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
$5.50B
▼$7.45M24h
↓ 33% from Sep 2025 peak ($8.21B)
Total Borrows
$1.92B
▲$7.55M24h
↓ 39% from Sep 2025 peak ($3.12B)
Available Liquidity
$3.58B
▼$15.00M24h
↓ 30% from Sep 2025 peak ($5.08B)
Utilization
34.9%319 markets
Idle Ratio
65.1%vault capital sitting unallocated
DefiLlamaDefiLlama Yields aggregate · refreshes every few hours.
Morpho · Total Supply by Asset
USDC
WSTETH
CBBTC
PYUSD
WBTC
USDT
KBTC
Other
Morpho · Total Borrows by Asset
USDC
WSTETH
CBBTC
PYUSD
WBTC
USDT
KBTC
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 | $509.92M | 0.00% | |
| 2 | WSTETH Core · WST · ETH | $445.16M | 0.00% | |
| 3 | Paypal USD MainSENPYUSDMAIN Curator · Sentora | $315.06M | 2.17%+3.10% | |
| 4 | Sentora RLUSD MainSENRLUSDV2 Curator · Sentora | $280.21M | 2.54%+3.45% | |
| 5 | WBTC Core | $194.43M | 0.00% | |
| 6 | KBTC Core | $183.39M | 0.00% | |
| 7 | Blue Chip USDC Vault (Prime)PRIME | $172.41M | 0.00% | |
| 8 | Sentora PRIME MainSENPYUSDPRIMEV2 Curator · Sentora | $150.14M | 3.35%+2.74% | |
| 9 | KBTC Core | $130.13M | 0.00% | |
| 10 | Steakhouse Prime EURCVSTEAKEURCV Curator · Steakhouse Financial | $109.94M | 3.50% | |
| 11 | WEETH Core · WE · ETH | $105.93M | 0.00% | |
| 12 | WSTETH Core · WST · ETH | $92.23M | 0.00% | |
| 13 | WBTC Core | $87.54M | 0.00% | |
| 14 | Steakhouse USDTSTEAKUSDT Curator · Steakhouse Financial | $87.48M | 3.63% | |
| 15 | Gauntlet USDC PrimeGTUSDCP Curator · Gauntlet | $80.46M | 4.20% |
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Curator ConcentrationCurated TVL · $2.25B
HHI2,187moderately concentratedantitrust convention: <1,500 competitive · 1,500–2,500 moderate · >2,500 highly concentrated
Sentora33.1%
Steakhouse Financial29.1%
Gauntlet13.7%
Sky Money5.0%
Galaxy Curation3.5%
Other (30 curators)15.6%
Morpho Curator Leaderboard· 36 curators · $2.51B aggregate · $2.25B curated
| # | Curator | TVL↓ | Vaults | Assets | Wgtd Net APY | Top Vault | Share |
|---|---|---|---|---|---|---|---|
| 1 |  Sentora | $745.46M | 4 | 2 | 5.57% | senPYUSDmain | 29.6% |
| 2 |  Steakhouse Financial | $654.78M | 51 | 25 | 3.87% | steakEURCV | 26.0% |
| 3 |  Gauntlet | $307.59M | 37 | 14 | 3.28% | gtusdcp | 12.2% |
| 4 | Uncurated | $262.49M | 381 | 38 | —* | adpUSDC | 10.4% |
| 5 |  Sky Money | $113.30M | 5 | 3 | 4.13% | skyMoneyUsdtSavings | 4.5% |
| 6 |  Galaxy Curation | $79.86M | 4 | 3 | 3.51% | gUSDTq | 3.2% |
| 7 |  Armitage by Wintermute | $57.47M | 2 | 1 | 4.63% | armUSDCs | 2.3% |
| 8 |  Clearstar | $37.97M | 13 | 4 | 13.93% | CS3JANECO | 1.5% |
| 9 |  AlphaPing | $37.20M | 21 | 8 | 1.98% | alphaUSDCDeltaV2 | 1.5% |
| 10 |  RockawayX | $35.06M | 6 | 2 | 5.53% | roxUSDCy | 1.4% |
| 11 |  KPK | $32.20M | 10 | 4 | 4.34% | KPK_USDC_Prime | 1.3% |
| 12 |  Hyperithm | $28.53M | 11 | 5 | 5.81% | hyperUSDCa | 1.1% |
| 13 |  Waterline | $28.06M | 5 | 1 | 6.66% | reservoirUSDC | 1.1% |
| 14 |  Hakutora | $24.92M | 2 | 2 | 3.46% | hUSDC | 1.0% |
| 15 |  Api3 | $19.20M | 4 | 1 | 6.88% | Api3-dCOMP-USDC | 0.8% |
* 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
381 uncurated MetaMorpho vaults hold $262.49M across 38 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