Morpho is a decentralized, non-custodial lending protocol built on the Ethereum Virtual Machine (EVM) that functions as modular infrastructure for onchain credit markets rather than a standalone blockchain. The protocol combines permissionless lending markets with curated vault infrastructure, enabling capital-efficient borrowing and lending across isolated, customizable markets. The MORPHO token serves as the governance asset for the protocol, used to govern limited protocol parameters and treasury-related decisions.