Morpho

Morpho MORPHO

Status: ListedLending, RWA, & DeFi Spot
Token GradeBBB
Overall Score: 32.9 /100Rank: 75 of 172
Disclosures BBB4.96 /10
Performance AA6.62 /10

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Disclosures Overview

Core Contributors

Legal & Financial

Tokenomics

Service Providers

Performance Overview: Market Quality

Total Volume (as % of Market Cap)

Market Cap (USD)

Trade Volume (USD)

Trade Volume (prev. 30D avg.)$63,413,630
Market Capitalization (prev. 30D avg.)$1,732,000,403
Trade Volume / Market Capitalization3.60%
GradeAAScore7.00Percentile15.79%

Depth +/- 2% (as a % of Market Capitalization)

Depth +/- 2% (USD) | Market Cap (USD)

Depth (+/- 2%)Market Cap
Depth +/- 2% (prev. 30D avg.)$100,156,820
Market Capitalization (prev. 30D avg.)$1,732,000,403
Depth / Market Capitalization6.07%
GradeAAAScore10.00Percentile100.00%

Bid / Ask Spread (Volume weighted spreads)

Bid / Ask Spread (%)

BinanceAerodromeslipstreamBitvenusspot
Exchange with Tightest SpreadsBinance
Volume Weighted Bid / Ask Spread (prev. 30 days)0.1740%
GradeAAScore7.00Percentile72.51%

Price Performance

30D Change: -0.55%

Price (USD)

Count Green Candles12
Count Red Candles18
Candle "Win Rate"40.00%
GradeBBScore4.00Percentile11.24%

Open Interest (as a % of Market Capitalization)

Top Venues by OI (prev. 30D avg.)

Binance$15,005,977
Bitmart$12,843,189
Mexc$9,034,673
Total (All Exchanges)$65,852,279
Open Interest / Market Capitalization2.82%
GradeBBScore4.00Percentile13.38%

Funding Rate

Funding Rate (%)

BinanceBitmartMexc
Open Interest-Weighted Funding Rate0.0180%
GradeAAAScore9.00Percentile96.82%

Performance Overview: Liquidity Providers

Data not disclosed

Market Maker Volume (as a % of total volume)

N/A
GradeCCC
Score0.00
Percentile0.00%

Market Maker Depth (as a % of total depth)

N/A
GradeCCC
Score0.00
Percentile0.00%

Market Maker Uptime / KPI Adherence

N/A
GradeCCC
Score0.00
Percentile0.00%

Performance Overview: Liquidity Footprint

Top-Tier Exchange Coverage

4 out of 4 (100%)BinanceOKXCoinbaseUpbit
GradeAAAScore10.00Percentile100.00%

Total Volume (CEX vs DEX)

Volume (USD)

CEX Volume (avg)$34,826,647
DEX Volume (avg)$2,562,818
CEX Volume share89.32%
GradeAAAScore8.00Percentile89.47%

Total +/- 2% Depth (CEX vs DEX)

+/- 2% Depth (USD)

CEX Depth (avg)$17,037,618
DEX Depth (avg)$117,427
CEX Depth share99.87%
GradeAScore5.00Percentile58.48%

Total Volume (Spot vs Perps)

Volume (USD)

Spot Volume (avg)$37,389,465
Perps Volume (avg)$38,878,299
Spot Volume share45.40%
GradeAAAScore10.00Percentile100.00%

Total +/- 2% Depth (Spot vs Perps)

+/- 2% Depth (USD)

Spot Depth (avg)$17,155,045
Perps Depth (avg)$2,661,164
Spot Depth share97.26%
GradeAAAScore10.00Percentile100.00%

Performance Overview: Tokenomics

Undisclosed unlock detected

Disclosed Token Vesting vs Actual Vesting

Disclosed TGE DateN/A
Disclosed Duration42 months
Disclosed Total Groups9
Disclosed Max. SupplyN/A

Disclosed Maximum Token Supply (%) | Months Since TGE

Morpho GovernanceStrategic PartnersStrategic Partners - Cohort 2Strategic Partners - Cohort 3TeamMorpho AssociationReserve for ContributorsUsers & Launch PoolsEarly Contributors

Commentary versus actual token vesting

52.4% of supply has no published circulation schedule — Morpho Governance (35.4%), Morpho Association (6.3%), Reserve for Contributors (5.8%) and Users & Launch Pools (4.9%). Docs state release is "dependent on governance decisions regarding reserve usage and distribution rates." ~321.7m MORPHO (32.17% of supply) has entered circulation from those discretionary buckets with no schedule, no ledger and no restatement. This is the single largest deviation between published tokenomics and observed supply. Voluntary relocks were disclosed with new dates — Founders and Strategic Partners Cohort 2 relocked; the new start and end dates are stated rather than implied. This is a deviation in the token holders' favour and is properly disclosed. No vesting contract addresses are published, so none of the schedule is independently verifiable on-chain. The distribution snapshot is dated 7 November 2024 — 21 months old at extraction, never restated, during which the DAO has distributed rewards through Merkl.

GradeCCCScore0.00Percentile100.00%

Market Cap vs. FDV (Ratio)

0.70:1
GradeAAA
Score9.00
Percentile62.57%

Fully Diluted Valuation (FDV) (USD)

$2,387,890,544
GradeAAA
Score10.00
Percentile100.00%

Data as of 2026-10-09 · Scoring config v4 · Rated 172 of 173 projects

UTR scores evaluate disclosure quality and token market structure. The score is informational and should not be interpreted as an assessment of expected returns or as an investment recommendation.