Morpho

Morpho (MORPHO) is an open lending platform where users can deposit assets to earn yield or borrow assets onchain. The platform is noncustodial, uses immutable contracts, and keeps governance involvement minimal.

Morpho Vaults act as a curated allocation layer for lenders. Curators direct a deposited asset toward vetted markets and adapters, staying inside limits recorded onchain. Borrowers take loans directly from Morpho Markets. Developers and businesses can also create markets, curate vaults, and build applications on its permissionless infrastructure.

Morpho Blue is the lending primitive for variable rates and open terms, built on isolated markets, pooled liquidity, and parameters that cannot be changed after a market is created. Morpho Midnight is the primitive for fixed rates and fixed terms, built around negotiated offers and defined maturities.

The project also describes configurable credit infrastructure for institutional users, with adjustable compliance, custody, and counterparties. Its isolated markets are intended to allow higher collateralization factors and low gas consumption.