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Morpho Effect: August 2025

The network effect of Morpho continues to grow: larger total deposits, more DeFi Mullet integrations and more…

TLDR

🔹 Morpho total deposits exceed $10B (now at $11B+)

🔹 Gemini Wallet launches with Morpho Earn integrated

🔹 Bitpanda DeFi Wallet launches with Morpho-powered Earn

🔹 Steakhouse and Gauntlet surpass $1B in deposits on Morpho

Highlights

Morpho total deposits exceeded $10B, now at $11.5B

Gemini Wallet launches with Morpho as the default Earn option

Bitpanda DeFi Wallet integrates Morpho, allowing millions of users to access the best risk-adjusted yield onchain

Morpho is now live on Arbitrum with DRIP campaign coming soon

Steakhouse and Gauntlet have surpassed $1B in deposits on Morpho, while SparkDAO is quickly approaching the $1B mark

New on the Morpho App

Improved Morpho Mobile App experience now available

New feature: borrow amount to reach target utilization no available

What Do the Numbers Say

Morpho continues to dominate on Base

500,000+ humans now use Morpho on World

650M+ in total deposits on Hyperliquid, with builders like Felix and Hyper leading the charge

DeFi Mullets onboard users with very different risk profiles (Traditionally DeFi protocols have a higher concentration in the top 50% borrow volume, but the Coinbase Loans built on the cbBTC/USDC market has very low concentration at the top)

Katana’s DeFi Flywheel has officially started spinning, with 500M in total deposits on Morpho in less than 3 months

Ecosystem News

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