#morpho $MORPHO
MORPHO is the governance token of the Morpho Labs / Morpho Association ecosystem — a decentralized-finance (DeFi) protocol built to optimise lending and borrowing by layering peer-to-peer matching on top of existing platforms. The token has a maximum supply of 1 billion MORPHO. Holders of MORPHO participate in the Morpho DAO — they can vote on protocol upgrades, allocations of ecosystem funds and governance proposals. The protocol’s architecture seeks to drive higher capital efficiency (targeting close to 100% utilisation) by matching lenders directly with borrowers before tapping into pooled liquidity. In recent developments, Morpho is migrating into a “token-only” model under the Non-profit Morpho Association, aligning incentive structures and making MORPHO the central economic lever.