Fluid vs Morpho

Fluid3.9/5

VS

Morpho4.5/5

Feature	FluidVisit	MorphoVisit
Ratings
Our score	3.9/5	4.5/5
User rating	No reviews yet	No reviews yet
Security & track record	3.5	4.5
Rates	4.5	4.5
Market depth	4.0	5.0
Ease of use	4.0	4.0
Decentralization	3.5	4.5
Specs
KYC required	No	No
Lending model	Pooled	Isolated markets
Chains	Ethereum, Arbitrum, Base, Other	Ethereum, Base, Hyperliquid, Other
Main collateral assets	ETH, USDC, GHO, BTC, USDGO	cbBTC, USDC, ETH, PAXG
Flash loans	Not disclosed	Yes
Permissionless markets	Not disclosed	Yes
Audited	Yes	Yes
Bug bounty	Yes	Yes
Governance token	FLUID	MORPHO
Isolated markets	Not disclosed	Yes
Real-world-asset collateral	Yes	Not disclosed
Own stablecoin	Not disclosed	No
Rates	Variable	Variable and fixed
Company
Founded	2018	2021
Headquarters	—	France
Investors	Standard Crypto, Alliance, Andre Cronje, LongHash Ventures +4	Paradigm, Ribbit Capital, a16z crypto, Hack VC +4
Strengths and weaknesses
Pros	Collateral earns both lending yields and DEX trading fees simultaneously Over $860M in TVL and $660M in active loans in October 2026 No KYC verification required to borrow or lend Supported by $24.5M in backing from Pantera Capital and Coinbase Ventures	Isolated markets prevent bad debt in one asset from impacting other protocol pools Over 30 independent smart contract audits and formal verification by Certora Supported by $175M in institutional backing from Paradigm, a16z crypto, and Ribbit Vault fee changes require an onchain timelock before curators can enforce them
Cons	Compromised off-chain operational keys led to a $215,000 reward pool theft in May 2026 Incurred $70M in bad debt from the Resolv protocol exploit in March 2026 Cross-protocol unified liquidity increases smart contract composability risk Borrow rates fluctuate dynamically based on pool utilization	Vault depositors take on discretionary risk from third-party curator allocations Isolated pools fragment liquidity across individual debt and collateral pairs April 2025 frontend bundler update caused an approval bug that exposed user funds
Best for	Onchain collateralized borrowing, Dual-yield liquidity providers, Non-KYC multichain lending	DeFi lenders seeking risk-isolated markets, Borrowers requiring fixed-rate crypto terms, Passive yield depositors using curated vaults

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