Morpho-only portfolio research · Cached DeBank snapshot · Material positions ≥ $1
Morpho usage among DeBank's $1M+ profiles
Current Morpho Blue positions across 11 chains. Legacy Morpho Aave and Compound adapters are excluded so the results describe the current isolated-market and vault ecosystem.
Four distinct position patterns
The cohort uses Morpho through curated vaults, direct market deposits, supply-only market positions, and collateralized borrowing. Gross assets are shown because net value alone hides leverage; debt is reported separately.
Vaults account for 53 position-type users when summed within the category table, while borrowing markets involve 40 unique profiles. User counts across categories overlap.
| Position type | Users | Positions | Gross assets | Debt | Net |
|---|---|---|---|---|---|
| Direct market deposit | 12 | 31 | $158.34M | $0 | $158.34M |
| Borrowing market | 40 | 81 | $145.08M | $92.89M | $52.31M |
| Vault deposit | 53 | 122 | $81.91M | $0 | $81.91M |
| Supply-only market | 13 | 15 | $1.09M | $2 | $1.09M |
Vault usage is concentrated
The top five vaults hold 47.5% of all vault capital observed in this cohort. Rankings by capital and by users can differ: capital identifies where wealth is concentrated, while users indicate broader adoption.
| Vault | Chain | Asset | Users | Capital | Median position |
|---|---|---|---|---|---|
| Felix HYPE | HyperEVM | WHYPE | 3 | $11.34M | $2.99M |
| Sentora PYUSD Main | Ethereum | PYUSD | 7 | $8.09M | $1.09M |
| Felix USDC (Frontier) | HyperEVM | USDC | 1 | $7.72M | $7.72M |
| Gauntlet USDC Prime | Ethereum | USDC | 2 | $6.50M | $3.25M |
| Alpha USDC Delta V2 | Ethereum | USDC | 5 | $5.21M | $588.7K |
| Steakhouse Prime ETH | Monad | WETH | 6 | $4.80M | $745.1K |
| Balanced USDT0 | Stable | USDT0 | 4 | $3.58M | $625.4K |
| Sentora RLUSD Main | Ethereum | RLUSD | 3 | $2.71M | $435.9K |
| Re7 USDC | World Chain | USDC.e | 5 | $2.40M | $113.3K |
| Steakhouse Prime USDC | Base | USDC | 1 | $2.04M | $2.04M |
| Gauntlet USDC Prime | Base | USDC | 1 | $2.03M | $2.03M |
| USDT Prime | Ethereum | USDT | 1 | $2.00M | $2.00M |
| Re7 WETH | World Chain | WETH | 3 | $1.86M | $410.8K |
| sky.money USDS Flagship | Ethereum | USDS | 2 | $1.42M | $710.5K |
| Gauntlet WBTC Core | Ethereum | WBTC | 2 | $1.25M | $625.8K |
| PYUSD0 Y10k Capital | Sei | PYUSD0 | 1 | $1.20M | $1.20M |
| Feather PYUSD0 | Sei | PYUSD0 | 1 | $1.20M | $1.20M |
| Re7 pUSD | Plume | pUSD | 1 | $1.18M | $1.18M |
| Steakhouse ETH | Ethereum | WETH | 1 | $1.17M | $1.17M |
| Felix USDC | HyperEVM | USDC | 2 | $1.01M | $502.6K |
| Alpha USDC Asia V2 | Ethereum | USDC | 2 | $981.5K | $490.8K |
| Alpha USDC Core V2 | Ethereum | USDC | 1 | $975.9K | $975.9K |
| Steakhouse Prime Instant | Ethereum | USDT | 2 | $909.6K | $454.8K |
| Alpha WETH Vault | Ethereum | WETH | 1 | $763.1K | $763.1K |
| Gauntlet USDT Vault | Katana | vbUSDT | 1 | $705.5K | $705.5K |
Chain distribution
Ethereum leads by net capital, but the table also exposes chains where gross collateral is high relative to net value because users borrow against it. A user active on multiple chains is counted once on each relevant chain.
| Chain | Users | Positions | Gross assets | Debt | Net |
|---|---|---|---|---|---|
| Ethereum | 59 | 115 | $266.80M | $66.46M | $200.34M |
| HyperEVM | 21 | 38 | $67.22M | $12.83M | $54.40M |
| Base | 14 | 25 | $21.67M | $3.82M | $17.96M |
| Monad | 10 | 18 | $7.16M | $1.42M | $5.74M |
| World Chain | 8 | 13 | $5.76M | $1.01M | $4.75M |
| Stable | 4 | 4 | $3.58M | $0 | $3.58M |
| Sei | 3 | 4 | $3.88M | $1.34M | $2.54M |
| Arbitrum | 8 | 11 | $5.93M | $4.28M | $1.65M |
| Katana | 8 | 14 | $2.19M | $867.8K | $1.32M |
| Plume | 2 | 5 | $1.23M | $0 | $1.23M |
| Unichain | 2 | 2 | $989.9K | $856.2K | $133.7K |
Collateral and borrowing
Morpho markets are isolated: collateral belongs to a specific market and secures borrowing of that market's loan asset. The collateral analysis therefore includes only positions with at least $1 of debt; supply-only positions are not mislabeled as collateral.
| Collateral | Chain | Users | Collateral value |
|---|---|---|---|
| kHYPE | HyperEVM | 5 | $43.52M |
| sUSDS | Ethereum | 2 | $41.81M |
| PT-reUSD-25JUN2026 | Ethereum | 1 | $14.84M |
| wstETH | Ethereum | 2 | $9.17M |
| cbBTC | Ethereum | 3 | $8.63M |
| weETH | Arbitrum | 1 | $4.05M |
| syrupUSDC | Ethereum | 2 | $3.05M |
| wstETH | Base | 3 | $2.93M |
| wsrUSD | Sei | 1 | $1.48M |
| wsrUSD | Monad | 1 | $1.45M |
| cbBTC | Base | 3 | $1.40M |
| cbETH | Base | 2 | $1.11M |
| WETH | Base | 1 | $1.04M |
| wstETH | Arbitrum | 1 | $890.9K |
| stUSDS | Ethereum | 1 | $858.2K |
| WETH | World Chain | 2 | $764.2K |
| WBTC | Ethereum | 1 | $660.4K |
| PT-apyUSD-18JUN2026 | Ethereum | 1 | $598.5K |
| vbETH | Katana | 1 | $587.9K |
| PT-cUSD-23JUL2026-(ETH) | Unichain | 1 | $582.1K |
| sUSDS | Arbitrum | 1 | $534.0K |
| msUSD | Ethereum | 1 | $496.9K |
| ezETH | World Chain | 1 | $489.5K |
| weETH | Katana | 2 | $462.7K |
| WHYPE | HyperEVM | 2 | $443.3K |
Borrow tokens
Borrow values are outstanding liabilities in the saved snapshot. Token rows remain chain-specific in the table because the same symbol can represent different contracts.
| Borrow token | Chain | Users | Debt |
|---|---|---|---|
| USDT | Ethereum | 5 | $52.21M |
| USDC | Ethereum | 7 | $9.81M |
| USDC | HyperEVM | 3 | $9.28M |
| WHYPE | HyperEVM | 1 | $3.00M |
| USD₮0 | Arbitrum | 3 | $2.82M |
| RLUSD | Ethereum | 1 | $2.60M |
| USDC | Base | 4 | $1.90M |
| EURC | Base | 2 | $1.56M |
| USDC | Arbitrum | 2 | $1.46M |
| PYUSD0 | Sei | 1 | $1.34M |
| USD1 | Monad | 1 | $1.31M |
| frxUSD | Ethereum | 1 | $653.5K |
| USDC.e | World Chain | 2 | $568.3K |
| USD₮0 | HyperEVM | 4 | $546.7K |
| apxUSD | Ethereum | 1 | $498.4K |
| USDC | Unichain | 1 | $474.9K |
| WETH | World Chain | 1 | $443.7K |
| vbETH | Katana | 1 | $394.4K |
| WETH | Unichain | 1 | $381.3K |
| vbUSDT | Katana | 1 | $357.3K |
| msETH | Base | 1 | $352.4K |
| WETH | Ethereum | 3 | $331.8K |
| msUSD | Ethereum | 1 | $179.3K |
| AUSD | Ethereum | 3 | $137.3K |
| USDC | Monad | 2 | $112.4K |
Common collateral-to-borrow combinations
These combinations show the actual market usage pattern more precisely than token totals alone. Debt-to-collateral is an aggregate ratio, not an individual liquidation threshold.
| Collateral | Borrow | Chain | Users | Collateral | Debt | Debt / collateral |
|---|---|---|---|---|---|---|
| sUSDS | USDT | Ethereum | 2 | $41.81M | $37.30M | 89.2% |
| kHYPE | USDC | HyperEVM | 2 | $27.42M | $9.22M | 33.6% |
| PT-reUSD-25JUN2026 | USDC | Ethereum | 1 | $9.36M | $8.23M | 87.9% |
| wstETH | USDT | Ethereum | 1 | $8.37M | $6.49M | 77.5% |
| PT-reUSD-25JUN2026 | USDT | Ethereum | 1 | $5.48M | $4.27M | 77.8% |
| cbBTC | USDT | Ethereum | 1 | $8.17M | $4.13M | 50.5% |
| kHYPE | WHYPE | HyperEVM | 1 | $6.78M | $3.00M | 44.3% |
| syrupUSDC | RLUSD | Ethereum | 1 | $2.90M | $2.60M | 89.6% |
| weETH | USD₮0 | Arbitrum | 1 | $2.01M | $1.52M | 75.4% |
| weETH | USDC | Arbitrum | 1 | $2.04M | $1.40M | 68.5% |
| wsrUSD | PYUSD0 | Sei | 1 | $1.48M | $1.34M | 90.9% |
| wsrUSD | USD1 | Monad | 1 | $1.45M | $1.31M | 90.3% |
| wstETH | EURC | Base | 1 | $1.56M | $783.5K | 50.2% |
| wstETH | USDC | Base | 2 | $1.36M | $738.4K | 54.5% |
| stUSDS | USDC | Ethereum | 1 | $858.2K | $721.8K | 84.1% |
| frxUSD | frxUSD | Ethereum | 1 | $346.5K | $653.5K | 188.6% |
| msUSD | frxUSD | Ethereum | 1 | $496.9K | $653.5K | 131.5% |
| wstETH | USD₮0 | Arbitrum | 1 | $802.8K | $613.5K | 76.4% |
| cbETH | USDC | Base | 1 | $861.8K | $587.6K | 68.2% |
| PT-apyUSD-18JUN2026 | apxUSD | Ethereum | 1 | $598.5K | $498.4K | 83.3% |
| sUSDS | USD₮0 | Arbitrum | 1 | $534.0K | $494.3K | 92.6% |
| PT-cUSD-23JUL2026-(ETH) | USDC | Unichain | 1 | $582.1K | $474.9K | 81.6% |
| cbBTC | USDC | Base | 1 | $874.8K | $448.2K | 51.2% |
| ezETH | WETH | World Chain | 1 | $489.5K | $443.7K | 90.6% |
| WETH | USDC.e | World Chain | 2 | $764.2K | $426.2K | 55.8% |
Borrower risk snapshot
21 profiles with Morpho debt have a minimum DeBank-reported health rate below 1.2 after excluding the valuation anomalies described below. This is a screening signal, not a liquidation forecast: each isolated market has its own parameters, prices move, and the snapshot may already be stale.
| Profile | Rank | Chains | Positions | Gross assets | Debt | Net Morpho |
|---|---|---|---|---|---|---|
| 0xf9f061d9… | 2321 | 3 | 6 | $145.21M | $487.6K | $144.72M |
| 0x63af859d… | 1589 | 1 | 2 | $26.74M | $8.97M | $17.77M |
| 0xa427def3… | 3204 | 2 | 3 | $23.15M | $10.02M | $13.12M |
| 0xaeae3319… | 4984 | 1 | 3 | $11.71M | $0 | $11.71M |
| 0xe837770f… | 2575 | 3 | 6 | $8.54M | $0 | $8.54M |
| 0x1adf198b… | 7022 | 1 | 1 | $7.80M | $80.1K | $7.72M |
| 0xbdfa4f44… | 2 | 2 | 6 | $7.08M | $0 | $7.08M |
| 0x651fac18… | 6476 | 1 | 1 | $6.50M | $0 | $6.50M |
| 0xde6b2a06… | 33 | 1 | 2 | $16.54M | $10.61M | $5.93M |
| 0x08d49c03… | 8850 | 2 | 9 | $5.54M | $0 | $5.54M |
| 0x372f7660… | 9208 | 1 | 2 | $5.00M | $0 | $5.00M |
| 0xa0894a41… | 1062 | 1 | 2 | $4.07M | $0 | $4.07M |
| 0x87e32d46… | 8854 | 1 | 1 | $6.78M | $3.00M | $3.78M |
| 0xd3e0d660… | 9050 | 3 | 6 | $31.49M | $27.77M | $3.72M |
| 0x485c07c5… | 7751 | 2 | 5 | $2.60M | $0 | $2.60M |
| 0x43e1ccfe… | 9734 | 3 | 7 | $2.95M | $505.0K | $2.44M |
| 0x6fedfdb4… | 9279 | 1 | 2 | $2.41M | $0 | $2.41M |
| 0x50174919… | 9302 | 1 | 2 | $2.40M | $0 | $2.40M |
| 0x614d98a5… | 70 | 1 | 3 | $14.84M | $12.50M | $2.34M |
| 0xa52090c4… | 3251 | 1 | 1 | $2.15M | $0 | $2.15M |
| 0x3be3a861… | 7852 | 1 | 2 | $2.11M | $0 | $2.11M |
| 0xccb8e090… | 9645 | 3 | 5 | $2.03M | $0 | $2.03M |
| 0x7dd81cd7… | 9709 | 1 | 1 | $1.92M | $0 | $1.92M |
| 0xb4970704… | 1607 | 6 | 17 | $1.75M | $0 | $1.75M |
| 0xead5b7d8… | 9717 | 1 | 2 | $1.96M | $301.4K | $1.66M |
| 0xc7bfd896… | 755 | 1 | 1 | $1.59M | $0 | $1.59M |
| 0x6d7823cd… | 6722 | 1 | 1 | $1.52M | $0 | $1.52M |
| 0xc03d7825… | 7743 | 3 | 4 | $1.52M | $0 | $1.52M |
| 0x9cbf099f… | 792 | 2 | 6 | $4.94M | $3.58M | $1.36M |
| 0x473d3a20… | 10 | 4 | 5 | $1.34M | $123.3K | $1.33M |
Definitions and limitations
- Scope: DeBank protocol IDs equal to
morphoblueor ending in_morphoblue. Legacyaavemorphoandmorphoadapters are excluded. - Vault: DeBank positions using tokenized or redeemable vault-yield adapters. Vault names and addresses are taken directly from the cached payload.
- Collateral: supplied tokens attached to Morpho lending positions that also contain at least $1 of debt. Official Morpho documentation defines collateral as the asset securing a market loan.
- Values: DeBank USD marks at collection time. Gross assets and debt should not be added together as portfolio value; net value is reported separately.
- Valuation anomaly: 2 positions from one profile report $1.72B of debt against implausibly small collateral and health rates below 0.1. Raw rows remain in
positions.csv, but these rows are excluded from weighted totals and rankings using the stated rule. - Coverage: 279 ranked profiles were checked. Dust below $1 is excluded. This report makes no new paid API calls.