MORPHO spikes 30% to hit new all-time high

MORPHO, the native token of the Morpho protocol, surged more than 30% to 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 amid a 153% surge in trading volume. Over the last 24 hours, the trading volume amounted to $144.7 million. The price of MORPHO has surged over 160% in the past month.

The decentralized finance protocol’s gains pushed the total value locked on Morpho to $5.26 billion.

The protocol’s TVL, daily fees, and monthly active users have soared amid its expansion into the Ethereum layer 2 network ecosystem.

As an infrastructure platform for on-chain lending, Morpho offers various use cases, including credit and savings card functionality, authorized marketplaces, and bridging asset deposits. The protocol benefits from notable integrations with platforms such as Moonwell, Centrifuge and Coinbase.

Interest in its product has therefore not only attracted traders, but also large institutional investors. This was shown recently in the project raised a $50 million seed roundwhich has attracted crypto venture capital powerhouses.

Ribbit Capital led the strategic round, but venture capital giants a16z, Pantera Capital, Fenbushi Capital and Coinbase Ventures are also backing Morpho. This support provides an excellent foundation for Morpho, with investors optimistic about the long-term potential. The election of Donald Trump last November also boosted the entire sector, with several DeFi tokens rising amid the bull market rally.

Notably, the recent decision by the United States Internal Revenue Service has angered DeFi supporters. against broker reporting rules.