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
- The DeFi Mullet is for everyone – 70,000+ Lemon users now earning yield through Morpho
- Morpho is live on Soneium, featuring a 3rd party frontend by Untitled Bank and qualification for Soneium points Season 1
- Integrated with CoW Swap Hook: users can combine swap and borrow in one action
- OP rewards now live on Morpho on OP Mainnet via Moonwell
- Unified Ethereum experience on Clave 2.0 with Morpho-powered Earn
- Vault Risk Ratings by Credora Network temporarily paused, returning soon
- Pareto leverages Morpho to enhance RWA returns
- Plume and OKW Wallet incentivize pUSD lending on Morpho