Morpho Crypto Defies Odds: Holding Key Support as Base TVL Nears $2B Milestone

DeFi's quiet achiever just flexed its staying power.

While other protocols chase hype cycles, Morpho's price action clings to a critical technical level—even as its Base chain TVL flirts with a staggering $2 billion. Not bad for a sector where 'fundamentals' often mean 'which influencer shilled it last.'

Base becomes the liquidity battleground

The Ethereum L2 is now the proving ground for DeFi's next act. Morpho's near-$2B deposit haul suggests institutions might finally be doing more with crypto than writing Medium thinkpieces.

Warning signs or bullish fuel?

That TVL surge could mean two things: either degenerate leverage is back in style, or—plot twist—real yield strategies are gaining traction. Place your bets before the next 'macroeconomic uncertainty' tweetstorm hits.

Morpho TVL on Base

While the cryptocurrency faces pressure at current levels, the on-chain lending platform’s services are seeing notable growth. This has helped its total value locked metric recover from lows of $2.6 billion in April to over $4.55 billion.

Ethereum accounts for most of the TVL, but the surge in usage across the layer-2 chain Base means a massive spike in Morpho TVL on the platform. Per DeFiLlama, the Mopho TVL on Base has jumped to over $1.8 billion – up from a low of $628 million in April 2025 and just $60 million in July 2024.

Crypto fundamentals tracking platform Token Terminal highlighted this surge in Morpho’s total value locked on Base in a post on X. It noted a significant spike, with the TVL now rising toward the $2 billion mark.

💵🐸 @RibbitCapital led @MorphoLabs's $50M strategic round in 2024.

One year later, Morpho has close to $2B in TVL on @base. pic.twitter.com/UBr1DLfwfK

TVL explosion comes as Mopho, which raised $50 million in a strategic round led by Ribbit Capital in 2024, recorded a decent growth trend in June. In that month, Morpho on Base flipped Aave on Arbitrum, becoming the largest lending protocol by total value locked on an ethereum L2.

Meanwhile, Coinbase crypto-backed loans saw over $500 million USDC in originated loans, and collaterals surpassed $860 million.

Growth has also come amid Morpho’s unveiling of V2 of its intent-based lending platform and web3SOC, an enterprise-grade standard for decentralized finance. The Morpho app also added support for two new chains, Unichain and Katana.