MORPHO · a capped token still in its heavy unlock phase.
MORPHO is the governance token of the Morpho lending network on Ethereum (bridged to Base) — ~652.4M circulating, fixed at a 1B hard cap with no mint function, so all supply growth is scheduled unlocks, not new issuance.
Sell pressure. Scheduled vesting adds about 25.8M MORPHO and DAO treasury grants and rewards about 9.9M — roughly 35.7M reaching the float over the next 90 days.
Buy pressure. None. Morpho runs no buyback and no burn, and the fee switch is off — nothing removes MORPHO from the market.
Net. About 5.5% added to the float over the next 90 days — supply heading up on unlocks and DAO grants, with nothing buying it back.
MORPHO is fixed at a 1B hard cap with no mint function — on-chain total supply reads 1B and the protocol cannot issue new tokens, so there is no ongoing protocol inflation and no staking emission.
The published linear vesting schedule releases about 25.8M MORPHO over the next 90 days — roughly 16.2M from users and distributors, 7.7M from strategic partners and 2M from contributors. Earlier strategic cohorts are fully vested and the founder tranche stays flat in this window, so vesting is the smaller of the two supply drivers.
The Morpho DAO distributes its ~354M governance treasury as grants and user rewards at a documented rate above 4% of supply a year — about 9.9M MORPHO over 90 days. The Association reserve (~63M, including a 150M multi-year grant that fully settles in 2030), the Reserve for Contributors (~58M), the Early Contributors allocation (~49M) and the still-locked founder tranche (152M) are the other tracked team- and DAO-controlled overhangs.
No bankruptcy estate or court-ordered distribution applies to MORPHO.
Morpho runs no token buyback — protocol fees, when switched on, would accrue to the DAO treasury rather than buying MORPHO on the open market.
MORPHO has no fee-burn mechanism. Governance can switch on a borrower-interest fee capped at 25%, but it is off today and would route to the treasury — no tokens are destroyed.
No treasury or Foundation open-market buying of MORPHO was observed in the window — monitored.
No new multi-year lock or escrow was announced in the window — monitored.
My research. My portfolio. Free.
Deep research weekly. My real holdings monthly.