Lend and borrow
on your terms

Morpho is for institutions, fintechs, and developers building or accessing onchain credit across stablecoins, digital assets, and tokenized real world assets. Fintechs embed earn and borrowing products, curators can facilitate their own custom lending strategies with various tools, treasuries and foundations deploy capital or borrow against their assets, and market makers and lenders provide liquidity. Users access these products through Morpho and partner applications, with Earn, Borrow, and Curate spanning variable rate markets, fixed rate markets, and curated vaults.

There are several ways to use Morpho:

Through any app of the Morpho ecosystem (Fixed Rate, Variable Rate, Vaults, Curators)

Via explorers

Morpho Markets:
Isolated, permissionless lending markets. Each market defines a loan asset, the collateral it accepts, an oracle for each collateral, and liquidation parameters, all fixed at creation. Anyone can create a market; risk is contained to that market. Two types of markets exist. Variable Rate Markets (Blue): one collateral asset per market, with rates that float based on utilization through an interest rate model. Fixed Rate Markets (Midnight): fixed-term, fixed-rate borrowing and lending, where each market has a maturity date, can accept one or more collateral assets, and prices rates through offers rather than an interest rate model.

Morpho Vaults:
A Morpho Vault is a smart contract that allocates deposited assets across one or more Morpho Markets according to parameters configured by a curator. Depositors receive receipt tokens representing a proportional claim on the vault's assets. Yield is variable and originates from interest paid by borrowers in the underlying markets.

Morpho is non custodial, permissionless and immutable. The Morpho Protocol cannot freeze your assets in any way.

You interact with both Morpho Blue for variable rates and Midnight for fixed term markets using your own institutional custodian or wallet. This means you never give up control of your private keys. The underlying smart contracts simply act as an immutable, noncustodial ledger that automates the lending logic and issues tokenized receipts for your positions.

You can get a loan in stablecoins without selling your asset.

1. Choose a market: the collateral you hold (for example cbBTC) and the asset you want to borrow (for example USDC).
2. Deposit your collateral. It stays in the market's smart contract, not with Morpho.
3. Borrow up to the market's limit, at a variable rate (Blue) or a fixed rate for a fixed term (Midnight).
4. Repay the loan plus interest at any time to withdraw your collateral.

You earn interest by lending your crypto to borrowers. On Morpho you deposit into a vault, such as a USDC vault. The vault's curator lends your deposit across selected Morpho Markets and sets the risk limits.

Where the yield comes from: borrowers pay interest on their loans, and that interest goes to the vault's depositors. The rate is variable. Withdrawals: you can withdraw at any time, as long as the vault has liquidity that isn't lent out.
Risks: smart-contract risk, the curator's choice of markets, and liquidity. Deposits are not insured. See What are the risks?