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MORPHO reached a Total Value Locked (TVL) of $11.78 billion, becoming the number two lender in DeFi. The move comes as many lending protocols faced pressure following a broader sector disruption tied to the KelpDAO hack. Aave Protocol, which leads the lending sector by DeFi TVL, reported bad debt of $200 million, while MORPHO’s exposure was limited to $1 million across two isolated markets. As a result, users began migrating toward other protocols such as SparkLend, which they viewed as safer.
MORPHO ranked second, with slightly less than half of Aave’s TVL, which stood at $27 billion. MORPHO’s ETH-denominated TVL tripled year-over-year (YoY) to around 2.9 million ETH. Its sector dominance was 16.82%. Active Loans for MORPHO rose to $4 billion, about one-third of Aave’s $11.75 billion. Annualized fees for the second-largest lending protocol were $175 million, compared with Aave’s $938 million.
Source: DeFiLlama
While MORPHO’s dominance remains well below Aave’s, the growth points to shifting preferences driven by security concerns.
MORPHO has also started to attract institutional participation. Loans originating from Coinbase totaled $2.17 billion in USDC, representing half of MORPHO’s active loans. In addition, Apollo Global, which manages $940 billion in assets under management (AUM), announced support for MORPHO to expand lending infrastructure. Apollo Global committed to acquire 90 million MORPHO over the next 48 months, either directly or through affiliates, signaling a potential accumulation of the token and additional capital inflows into the altcoin.
Since April began, the altcoin has been trending higher. Over the same period, many DeFi tokens declined following early-April hacks. Against that backdrop, MORPHO is up 100% year-to-date (YTD).
Technically, MORPHO moved upward above an ascending trendline support. The MACD bars suggested selling pressure had nearly diminished as the altcoin traded near support. The asset also showed alignment with Aave, with a correlation coefficient (CC) of 0.81.
If MORPHO holds above the support level, it could push the price back to $2.40 or higher. Conversely, a break below support could delay the uptrend by indicating a shift in market structure.
Overall, MORPHO is still far from taking over Aave in the lending sector. However, the balance could change quickly if Aave’s security concerns continue to weigh on the protocol.
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