MrNasdog
MMORPHO · Morpho Labs
Full analysis
Subscribe — free email
MrNasdog Pressure Framework

MORPHO · founder cohort linear, empty buy.

Last 90 days: ~43M MORPHO moved to market on the rule-based Founders + Strategic Partners + Contributors linear cohort post the November 21, 2025 cliff, plus scheduled monthly cliffs. 0 came off — fee switch (max 25% of borrower interest) NOT yet active, no buyback, no burn. Next 90 days project the same pace.

Inflation
Last 90 Days
+6.77%
updated · Jun 4 2026
Net flow: 6.77% of supply goes to market over 90 days
Next 90 Days
+6.77%
estimate
Net flow: 6.77% of supply goes to market next 90 days
Supply growing · projected to keep growing
monitor gap · primary +6.77% kept; monitor reads +77.19%. Gap explained by wrapped-MORPHO reclassification (CG `circulating` reads wrap events as inflation, but no new supply is created) + aggregator disagreement.
Sell pressure
1. Protocol inflation

Total supply fixed at 1,000,000,000 MORPHO at the June 24, 2022 genesis. No mint function callable post-genesis. Supply cannot grow.

0 MORPHO
permanent · no change
2. Vesting unlocks

Rule-based cohort post the Nov 21, 2025 founder cliff: Founders 6.3M/mo linear (relocked May 17, 2025 → fully vested May 17, 2028) + Strategic Partners 3.4M/mo + Contributors 0.6M/mo + scheduled monthly cliffs (Foundation 1.36M + Strategic Round 2.79M ≈ 4.15M/mo). Total ~14.5M/mo × 3 ≈ ~43M / 90D.

~43M MORPHO
updated · Jun 4 2026
3. Foundation + unscheduled unlocks

No public evidence of release in window — monitored. §0.45.3.4 enumeration: DAO Treasury 354M MORPHO (35.4% of supply) — MIP 131 (150M grant 2026-2030) under discussion, NOT executed. Apollo cooperation agreement (Feb 13, 2026; 90M cap over 48mo) authorized but no confirmed delivery.

0 MORPHO
checked · May 30 2026
4. Long-term locked or bankruptcy

No bankruptcy estate.

0 MORPHO
checked · May 30 2026
Buy pressure
1. Programmatic buyback

Fee switch on Morpho Blue (max 25% of borrower interest) is NOT active as of May 2026 — legal + tax work not complete. No protocol buyback flow today.

0 MORPHO
checked · May 30 2026
2. Protocol fee burn

No fee burn mechanism.

0 MORPHO
permanent · no change
3. Foundation buy

No Foundation buy in window. Apollo agreement is watching Tag B (no confirmed delivery).

0 MORPHO
checked · May 30 2026
4. New long-term lock

No new long-term lockup programme.

0 MORPHO
permanent · no change

Get the next coin's research. Free.

One email a week. The new reads, before you buy.

Algorithm check · raw inputs & outputs
 
Last 90D
Next 90D
Sell total (M MORPHO)
43.000
43.000
Buy total (M MORPHO)
0.000
0.000
Sell % of circ
+6.772%
+6.772%
Buy % of circ
0.000%
0.000%
Inflation (sell − buy) %
+6.772%
+6.772%
Score (0–6)
0
0
Verdict
avoid
avoid
Circulating supply: 635.000M MORPHO · inflation = (sell − buy) / circulating × 100
Read the full Pressure Framework analysis
MORPHO: load-bearing founder + investor linear unlock, empty buy ledger.
Long-form Metric 1 + 2 read. Origin-first from Ethereum mainnet RPC + Morpho docs. ~5 min.

MrNasdog Pressure Framework analysis of MORPHO, Metrics 1 & 2. Data + explanation only. Not financial advice. Updated May 28, 2026.