**Morpho Labs Secures $50M to Boost DeFi Innovations**

Decentralized finance protocol Morpho Labs has successfully raised $50 million in a new funding round. Leading the charge was Ribbit Capital, with notable contributions from a16z Crypto, Coinbase Ventures, Variant, Pantera Capital, and Kraken Ventures.

The fresh funds will power Morpho Blue, their permissionless lending protocol. This innovative solution allows users to create and manage markets without central authority approval and offers customizable vaults for risk management.

Since its launch six months ago, Morpho Blue has attracted over $1.5 billion in deposits. The protocol, which began in 2022, aims to optimize interest rates and now supports nearly 160 pools with an average yield of 4.77%.

CEO Paul Frambot emphasized their mission to build a global, trustless financial system. The DeFi sector is seeing a resurgence in 2024, with total onchain value locked at $96.1 billion, driven by renewed market liquidity and the introduction of Bitcoin ETFs in the U.S.