Token Terminal Data Shows Morpho USDC Deposits Rise 86% Despite 42% DeFi TVL Decline

Token Terminal data shows that while total value locked (TVL) across DeFi fell about 42% over the past 365 days, USDC deposits on the lending protocol Morpho rose about 86% to roughly $2.8 billion. According to ChainCatcher, the figures indicate that capital has continued to move into on-chain lending protocols such as Morpho even as broader DeFi growth has slowed. The data suggests demand has remained resilient for yield-focused lending products denominated in USDC.