MorphoMORPHO

The governance token of Morpho, the second-largest crypto lending protocol; its fee switch is off.

Rank #60Since November 2024

Price on 31 Oct 2026

C$3.17 +13.0% since 31 Jul 2026 · 47.3% below its all-time high

The short version

Morpho is the second-largest crypto lending protocol, with isolated lending markets and curated vaults. The token issuer is the Morpho Association in Paris, led by Paul Frambot. The fee switch is off, so none of the protocol's fees reach MORPHO holders, and about 107M MORPHO from founders and investors vests in the 12 months to Oct 2027. On 31 Oct 2026 one MORPHO cost C$3.17. From 31 Jul 2026 to 31 Oct 2026 its price changed +13.0% in Canadian dollars, and it was 47.3% below its all-time high of C$6.02 set on 17 Jan 2025.^[1]

Checked 31 Oct 2026 · 16 sources · next update about 1 Dec 2026

Price, past year

Past year: high C$4.02 (24 Aug 2026) · low C$1.47 (6 Feb 2026) · +17.0%^[1]

Month-end prices (table)

Date	C$	US$
31 Oct 2026	C$3.20	US$2.29
30 Sep 2026	C$3.52	US$2.47
31 Aug 2026	C$3.37	US$2.43
31 Jul 2026	C$2.83	US$2.02
30 Jun 2026	C$2.68	US$1.89
31 May 2026	C$3.01	US$2.18
30 Apr 2026	C$2.67	US$1.96
31 Mar 2026	C$2.04	US$1.47
28 Feb 2026	C$2.53	US$1.85
31 Jan 2026	C$1.73	US$1.28
31 Dec 2025	C$1.55	US$1.13
30 Nov 2025	C$2.09	US$1.49

Daily prices from CoinGecko; C$ converted at the Bank of Canada daily rate. The latest point is live when available. Past prices, not a forecast.

Choose what to see

Key facts

Price, 31 Oct 2026: C$3.17^[1]
3-month change: +13.0% in C$ (31 Jul 2026 to 31 Oct 2026)^[1]
From its high: 47.3% below its high of C$6.02 (17 Jan 2025)^[1]
Market rank: #60, market value about C$2.2B^[1]
Kind: Token · Ethereum (ERC-20)
Started: November 2024

Checks: the same 9 questions for every coin

Facts, not a rating

Can an admin key create new coins?NoMinting rights are granted only by DAO vote; supply stays at 1 billion^{[2, 3]}

Can anyone freeze or take coins from holders?Not disclosedGoPlus gives no flags for this upgradeable contract; no freeze function is documented^[4]

Can the token's contract code be changed?YesUpgradeable proxy contract on Ethereum^[4]

Is the supply capped?Yes1 billion maximum per Morpho's token documentation^[3]

Any scheduled unlocks in the next 12 months?YesAbout 107M MORPHO, 15-20% of circulating, vests by Oct 2027^[5]

Does a team or foundation hold over 10% of supply?YesInvestors 25.1% and founders 15.2% at genesis, plus a 32.5% DAO treasury^[5]

Do network fees reach coin holders?NoFee switch is off; holders received none of US$207M in fees^{[6, 7]}

Main network hacked or halted in the past 2 years?NoCore contracts not exploited; Oct 2024 and Nov 2025 losses were in third-party markets^{[8, 9]}

Is a regulator or court case targeting the coin itself?NoNo SEC or CFTC action or lawsuit found; MiCA white paper filed in France^[5]

Each answer is a fact with a source, not a score. What each check means.

Who controls it

Run by: Morpho Association (Paris, French 1901-law association); president and CEO Paul Frambot^[5]
Backers: a16z, Variant, Ribbit and Paradigm; US$175M round at about US$2B valuation in Jun 2026^[10]
Apollo deal: Apollo agreed in Feb 2026 to acquire up to 90M MORPHO over 48 months^[11]
Token contract: Upgradeable proxy; minting rights are granted only by a DAO vote^{[4, 2]}

Supply

In circulation: 703.32M MORPHO of a 1.00B maximum (70.3%)^[1]
Fully diluted value: 1.42 times its current market value^[1]
Allocation: DAO treasury 32.5%, investors 25.1%, founders 15.2%, partners 12.7%, contributors 7.9%, users 6.6%^[5]
Vesting: Founders' 15.2% and Round 3 investors' 6.23% vest daily to 21 Nov 2027^[5]
Circulating: CoinMarketCap counts 535M MORPHO circulating; CoinGecko counted 703M on 23 Oct 2026^[12]

Use and fees

Fees: US$207M over the past year; none to MORPHO holders while the fee switch is off^{[6, 7]}
Security: 25 audits by 12 firms plus formal verification of the core Morpho Blue contracts^[5]

Trading

Daily trading: About C$38.3M a day on average, 31 Jul 2026 to 31 Oct 2026^[1]
Daily turnover: Typically 1.47% of its market value changes hands each day^[1]
20-week average: 2.9% above its 20-week average price^[1]
1-year change: +12.8% in C$^[1]^[13]

History

Not a forecast

Coins ranked 51-200 at this point in past cycles (12-14 months after a Bitcoin peak), one year later: 4,050 cases, 612 coins

39% were higher a year later^[14]

Typical result: Median -25% after a year; 45% higher after two years
Lost half or more: 38% within a year
Against Bitcoin: 12% did better than Bitcoin over the year

History, not a forecast.

Red flags and things to watch

1 red flag found

Red flag: About 107M MORPHO from founders and investors vests in the 12 months to Oct 2027, 15-20% of circulating supply.^[5]

Morpho opened USDC lending against five tokenized stocks on Base on 30 Oct 2026.^[15]
DefiLlama lists a 0.1% market-maker unlock on 20 Nov 2026.^[16]
Any fee payout to holders would need a governance vote and regulatory compliance, per the token white paper.^[5]

Checked: admin keys, contract upgrades, unlocks, insider supply, hacks, legal actions and claims against records.

Sources and dates

Facts as of 31 Oct 2026. Prices from CoinGecko in Canadian and US dollars; US$ figures without a C$ price are converted at 1.3976 C$ per US$.