Morpho Tokenomics Overview
Full Morpho tokenomics breakdown: MORPHO token allocation, vesting schedule, supply distribution, unlock dates, and investor terms.
Produced by Tokenomics.com with data verified by the Morpho team.
Full Morpho tokenomics breakdown: MORPHO token allocation, vesting schedule, supply distribution, unlock dates, and investor terms.
Key questions and answers about Morpho tokenomics.
Morpho token distribution allocates 1,000,000,000 MORPHO across 4 primary stakeholder groups:
MORPHO uses variable cliffs and vesting schedules that change depending on the allocation:
4.9% of the total supply (49,000,000 MORPHO) is unlocked at TGE, with the entire unlock going to Public Sale.
Morpho has a total supply of 1,000,000,000 MORPHO, of which 647,123,724 MORPHO (64.7% of total) is currently circulating.
Total length of the full Morpho emission schedule is 4 years, with 24.42% released in Year 1, while the remaining 28.08% is released over the following 3 years.
Morpho is open lending network connecting lenders and borrowers globally. It’s infrastructure provides foundational layer that institutions, enterprises, curators, and fintechs build on. Morpho Blue, launched in 2024, introduced a new model for decentralized lending: isolated markets and curated vaults. Risk curation is externalized to independent curators who use vaults to build lending strategies on top markets, creating an open and competitive ecosystem of risk management rather than embedding it into the protocol itself. Morpho Midnight extends that infrastructure with fixed rate, fixed maturity lending markets. Where Blue operates on algorithmic interest rates, Midnight introduces a market driven pricing model where the rate is determined by the participants through an order-book-like experience. Offers can be made across multiple markets simultaneously through a intent based system, rather than allocating directly to a single market or pool. Together, Blue and Midnight form the base layers of a growing credit infrastructure. Variable rate and fixed term lending markets coexist to support a broader range of use cases. Morpho is not a single product. It is not a bank, fintech or asset manager. It is the infrastructure that connects them on a shared network.
