Morpho is a permissionless cryptocurrency lending protocol designed to enable peer-to-peer lending with improved capital efficiency.

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In June 2022, Morpho began as an optimization layer built on existing lending protocols. By matching lenders and borrowers peer-to-peer, Morpho Optimizer improved capital efficiency and provided users with better rates.

Morpho, a permissionless cryptocurrency lending protocol, unveiled an update that seeks to further align decentralized finance (DeFi) with traditional lending by bringing more in the way of bespoke, predictable loan terms.