Morpho, an Ethereum-based decentralized lending platform, surpassed $10 billion in total deposits this month, driven by consistent inflows as it hit all-time highs in total value locked (TVL) and active loans.

With total deposits at $10.2 billion, the platform’s active loans stand at a new all-time high of $3.5 billion, with TVL also at an all-time high of $6.7 billion, as capital continues to pour onchain.

Decentralized finance (DeFi) ecosystems on major blockchain networks, including Ethereum, Solana, and Hyperliquid, all reached new high-water marks in August, potentially fueled by ETH’s outperformance and regulatory clarity with regard to DeFi from branches of the U.S. government, such as the Securities and Exchange Commission (SEC).

The MORPHO token trades at a six-month high of $2.76, or a $900 million market capitalization. The token is up 20% today, fueled by the broader market rally after Federal Reserve Chair Jerome Powell’s dovish speech at the Jackson Hole Symposium today.

MORPHO, which launched in November 2024, reached an all-time high of $3.9 in January, before falling as low as $0.87 in April.