MORPHO, the native token of the Morpho Protocol, has surged more than 30% to hit a new all-time high as cryptocurrencies posted notable gains on New Year’s Eve.
The Morpho token hit an intraday high of $3.61, setting a new all-time high with a 153% increase in trading volume. In the last 24 hours, trading volume reached $144.7 million. The price of MORPHO has increased by more than 160% in the last month.
The decentralized finance protocol’s gains have pushed Morpho’s total value to $5.26 billion.
The protocol’s TVL, daily fees, and monthly active users have skyrocketed as it expands into the Ethereum Layer 2 network ecosystem.
As an infrastructure platform for on-chain lending, Morpho offers various use cases, including credit card and savings functions, permitted markets, and bridging facility deposits. The protocol has notable integrations with platforms such as Moonwell, Centrifuge and Coinbase.
Interest in its product has therefore aroused not only traders but also large institutional investors. This was evident in the project’s recently raised $50 million funding round, which attracted strong crypto venture capitalists.
Ribbit Capital led the strategic round, but Morpho is also backed by VC giants a16z, Pantera Capital, Fenbushi Capital and Coinbase Ventures. This support provides Morpho with excellent foundation as investors are optimistic about its long-term potential. The election of Donald Trump last November also gave a boost to the entire industry, as several DeFi tokens surged amid the bull market rally.
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