Morpho (MORPHO)
Unlock Schedule
Morpho (MORPHO) Token Unlock & Vesting Schedule
As of October 16, 2026, 701.35 million of the 1 billion MORPHO (70.14%) have been released. The remaining 120.3 million MORPHO, 83.5 million of them estimated, are worth about $292.33 million at today's price (17.16% of the market cap). Of these, 105 million MORPHO release over the next 12 months, from Founders, relocked and Strategic partners — cohort 3. Today's release is 300,000 MORPHO (208,219 of them estimated) from Founders, relocked and Strategic partners — cohort 3. MORPHO is fully unlocked on November 21, 2027; after that date the schedule has no further dated releases.
The chart shows gross modeled releases of every allocation: vesting unlocks, new issuance and reserve distributions, each allocation counted once. These have different meanings; a scheduled release is not evidence that tokens entered circulation or were sold. Review the coverage, sources and assumptions below.
Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.
Tokenomics & Utility
Supply and distribution
MORPHO has a maximum supply of one billion tokens. The project first distributed the token while transfers were disabled. Governance enabled transfers on November 21, 2024, opening ownership and governance participation to a wider group. (docs.morpho.org)
Morpho’s published distribution described the allocations as they stood on November 7, 2024. It assigned 35.4% to governance, 27.5% to strategic partners, and 15.2% to founders. The remaining allocations covered the Morpho Association, a reserve for contributors, early contributors, and tokens distributed to users and launch-pool participants. Some founder and strategic-partner allocations follow vesting schedules, which release tokens over time. Governance can also decide how tokens under its control are used for network initiatives. (docs.morpho.org)
Governance rights
MORPHO holders vote with power weighted by the number of tokens they hold. Governance controls the token treasury and can approve certain settings for new Blue markets. It can also decide whether to activate a protocol fee, subject to a documented cap. The core Morpho smart contracts are immutable, so governance has a defined set of powers rather than the ability to rewrite those contracts. This gives token holders a role in the network while leaving individual markets governed by their established rules. (docs.morpho.org)
Upcoming MORPHO Releases
| Period | Allocation | Type | Amount | Value | % of supply |
|---|---|---|---|---|---|
| Oct 16 – 31, 2026 | Founders, relocked | Vesting, estimated | 3.3M | $8.1M | 0.33% |
| Strategic partners — cohort 3 | Vesting, researched | 1.5M | $3.6M | 0.15% | |
| Nov 2026 | Founders, relocked | Vesting, estimated | 6.2M | $15.2M | 0.62% |
| Strategic partners — cohort 3 | Vesting, researched | 2.8M | $6.7M | 0.28% | |
| Dec 2026 | Founders, relocked | Vesting, estimated | 6.5M | $15.7M | 0.65% |
| Strategic partners — cohort 3 | Vesting, researched | 2.8M | $6.9M | 0.28% | |
| Total, next 12 months | 105M | $255.2M | 10.50% | ||
Values at $2.43 per MORPHO (October 16, 2026), today's price, not a forecast. Releases continue after September 2027. Estimated amounts are modeled from the schedule's rules rather than dated by a source; see the Assumptions below. Releases without dates are listed under Allocations.
Assumptions
Morpho's issuer describes one billion tokens issued at its June 2022 launch; the chart places the two documented mints in that month, although the DAO mint's transaction day is unverified. Published terms provide dated vesting for three strategic-partner cohorts and founders, while dated DAO grant-payment announcements support smaller treasury-funded releases. Early-contributor vesting, many rewards and grant payments, and the strategic-support transfer still lack complete payment dates. The chart shows supported dated releases and clearly marked estimates; ownership snapshots and undated budgets are not treated as new tokens.
- Morpho governance reserve — November 2024 snapshot: Releases depend on future governance or treasury decisions.
- Users and launch pools — November 2024 distributed amount: The sources give the amount but no release dates.
- Morpho Association — November 2024 allocation: Releases depend on future governance or treasury decisions.
- Reserve for contributors — November 2024 balance: Releases depend on future governance or treasury decisions.
- Early contributors: The sources give the amount but no release dates.
- Morpho Olympics curator grants: The sources give the amount but no release dates.
- Proposed Spark Olympics exception: Releases depend on future governance or treasury decisions.
- DAO builder-grants pilot: Releases depend on recipients claiming tokens or on grants being awarded.
- Pilot grant — Unicord: Releases depend on recipients claiming tokens or on grants being awarded.
- Pilot grant — Re7 frontend: Releases depend on recipients claiming tokens or on grants being awarded.
- Pilot grant — Tenor fixed-rate loans: Releases depend on recipients claiming tokens or on grants being awarded.
- Pilot grant — Stake DAO Curve LP integration: Releases depend on recipients claiming tokens or on grants being awarded.
- Pilot grant — Chaincare: Releases depend on recipients claiming tokens or on grants being awarded.
- Pilot grant — Mangrove integration: Releases depend on recipients claiming tokens or on grants being awarded.
- Pilot grant — Bleu Builders: Releases depend on recipients claiming tokens or on grants being awarded.
- Pilot grant — IntoTheBlock risk dashboard: Releases depend on recipients claiming tokens or on grants being awarded.
- Pilot grant — Blockchain at Berkeley: Releases depend on recipients claiming tokens or on grants being awarded.
- Pilot grant — Lagoon DeFi-Kit integration: Releases depend on recipients claiming tokens or on grants being awarded.
- Katana MORPHO coincentives reserve: Releases depend on future governance or treasury decisions.
- Ongoing MORPHO user rewards: Releases depend on future governance or treasury decisions.
- 2026–2030 Association strategic-support grant: The sources give the amount but no release dates.
- 1. https://github.com/morpho-org/legacy-morpho-token
- 2. https://github.com/morpho-org/morpho-token
- 3. https://docs.morpho.org/learn/governance/morpho-token/
- 4. https://forum.morpho.org/t/transferability-discussion-recap/839
- 5. https://forum.morpho.org/t/mip69-morpho-association-request-for-morpho/635
- 6. https://forum.morpho.org/t/mip-80-approve-review-of-contributor-grants-and-establish-formal-process/1050
- 7. https://forum.morpho.org/t/mip60-introducing-morpho-olympics-rewarding-metamorpho-vault-curators/604
- 8. https://forum.morpho.org/t/mip-123-spark-olympics-adjustment/2095
- 9. https://forum.morpho.org/t/mip-81-morpho-grants-pilot-program/1082
- 10. https://forum.morpho.org/t/mip-93-call-for-grants/1177
- 11. https://forum.morpho.org/t/mip-93-call-for-grants/1177/98
- 12. https://forum.morpho.org/t/mip-93-call-for-grants/1177?page=6
- 13. https://forum.morpho.org/t/mip-105-katana-coincentives/1801
- 14. https://forum.morpho.org/t/mip-131-allocation-of-a-grant-for-the-morpho-association-s-strategic-support-program-2026-2030/2246
- 15. https://docs.morpho.org/learn/concepts/rewards/
- 16. https://blockworks.com/token-transparency/filing/morpho
- 17. https://etherscan.io/token/0x58d97b57bb95320f9a05dc918aef65434969c2b2?a=0xc98061c50135ee3778528ff1deaf2d7d30d39801
Tokenomics Overview
Market Data
Tile coloring: Green indicates positive changes, red indicates negative changes, and neutral indicates no significant trend or unavailable data.
Perpetuals: 4 markets on Binance, Hyperliquid, OKX and Lighter · $23.2M open interest
 Binance (CEX) | 4M | 299K/275K |
 Coinbase (CEX) | 812K | 52K/144K |
 OKX (CEX) | 782K | 144K/131K |
 Kraken (CEX) | 484K | 57K/98K |
 Bybit (CEX) | 449K | 62K/58K |
 Bitget (CEX) | 187K | 283K/283K |
Binance (CEX) | 182K | 18K/13K |
 MEXC (CEX) | 155K | 248K/318K |
 KuCoin (CEX) | 153K | 7.4K/6.1K |
 Uniswap V3 (Base) | 120K | 9K/9K |
 Gate.io (CEX) | 104K | 138K/158K |
OKX (CEX) | 103K | 45K/48K |
Binance (CEX) | 92K | 34K/3.6K |
 HTX (CEX) | 79K | 187/203 |
MEXC (CEX) | 61K | 146K/147K |
Kraken (CEX) | 22K | 9.3K/21K |
Uniswap V3 (Base) | 4.4K | 690/688 |
Uniswap V3 (Ethereum) | 2.3K | 984/981 |
OKX (CEX) | 1.8K | 26K/25K |
Allocations
Parts of this allocation with their own release dates are charted as their own allocations; the chart shows the rest here.
Not yet scheduled: 178,345,637.456 tokens of its parts have no release date yet. The chart shows them as TBD from today, not as unlocked.
Description
#60
Morpho develops protocols that aim to optimize yield farming strategies and lending markets through an innovative layer built on top of existing DeFi platforms. It focuses on enhancing liquidity efficiency and providing users with better rates on their crypto assets through algorithmic adjustments.
| Sector: | Lending |
| Blockchain: | Ethereum |
Tokenomics Overview
Market Data
Tile coloring: Green indicates positive changes, red indicates negative changes, and neutral indicates no significant trend or unavailable data.
Perpetuals: 4 markets on Binance, Hyperliquid, OKX and Lighter · $23.2M open interest
Binance (CEX) | 4M | 299K/275K |
Coinbase (CEX) | 812K | 52K/144K |
OKX (CEX) | 782K | 144K/131K |
Kraken (CEX) | 484K | 57K/98K |
Bybit (CEX) | 449K | 62K/58K |
Bitget (CEX) | 187K | 283K/283K |
Binance (CEX) | 182K | 18K/13K |
MEXC (CEX) | 155K | 248K/318K |
KuCoin (CEX) | 153K | 7.4K/6.1K |
Uniswap V3 (Base) | 120K | 9K/9K |
Gate.io (CEX) | 104K | 138K/158K |
OKX (CEX) | 103K | 45K/48K |
Binance (CEX) | 92K | 34K/3.6K |
HTX (CEX) | 79K | 187/203 |
MEXC (CEX) | 61K | 146K/147K |
Kraken (CEX) | 22K | 9.3K/21K |
Uniswap V3 (Base) | 4.4K | 690/688 |
Uniswap V3 (Ethereum) | 2.3K | 984/981 |
OKX (CEX) | 1.8K | 26K/25K |