Initially, the legacy $MORPHO token lacked on-chain vote tracking capabilities. To address this, the community voted to create a wrapped version of the token, enabling on-chain governance and future cross-chain interoperability. As of November 21, 2024, the wrapped #Morpho is fully transferable, while the legacy token remains non-transferable .

@Morpho Labs 🦋 has garnered attention from major institutions, including Visa, Coinbase, and Société Générale, indicating growing confidence in its decentralized finance (DeFi) infrastructure. The protocol's Total Value Locked (TVL) reached $6.7 billion by August 2025, underscoring its expanding role in the DeFi space .