MorphoMORPHO

Morpho is an EVM-based overcollateralized lending and borrowing protocol, and the current narrative is not a single consumer DeFi app, but an open credit network and lending infrastructure. The official document describes Morpho as “a trust-minimizing lending base layer implemented as an immutable smart contract,” emphasizing a structure that separates market creation, risk curation, and vault operations. Morpho Blue provides an isolated, immutable, and permissionless market, and Vault V2 separates the roles of curator, allocator, and sentinel, externalizing risk management and liquidity allocation to the upper layer.