Learn how Morpho works
Short guides written for people, not protocols. Each one links to the live data it explains, so you can see the idea at work on real vaults and markets.
What is Morpho? A plain guide to Morpho lending
Morpho is an open lending protocol built from isolated markets and curated vaults. Learn how it works, who uses it and how it differs from pooled lenders.
How Morpho vaults work: deposits, caps and curators
A Morpho vault spreads deposits across lending markets within limits set by its curator. Learn how shares, caps, roles, timelocks, withdrawals and fees work.
Morpho curators explained: who runs the vaults
Curators decide where a Morpho vault lends and how much risk its depositors take. Learn what they do, who the big ones are and how to compare them.
How Morpho interest rates work: the Adaptive Curve IRM
Morpho rates follow utilization on a curve that shifts itself over time. Learn the Adaptive Curve IRM: the 90% target, the curve, its speed and vault APY.
Morpho LLTV and liquidations explained
A Morpho loan can be liquidated once its LTV passes the market's LLTV. Learn the health factor, the liquidation bonus formula, pre-liquidations and bad debt.
Morpho APY explained: native, rewards and net APY
A Morpho vault's APY combines borrower interest, token rewards and curator fees. Learn what native, rewards and net APY mean and why averages beat live rates.
Morpho oracles explained: how markets price collateral
Every Morpho market has its own fixed oracle that prices the collateral. Learn the main oracle types, what can go wrong with each, and how to check a market.
Morpho risks explained: what can go wrong
Lending on Morpho carries smart contract, oracle, curator, collateral, liquidity and bad debt risk. See how each works, past incidents and how to check them.
Morpho glossary: every term explained in plain words
Plain definitions of the Morpho terms on vault and market pages: LLTV, curator, allocator, timelock, utilization, rate at target, bad debt and more.
Coinbase bitcoin loans explained: how Morpho powers them
Coinbase lends USDC against bitcoin through a Morpho market on Base. Learn how the rate, LTV limits, fees, liquidation and the new fixed-rate loans work.
Coinbase USDC lending explained: Morpho and Steakhouse
Coinbase users can lend USDC via Morpho vaults curated by Steakhouse Financial on Base. Learn how the two vaults work, where yield comes from and the risks.
Morpho Midnight: fixed-rate loans explained
Morpho Midnight offers loans with a fixed rate and end date. Learn how prices set the rate, how it differs from variable markets and what happens at maturity.