Morpho $MORPHO HO is decentralized lending infrastructure that enables permissionless market creation, allowing anyone to deploy isolated lending markets with customizable risk parameters. The project consists of two core products: Morpho Vaults (yield-generating vaults for depositors) and Morpho Markets (isolated lending pools for borrowers). Unlike traditional lending projects that manage assets directly, Morpho serves as the underlying rails for curators (asset managers, DAOs, institutions) who build and manage vaults on top of the infrastructure. Since launching in 2022, Morpho has iterated from an optimization layer on top of Aave and Compound toward standalone lending infrastructure with its own modular architecture.
