Morpho is a permissionless lending protocol. Anyone can create isolated lending markets, and curators run vaults that allocate deposits across them. It is built by Morpho Labs, co-founded by CEO Paul Frambot, and governed by the MORPHO token.

Morpho is deployed on HyperEVM, where Hyperliquid builders such as Felix (Felix Vanilla, May 2025) and Hyperbeat run vaults and markets on its contracts. In October 2025 the Morpho Association proposed deploying MORPHO on HyperEVM with 100k MORPHO in incentives and full frontend support. DefiLlama shows about $129M supplied on Hyperliquid (Oct 2026).