Morpho crypto holds key level as TVL on Base nears $2b

Morpho traded near $1.39 and was 2.4% in the green on the day, as bulls look to hold a key price level, with resilience at this crucial zone showing as Morpho’s total value locked on Base nears $2 billion.

The Morpho (MORPHO) crypto platform is increasingly a major player in the decentralized finance ecosystem. It’s native token reached highs of $4.17 in January, but fell sharply as cryptocurrencies mirrored broader risk assets, MORPHO hit lows of $0.85 in April. 

Although bulls have seen MORPHO bounce 93% since its all-time low of $0.71 in November 2024, they failed to rally higher after bouncing off April’s bottom, with price running into a supply wall around $1.66 in May. Despite this, and a dip to $1.37, MORPHO is up 7% in the past week and over 30% in the past three months.

Morpho TVL on Base

While the cryptocurrency faces pressure at current levels, the on-chain lending platform’s services are seeing notable growth. This has helped its total value locked metric recover from lows of $2.6 billion in April to over $4.55 billion.

Ethereum accounts for most of the TVL, but the surge in usage across the layer-2 chain Base means a massive spike in Morpho TVL on the platform. Per DeFiLlama, the Mopho TVL on Base has jumped to over $1.8 billion – up from a low of $628 million in April 2025 and just $60 million in July 2024.

Crypto fundamentals tracking platform Token Terminal highlighted this surge in Morpho’s total value locked on Base in a post on X. It noted a significant spike, with the TVL now rising toward the $2 billion mark.

TVL explosion comes as Mopho, which raised $50 million in a strategic round led by Ribbit Capital in 2024, recorded a decent growth trend in June. In that month, Morpho on Base flipped Aave on Arbitrum, becoming the largest lending protocol by total value locked on an Ethereum L2.

Meanwhile, Coinbase crypto-backed loans saw over $500 million USDC in originated loans, and collaterals surpassed $860 million.

Growth has also come amid Morpho’s unveiling of V2 of its intent-based lending platform and web3SOC, an enterprise-grade standard for decentralized finance. The Morpho app also added support for two new chains, Unichain and Katana.