DeFi protocol

Morpho

2 products · 1 coin · Base, Robinhood Chain · TVL $11.1B · data via DefiLlama

Platform risk tier

B· Medium risk · meets 4/5 criteriaSee why

Morpho's core contracts have not been exploited; all incidents were in isolated markets/vaults managed by curators (Stream/xUSD 11/2025, USR 3/2026, rsETH 4/2026). Actual risk depends on the vault you choose.

!Operating since 2024-01, under 3 years
✓Audited by 5 firms: Spearbit, OpenZeppelin, Cantina, Blackthorn, Certora
✓Bug bounty programme (Cantina, Immunefi, up to $2.5M)
✓Large TVL: $11.1B
✓No material uncovered losses in the core product (incidents in isolated products or under $1M are listed separately)
iRisk of the asset itself: Isolated markets: vault depositors bear the risk of the curator's market selection, oracle configuration and collateral; bad debt is socialised into the vault's share value.
iSome Gauntlet vaults affected by USR only open compensation claims when the vault runs out of liquidity; the Stream/xUSD case is still in litigation.

Last reviewed 24/09/2026. Not investment advice.Facts and sources →

You keep your own wallet and deposit straight into the smart contract. Click a product name for details.

2/2 products · How risk tiers work

									Conditions & limits
USDE	Morpho · Base One rate for any amount. TVL: $392M · Base Rate basis: APR (the source publishes APY, converted to the APR equivalent with daily compounding)	Flexible DeFi · smart contract	B· Medium risk CoinB· Medium riskPlatformB· Medium risk	4.88%	0.00%	4.88%	4.88%	4.88%	Token rewards Withdraw any time if the pool has enough liquidity
USDE	Morpho · Robinhood Chain One rate for any amount. TVL: $343M · Robinhood Chain Rate basis: APR (the source publishes APY, converted to the APR equivalent with daily compounding)	Flexible DeFi · smart contract	B· Medium risk CoinB· Medium riskPlatformB· Medium risk	4.88%	0.00%	4.88%	4.88%	4.88%	Token rewards Withdraw any time if the pool has enough liquidity