0.00% | |
| 11 | Steakhouse EURCVSTEAKEURCV Curator · Steakhouse Financial | $140.65M | 3.00% | |
| 12 | WBTC Core | $138.81M | 0.00% | |
| 13 | WEETH Core · WE · ETH | $106.79M | 0.00% | |
| 14 | PT-REUSD-10DEC2026 Core | $96.91M | 0.00% | |
| 15 | SUSDE Core · S · USDE | $94.10M | 0.00% |
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Curator ConcentrationCurated TVL · $470.80M
HHI3,806highly concentratedantitrust convention: <1,500 competitive · 1,500–2,500 moderate · >2,500 highly concentrated
Steakhouse Financial51.3%
Gauntlet33.4%
Hakutora5.6%
Yearn3.6%
SparkDAO2.1%
Other (15 curators)3.9%
Morpho Curator Leaderboard· 21 curators · $891.12M aggregate · $470.80M curated
| # | Curator | TVL↓ | Vaults | Assets | Wgtd Net APY | Top Vault | Share |
|---|---|---|---|---|---|---|---|
| 1 | Uncurated | $420.33M | 216 | 29 | —* | adpUSDC | 47.2% |
| 2 |  Steakhouse Financial | $241.66M | 32 | 19 | 3.50% | steakUSDT | 27.1% |
| 3 |  Gauntlet | $157.43M | 30 | 14 | 2.37% | gtUSDC | 17.7% |
| 4 |  Hakutora | $26.18M | 2 | 2 | 3.45% | hUSDC | 2.9% |
| 5 |  Yearn | $17.12M | 5 | 3 | 5.53% | ymvOG-USDC | 1.9% |
| 6 |  SparkDAO | $9.99M | 3 | 3 | 4.62% | sparkUSDCbc | 1.1% |
| 7 |  MEV Capital | $8.10M | 15 | 10 | —* | MCwETH | 0.9% |
| 8 |  Clearstar | $4.58M | 6 | 4 | 2.01% | CSYUSDC | 0.5% |
| 9 |  Hyperithm | $2.15M | 4 | 3 | 7.13% | hyperUSDCa | 0.2% |
| 10 |  Waterline | $1.53M | 2 | 1 | 5.55% | infinifiUSDC | 0.2% |
| 11 |  RE7 Labs | $847.50K | 11 | 8 | 0.00% | Re7WETH | 0.1% |
| 12 |  Apostro | $582.95K | 3 | 3 | —* | aprUSDC | 0.1% |
| 13 |  Avantgarde | $343.19K | 2 | 2 | 0.00% | AVGUSDCCORE | 0.0% |
| 14 |  SingularV | $155.65K | 2 | 2 | 1.69% | svETH | 0.0% |
| 15 |  9Summits | $54.65K | 5 | 4 | 4.46% | 9SUSDC11Core | 0.0% |
* weighted APY above 50% hidden as a visual outlier — typically a small vault whose APY computation is dominated by a single underlying market with a transient rate spike.
The long tail
216 uncurated MetaMorpho vaults hold $420.33M across 29 unique assets — the long tail of permissionless market creation. These are vaults without a registered curator, often experimental or single-allocator mandates. Worth tracking for early-stress signals.
As of just now · DefiLlama + on-chain · live load