Utilization rate (lending protocols)
Morpho V1 (Morpho Blue + MetaMorpho)'s assessment for RD-F-066 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Aggregate utilization estimated ~35% ($4.5B active loans vs $13B deposits per Q3 2025 data). Adaptive Curve IRM targets 90% per-market utilization. Per-market breakdown not obtained from on-chain reads. Aggregate appears below 80% yellow threshold but individual markets may differ.
Detail #
Data cache defillama.borrow returned null (timeout). Estimated from Morpho 2025 blog: $4.5B active loans / $13B total deposits ≈ 34.6% aggregate utilization at end Q3 2025. Current ratio likely different given TVL change to $6.6B. Adaptive Curve IRM dynamically adjusts rates to push toward 90% target utilization per market. Per-market data not available from aggregate estimate. Template: green = all markets <80%; yellow = any market 80–95%; red = any market >95%. Cannot confirm green without per-market reads — defaulting to yellow given the IRM specifically targets 90% and some markets may be near or above that level. Individual markets that are near target utilization (90%) create withdrawal friction risk.
Sources #
- URLMorpho 2025 year-in-reviewMorpho 2025 blog: $4.5B active loans vs $13B total deposits at end Q3 2025 (~34.6% aggregate utilization)retrieved 2026-04-27
- Morpho Blue market concepts — IRMAdaptive Curve IRM targets 90% utilization per market, adjusting rates above/below target to attract capitalretrieved 2026-04-27
Methodology #
Read the borrowed/supplied ratio per market; flag markets above 95% utilization as at-risk for withdrawal freeze.
See the full factor methodology and distribution across all protocols →