Morpho Crosses $5B in Deposits on Base

Morpho has surpassed $5 billion in total deposits on Base, according to an announcement shared by base on Aug. 8. The milestone was revealed by Merlin, who said the network's deposits are "almost bigger than the main instance on Ethereum."

Morpho is a decentralized lending protocol that enables peer-to-peer borrowing and lending. Its deployment on Base, a Coinbase-incubated Layer-2 network built on the OP Stack, has seen rapid growth. The 5B figure places the Base instance among the largest chain-specific deployments for the protocol.

The announcement highlights Base's expanding role in DeFi, supported by low transaction costs and deep integration with the Coinbase ecosystem. It follows other recent Base milestones, including a 52M agent economy spending total and an ecosystem fund backing more than 30 teams.

As of the announcement, the exact composition of the deposits was not disclosed, and no further details were provided on when the threshold was crossed.

The milestone underscores Base's growing traction as a destination for DeFi protocols looking to scale beyond Ethereum.