Morpho Effect: June 2025
Newsletter
June was a big month at Morpho, here’s a quick round-up:
TLDR
🔹 Unveiling Morpho V2: Intent-based lending platform powered by fixed-rate loans.
🔹 Morpho will only have one asset—the MORPHO token.
🔹 Introducing Web3SOC: A new enterprise-grade standard for DeFi.
🔹 New chains available on the Morpho App: Unichain & Katana.
🔹 Morpho on Base is the biggest DeFi protocol by TVL on any Ethereum L2.
Highlights of the Month
Unveiling Morpho V2
An intent-based lending platform powered by fixed-rate, fixed-term loans.
Morpho Will Only Have One Asset—the MORPHO token
Morpho Labs is becoming a wholly-owned subsidiary of the Morpho Association, a French non-profit without any shareholders.
Introducing Enterprise-Grade Evaluation Framework for DeFi: Web3SOC
Enterprises and institutions have historically lacked clear frameworks to evaluate DeFi protocols they are integrating.
That changes with the launch of the Web3SOC standard, masterminded by Cantina and Morpho.
Private Credit in DeFi at Institutional Scale
mF-ONE holders can now collateralize their tokenized F-ONE private credit fund tokens to borrow USDC, which they can use to increase their exposure to F-ONE.
Deblock in the Front, Morpho in the Back
Deblock is bringing a Morpho-powered onchain savings product to European users.
DeFi Infrastructure Has No Borders
Lemon is bringing Morpho-powered onchain yields to users in Argentina.
Launch Embedded Morpho Loans In Hours, Not Months
Any wallets, exchanges, and fintechs can integrate embedded Morpho-powered Loans via Gelato SDK
Tenor is Now Contributing to Morpho V2
Morpho V2 is supported by numerous contributors both within and outside the Morpho ecosystem.
Tenor is developing a suite of borrower-focused products to simplify and enhance Morpho V2’s usability.
New on the Morpho App
Morpho is now live on Katana
Morpho is now live on Unichain
Auto-Deleverage is the first borrower position protection feature on Morpho, with more to come enabled by the pre-liquidation smart contracts
Allocations from curators signal trusts, users can now see allocations within a hover
One-click migration of Earn or Borrow positions from other lending protocols
Sort by in-wallet tokens on Morpho Earn
What Do the Numbers Say?
Active loans on Based Morpho is going vertical

Based Morpho is the biggest DeFi protocol by active loans on any L2
Coinbase crypto-backed loans has originated $500M+ USDC loans with $860M+ collaterals
Deployed less than 1 month ago, Morpho on Unichain now has 120M+ in total deposits

Launched 1 week ago, Morpho on Katana now has 150M+ in total deposits

Powering Hyperbeat and Felix, Morpho on HyperEVM is closing in on 400M of total deposits

Ecosystem update
- Two new Blockworks Bell Curve episodes on Morpho V2:
- World DeFi is global, with the Top 10 countries of the Morpho Mini App coming from non-western nations
- MORPHO is part of the inaugural Blockworks token transparency report, and it is now listed on the Revolut App
- More yield-bearing stablecoins are powered by Morpho
- More and more DeFi Apps and usecases are now powered by Morpho:
- Clave makes chain-abstracted stablecoin yields accessible within just a few clicks
- Picnic brings Morpho-powered onchain yields to Brazil
- Tab allows Farcasters to pay friends while their cash holdings earn yields via Morpho
- Mano Agent, a DeFAI agent built by the team behind Moonwell, automates USDC and cbBTC yields via vaults powered by Morpho
- Seamless Leveraged Tokens powered by Morpho now live
- Gauntlet curated vaults have 500M+ in TVL – learn how Gauntlet curates risks in these vaults
- K3 and Edge Capital are the latest curators on Morpho