Moonwell vs Morpho

Moonwell3.0/5

VS

Morpho4.5/5

Feature	MoonwellVisit	MorphoVisit
Ratings
Our score	3.0/5	4.5/5
User rating	No reviews yet	No reviews yet
Security & track record	1.5	4.5
Rates	3.5	4.5
Market depth	3.5	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	Base, Optimism, Ethereum	Ethereum, Base, Hyperliquid, Other
Main collateral assets	ETH, USDC, USDT, cbBTC	cbBTC, USDC, ETH, PAXG
Flash loans	Not disclosed	Yes
Permissionless markets	Not disclosed	Yes
Audited	Yes	Yes
Bug bounty	Yes	Yes
Governance token	WELL	MORPHO
Isolated markets	Yes	Yes
Own stablecoin	No	No
Rates	Variable	Variable and fixed
Company
Founded	2022	2021
Headquarters	Finland	France
Investors	Arrington Capital, Hypersphere, C Squared, Charterhouse Strategic Partners +10	Paradigm, Ribbit Capital, a16z crypto, Hack VC +4
Strengths and weaknesses
Pros	No KYC checks or account registration required to lend or borrow Smart contracts audited by firms including Halborn and Code4rena Integration with Morpho for automated onchain yield vaults	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	Suffered an $8.7M oracle manipulation exploit on Base in August 2026 cbETH oracle misconfiguration in February 2026 triggered $1.78M in bad debt Core market borrowing on Base was halted following security incidents	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	DeFi lenders on Base and Optimism, Borrowers supplying ETH or stablecoin collateral, Yield aggregators integrating Morpho vaults	DeFi lenders seeking risk-isolated markets, Borrowers requiring fixed-rate crypto terms, Passive yield depositors using curated vaults

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