Morpho Deposits on Base Pass $5B, Now Over 70%
TL;DR
- Morpho surpassed $5 billion in deposits on Base, representing more than 70% of total deposits on the network.
- Loans backed by Coinbase’s cbBTC generated more than $1.3 billion in active USDC debt and $2.5 billion in deposited collateral.
- Robinhood, Kraken and Binance are studying or have already adopted the onchain credit architecture that Morpho and Base consolidated as a model.
The decentralized credit protocol Morpho records more than $5 billion in deposits on Coinbase‘s Base network, representing more than 70% of all active deposits on that blockchain. This record marks an inflection point for onchain finance and positions Base as the protocol’s largest deployment network, surpassing even Ethereum, where the protocol was originally launched.
The protocol arrived on Base in May 2024, when total deposits on the network barely reached $1.8 billion. Today that figure stands at $6.8 billion. Since the original deployment proposal, the team maintained that Base concentrated the sufficient density of users and developers needed to become the backbone of onchain credit at a global scale.
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