Lenders can earn on Morpho using Morpho Vaults, noncustodial simple to use lending vaults that optimize yields for depositors. Borrowers can borrow any assets directly from Morpho Markets. Developers and businesses can use different parts of Morpho’s permissionless infrastructure to build any custom use case or application.

Morpho is an open, efficient, and resilient platform that allows anyone to earn yield and borrow assets. At the same time, developers or businesses can create markets, curate vaults, and build a range of applications on its flexible, immutable infrastructure.

MORPHO tokenholders own and govern the protocol. They currently do not take a cut of the interest and third-party token incentives earned by lenders (revenue). Morpho's investors include a16z, Coinbase Ventures, Semantic Ventures, etc.

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Morpho | Data breakdown

# Morpho Active users (monthly) Methodology

## 1. Overview

Active users (monthly) is calculated as the number of unique addresses that make a revenue-generating or state-modifying transaction with Morpho. This metric is utilized to evaluate user engagement and adoption across Morpho's core products, including Morpho Blue, Morpho Optimizers, Morpho Midnight, and MetaMorpho Vaults. By tracking unique active addresses interacting with these lending and borrowing protocols, the overall health and utility of the ecosystem are assessed. Active users (monthly) are aggregated over a 30-day rolling window using UTC boundaries.

## 2. Data sources

- **Blockchain events**: `Withdraw`, `Supply`, `Repay`, `Borrow`, `SupplyCollateral`, and `WithdrawCollateral` events from `Morpho Blue` contracts; `Withdrawn`, `Supplied`, `Repaid`, `Borrowed`, `SupplierPositionUpdated`, and `BorrowerPositionUpdated` events from `PositionsManager`, `EntryPositionsManager`, and `ExitPositionsManager` contracts; `Supplied`, `CollateralSupplied`, `Borrowed`, `Repaid`, `Withdrawn`, and `CollateralWithdrawn` events from `AaveV3Morpho` contracts; `Deposit` and `Withdraw` events from `MetaMorphoVault` contracts; and `Take`, `SupplyCollateral`, `Repay`, `Withdraw`, and `WithdrawCollateral` events from `Midnight` contracts, covering Ethereum, Base, Arbitrum, Polygon, and 15 other chains

## 3. Step-by-step calculation

### Component A: Morpho Blue user tracking

- **Purpose**: Extract active user addresses from Morpho Blue interactions
- **Logic**: `Withdraw`, `Supply`, `Repay`, `Borrow`, `SupplyCollateral`, and `WithdrawCollateral` events are parsed from `Morpho Blue` contracts. Because these events do not directly expose the transaction initiator's address in a standard parameter field, these event logs are joined with the native transactions table of the respective blockchain on the transaction hash. The transaction sender address (`from_address`) is extracted and classified as the active user address.
- **Key fields**: `block_timestamp`, `transaction_hash`, `from_address`

### Component B: Morpho Optimizers and MetaMorpho Vaults user tracking

- **Purpose**: Extract active user addresses from Morpho Optimizers and MetaMorpho Vaults interactions
- **Logic**: Interaction events are parsed from multiple optimizer and vault contracts. For Morpho Optimizers, `Withdrawn`, `Supplied`, `Repaid`, `Borrowed`, `SupplierPositionUpdated`, and `BorrowerPositionUpdated` events are parsed from `PositionsManager`, `EntryPositionsManager`, and `ExitPositionsManager` contracts, while `Supplied`, `CollateralSupplied`, `Borrowed`, `Repaid`, `Withdrawn`, and `CollateralWithdrawn` events are parsed from `AaveV3Morpho` contracts. For MetaMorpho Vaults, `Deposit` and `Withdraw` events are parsed from `MetaMorphoVault` contracts. The active user address is extracted directly from the event parameters, including receiver, supplier, repayer, borrower, user, from, caller, or owner fields depending on the specific event schema.
- **Key fields**: `block_timestamp`, `transaction_hash`, event parameters (including `receiver`, `supplier`, `repayer`, `borrower`, `user`, `from`, `caller`, `owner`)

### Component C: Morpho Midnight user tracking

- **Purpose**: Extract active user addresses from Morpho Midnight interactions
- **Logic**: `Take`, `SupplyCollateral`, `Repay`, `Withdraw`, and `WithdrawCollateral` events are parsed from `Midnight` contracts. The active user address is extracted directly from the event parameters, specifically mapping the taker, maker, or on-behalf address fields to the user address.
- **Key fields**: `block_timestamp`, `transaction_hash`, event parameters (including `taker`, `maker`, `onBehalf`)

### Component D: Monthly aggregation and deduplication

- **Purpose**: Aggregate and deduplicate active users to calculate the monthly metric
- **Logic**: All extracted user addresses from the previous components are combined into a single dataset. Timestamps are aggregated over a 30-day rolling window using UTC boundaries. Distinct user addresses are counted per 30-day window, chain, user type, and product to determine the active users (monthly) metric. Chain availability filters are applied to exclude data from archived chains or periods beyond approved freshness limits.
- **Key fields**: `timestamp`, `chain`, `user_type`, `product_id`, `user_address`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique revenue-generating users over a rolling 30-day window.

MorphoMORPHO

Active users (monthly)

Active users (monthly)

Competitive landscape

Chain breakdown