Morpho crypto holds key level as TVL on Base nears $2b

Morpho traded near $1.39 and was 2.4% in the green on the day, as bulls look to hold a key price level, with resilience at this crucial zone showing as Morpho’s total value locked on Base nears $2 billion.

The Morpho ( MORPHO ( https://crypto.news/price/morpho/ ) ) crypto platform is increasingly a major player in the decentralized finance ( https://crypto.news/tag/defi/ ) ecosystem. It’s native token reached highs of $4.17 in January, but fell sharply as cryptocurrencies mirrored broader risk assets, MORPHO hit lows of $0.85 in April.

Although bulls have seen MORPHO bounce 93% since its all-time low of $0.71 in November 2024, they failed to rally higher after bouncing off April’s bottom, with price running into a supply wall around $1.66 in May. Despite this, and a dip to $1.37, MORPHO is up 7% in the past week and over 30% in the past three months.

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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 ( https://crypto.news/tag/base ) means a massive spike in Morpho TVL on the platform. Per DeFiLlama ( https://defillama.com/protocol/morpho ) , 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 ( https://twitter.com/RibbitCapital?ref_src=twsrc%5Etfw ) led @MorphoLabs ( https://twitter.com/MorphoLabs?ref_src=twsrc%5Etfw ) 's $50M strategic round in 2024.

One year later, Morpho has close to $2B in TVL on @base ( https://twitter.com/base?ref_src=twsrc%5Etfw ). pic.twitter.com/UBr1DLfwfK ( https://t.co/UBr1DLfwfK )

— Token Terminal 📊 (@tokenterminal) July 8, 2025 ( https://twitter.com/tokenterminal/status/1942608477438062838?ref_src=twsrc%5Etfw )

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 ( https://morpho.org/blog/morpho-effect-june-2025/ ). 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 ( https://crypto.news/coinbase-rolls-out-bitcoin-backed-loans-via-defi-protocol-morpho/ ) 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.

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