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 reached an intraday high of $3.61, setting a new all-time high amid a 153% spike in trading volume. Over the past 24 hours, trading volume was $144.7 million. The price of MORPHO has increased by more than 160% in the past month.
The gains for the decentralized finance protocol have pushed the total value captured on Morpho to the next level $5.26 billion.
The protocol’s TVL, daily fees, and monthly active users have skyrocketed during its expansion into the Ethereum Layer-2 network ecosystem.
As an infrastructure platform for on-chain lending, Morpho offers several use cases including credit card and savings functionalities, permitted markets and bridge deposits. The protocol features notable integrations with platforms such as Moonwell, Centrifuge and Coinbase.
The interest in the product has therefore attracted not only traders, but also large institutional investors. This was evident from the recently raised $50 million funding round for the project, which attracted crypto venture capital powers.
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 an excellent foundation for Morpho, with investors optimistic about its long-term potential. The election of Donald Trump last November also boosted the broader sector, with several DeFi tokens seeing a spike during the bull market rally.
In particular, the recent action by the US Internal Revenue Service has DeFi proponents taking action against broker reporting rules.
