April is when 🐛 turns into 🦋.
It was also a big month for Morpho.
A longer than usual round up 👇
(slightly longer) TLDR:
🔹 Coinbase crypto-backed loans reach $130M+ in active loans with $270M+ in collateral
🔹 Trust Wallet and Ledger integrate Morpho for stablecoin earn features
🔹 Apollo's ACRED levered RWA strategy now runs on Morpho
🔹 World DeFi powered by Morpho and new Morpho Mini App in the World App
🔹 Product releases: Morpho Prime, Morpho Lite, and Open-Source Liquidation Bot
Highlights of the month
Trust Wallet Earn and Ledger Earn are powered by Morpho
Trust Wallet and Ledger, the world's largest non-custodial software and hardware wallets, now integrate Morpho as their default earn option.
Morpho is the default Earn engine of Trust Wallet.
Morpho powers Ledger Live's Earn section.
Morpho powers Apollo ACRED levered strategy
Institutional grade RWA yields, amplified onchain with DeFi.
Morpho is powering a looping strategy for Apollo's Apollo Diversified Credit Securitize Fund (ACRED), tokenized by Securitize, operated by Gauntlet and deployed on Polygon.
This marks the first time a private credit fund is used in an onchain structured product to enhance yields — a playbook that more TradFi RWA use cases will likely adopt.
The DeFi Mullet with Coinbase surpasses $130M in active loans
Since launching less than 100 days ago, the product has accumulated $270M+ cbBTC in collateral and $130M+ USDC in active loans. (data source here)
25M+ Humans on World App Can Now Lend & Borrow Using Morpho
Lend and borrow from World.
Morpho now powers World DeFi, with the World Coin Foundation providing $5M in incentives to jumpstart growth.
Morpho on World can be accessed within the World App using the Morpho Mini App by Paperclip Labs.
Front end support from other leading third-party interfaces:
🔹 Mobile-native experience from Legend
🔹 Web-first front end from Oku for advanced users
Product Releases
Introducing Morpho Prime products: a vertical of products dedicated to curators and advanced users.
The launch included:
🔹 The Morpho Curator App, a no-code tool for efficiently managing Morpho Vaults across multiple chains.
🔹 The Morpho Rewards App, an all-in-one platform for creating custom rewards programs and discovering reward opportunities.
Open-Source Liquidation Bot
An RPC-based liquidation bot that's fast, efficient, and completely open-source—deployable on any EVM-compatible chain.
Morpho Lite
An open-source, lightweight front end providing access to Earn & Borrow on Morpho on EVM chains beyond Ethereum and Base.
At launch, users can access Morpho on Polygon, World, and OP Mainnet, with more chains coming soon.
Metric Highlights
45%+ of cbBTC on Base are held in the Morpho protocol on Base as collateral and lending asset, generating yield. (source: basescan)
Launched less than 2 months ago, Compound Blue continues to grow on Polygon, with new use cases such as Apollo ACRED looping strategy supporting deployed. (source: defillama)
Ecosystem Highlights
-
BSX users can now earn yield on their USDC while trading perpetuals, powered by Morpho.
-
lvlUSD, one of the fastest-growing stablecoins, is now officially powered by Morpho.
-
Morpho is live on Hyperliquid EVM, with HyperBeat and Felix front ends launching soon.
-
f(x) Protocol launches $fxSAVE, featuring yield from their USDC vault curated by Re7.
-
Morpho curators can now boost growth using Fuul-powered referrals.
-
OpenEden cUSDO now available as collateral for USDC borrowing on Morpho.