MORPHO, the native token of the Morpho Protocol, soared over 30% to reach a new all-time high as cryptocurrencies experienced significant gains on New Year’s Eve.
The Morpho token hit an intraday peak of $3.61, marking a new all-time high alongside a 153% surge in trading volume. This marks a 160% increase in the past month. Trading volume spiked by 153% in 24 hours, reaching $144.7 million.
The Morpho Protocol, a platform for on-chain loans and other DeFi services, now has $5.26 billion in total value locked (TVL). At the time of writing, the Morpho token price is $3.54.
The Morpho Protocol’s success has driven its total value locked (TVL) to $5.26 billion. Its TVL, daily fees, and active users have surged with its expansion into Ethereum layer-2 networks.
Morpho, an infrastructure platform for on-chain loans, offers use cases like credit card and savings features, permissioned markets, and bridge asset deposits. Key integrations include Moonwell, Centrifuge, and Coinbase.
The project recently raised $50 million in funding led by Ribbit Capital, with support from a16z, Pantera Capital, Fenbushi Capital, and Coinbase Ventures, reflecting strong institutional confidence. The broader DeFi sector also benefited from last November’s market rally, though recent IRS broker reporting rules have sparked controversy among DeFi supporters.
