Morpho TVL rises 3.5% to $11.4B as Arc wallet activity drops 94%
- —Morpho TVL: $11.02B on Sept. 30 versus $11.4B on Oct. 28
- —Arc active wallets: 406,006 on launch day versus 24,678 average in week four
- —USDC borrowing against tokenized BTC in Arc rose from $0 to $190M
- —Five large borrowers moved $142M out of Arc
Why it matters: Morpho's TVL growth is partly driven by Arc incentives; demand durability will be tested once borrowing rewards are reduced.
Source: TokenPost