In the week to 8 September 2026, MORPHO fell slightly while the protocol itself grew. CoinGecko's daily snapshot at 00:00 UTC put the token at $2.47 on 8 September, down 1.6% from $2.51 on 1 September. Its market capitalisation was about $1.70 billion. In its August 2026 update, Morpho said total deposits had passed $14 billion, a new all-time high. The token was still about 41% below its record of $4.17 from 17 January 2025. By 25 October 2026 it traded at $2.08, roughly half its all-time high.
Time left until 25 October 2026 · end of day UTC
The week in numbers
All figures are CoinGecko daily snapshots taken at 00:00 UTC.
| Metric | 1 Sep 2026 | 8 Sep 2026 |
|---|---|---|
| Price | $2.51 | $2.47 |
| Market cap | $1.73B | $1.70B |
| 24h trading volume (all venues) | $45.0M | $35.4M |
- Weekly change: -1.6% from snapshot to snapshot.
- All-time high: $4.17 on 17 January 2025. On 8 September the price was about 41% below it.
- Supply: the maximum and total supply are both 1,000,000,000 MORPHO. CoinGecko listed about 703 million as circulating on 25 October 2026. The rest of the supply has not yet entered circulation, which matters when comparing market cap to fully diluted value.
What Morpho is
Morpho is a lending protocol. Its basic unit is the market. In Morpho's documentation, a variable-rate market is "a primitive lending pool that pairs one collateral asset with one loan asset." Each market is isolated, so a problem in one market does not spill into others. Five parameters are fixed when a market is created:
- Collateral asset and loan asset
- Oracle: the contract that prices the collateral against the loan asset
- Interest rate model (IRM): sets the rate borrowers pay
- LLTV (liquidation loan-to-value): the maximum borrowing percentage before a position can be liquidated
If a position goes past its LLTV, anyone can liquidate it. They repay part of the debt and receive a discounted portion of the collateral. So the most important number on any Morpho market you use is the LLTV.
Above the markets sit vaults run by curators. Curators are third-party risk managers who choose which markets a vault lends into.
Morpho deposits rose as MORPHO fell
How did Morpho's deposits and the MORPHO price move between the all-time high and 25 October 2026?
- 17 Jan 2025MORPHO all-time highdone
MORPHO reached its record price of $4.17, according to CoinGecko.
- Aug 2026Deposits hit a record $14 billiondone
Morpho's August update said total deposits passed $14 billion, a new all-time high and roughly 25% of the crypto-backed lending market. Deposits on Base were $5.7 billion.
- 1 Sep 2026Week opens at $2.51done
CoinGecko's 00:00 UTC snapshot put MORPHO at $2.51, with a market cap of $1.73B.
- 8 Sep 2026Week closes at $2.47done
MORPHO was at $2.47, down 1.6% on the week and about 41% below its all-time high. Market cap was $1.70B.
- 16 Sep 2026Morpho goes live on Arcdone
Circle launched the Arc mainnet. Morpho says it opened there with more than $220 million in deposits on day one, and over $500 million by the time of its September update.
- Mid-Sep 2026Deposits pass $15 billion, then $17 billiondone
Morpho says total deposits passed $15 billion and later exceeded $17 billion. More than $11 billion sat in curated vaults run by more than 30 curators.
- 25 Oct 2026MORPHO at $2.08done
MORPHO traded at $2.08 at 10:29 UTC, roughly half its all-time high, and ranked 63rd by market capitalisation on CoinGecko.
This timeline only orders dated events from the article. The deposit figures come only from Morpho's own blog and the prices are CoinGecko daily snapshots, so it does not show intraday moves, revenue to token holders or where the price goes next.
Protocol activity around 8 September
The following comes from Morpho's own August 2026 update. The posts carry no exact publication day.
- Deposits: total deposits "crossed $14B in August, a new all-time high." Morpho puts that at roughly 25% of the crypto-backed lending market. Deposits on Base were $5.7 billion when the post was written.
- Fixed-rate lending: Morpho Midnight, a fixed-rate, fixed-term protocol, launched in July 2026 and is being rolled out gradually. It adds Early Exit, which lets users leave a fixed term by placing limit orders on a secondary market. It also adds Lend Callbacks, which keep idle capital earning variable yield while a higher-rate lend order waits to fill.
- Distribution: an earn product run by a large US retail trading app crossed $250 million in its first month (July) and $400 million in August. Tokenized stocks from a large US crypto platform were accepted as collateral.
- Pipeline: Morpho named Circle's Arc mainnet and a Midnight launch on Base as upcoming.
What happened after 8 September
- 16 September 2026: Circle launched the Arc mainnet, as The Block reported. Morpho's September update says Morpho went live there with more than $220 million in deposits on day one, and over $500 million by the time of writing.
- Mid-September 2026: Morpho says total deposits passed $15 billion and later exceeded $17 billion. More than $11 billion sat in curated vaults, run by more than 30 curators.
- Fixed-rate loans: in September, the first large-scale distributor integrated Midnight and began offering customers fixed-rate loans, according to Morpho.
- 25 October 2026: MORPHO traded at $2.08 at 10:29 UTC and ranked 63rd by market capitalisation on CoinGecko.
Deposits grew from $14 billion to over $17 billion in about two months while the token fell from $2.47 to $2.08. Growth in protocol usage did not lift the token price over this period.
How to read these numbers
- Deposits are not revenue. Deposits show how much capital the protocol is used for. They do not show what token holders receive.
- Isolated markets carry isolated risk. Before using a market, check its oracle and LLTV. Before using a vault, check its curator.
- Watch supply. Roughly 30% of the maximum supply was not counted as circulating on 25 October 2026.
Limitations: the deposit, vault and integration figures come only from Morpho's own blog, and the price figures are CoinGecko daily snapshots, not intraday prices.
