Morpho’s expansion to over $6B of TVL and recent $175M raise are clear signs that traditional finance is actively expanding into onchain lending. Decentralized lending markets need a reliable data layer to ensure they are secure enough for institutions to use. RedStone has been that layer across Morpho Blue markets since launch.
TL;DR:
- When Morpho Blue launched, RedStone was one of the two oracle providers available for curators.
- As Morpho expanded across chains, RedStone has been the oracle layer from day one on each deployment.
- Curators like Gauntlet, Steakhouse Financial, Sentora, and Re7 Labs, have chosen RedStone feeds where asset complexity demanded it.
- The assets institutional capital brings to DeFi lending are harder to price than standard crypto collateral. RedStone is built for that complexity.
- RedStone’s Credora risk ratings bring DeFi-native credit intelligence to Morpho markets.
- Morpho raised $175M from Paradigm, a16z, Ribbit, Apollo Funds, Circle Ventures, and VanEck to further scale institutional adoption
How Morpho’s Architecture Makes the Oracle Decision Permanent
Morpho’s $175M raise, backed by Apollo Funds and VanEck, is a clear signal that onchain credit is not just a crypto-native experiment. Morpho now holds over $9.9B in deposits and $6.3B in TVL, with Coinbase, Bitwise, and Société Générale among the institutions already building on the protocol. The data infrastructure underneath those markets is what makes them safe for institutional capital to use.
Understanding why the data layer matters, especially on Morpho, begins with understanding how Morpho Blue works. The protocol allows curators to deploy isolated lending markets and to customize market parameters like loan asset, collateral asset, oracle, interest rate model, and liquidation LTV.
Once those parameters are set and the market is deployed, there is no governance mechanism to update them. The oracle that a market launches with is the oracle it runs with forever. This is one of Morpho Blue’s core security properties. Risk teams like Gauntlet and Steakhouse Financial weigh oracle selection carefully.
When Morpho Blue launched in January 2024, RedStone was one of the two oracle providers available. Since then, RedStone’s role in Morpho markets has expanded beyond price feeds. RedStone Atom, live on Morpho markets on Unichain and expanding to HyperEVM and Base, captures Oracle Extractable Value at the point of liquidation and returns it to protocols rather than arbitrageurs.
HyperEVM: The Hyperliquid Ecosystem Footprint
When Morpho deployed on HyperEVM, RedStone became the dominant oracle layer from day one. RedStone feeds account for 99.6% of Total Value Secured (TVS) across Morpho’s HyperEVM markets, securing over $359M in total value at the time being..
KHYPE, WHYPE, WSTHYPE, and LSTHYPE are Hyperliquid’s primary liquid staking derivatives. They each require pricing infrastructure that tracks staking mechanics and not just spot market prices. UBTC brings Bitcoin exposure to the same ecosystem. RedStone provides feeds for all of them.
One of the most interesting markets on HyperEVM is thBILL. Issued by Theo, thBILL is a basket of institutional-grade tokenized US Treasury bills sourced from regulated issuers, including Standard Chartered’s Libeara product. Pricing it correctly requires a feed built to account for NAV calculations and accrual mechanics rather than spot market pricing.
Ethereum: The Foundation
On the Ethereum network, the standout market is built around Lombard’s liquid-staked Bitcoin, LBTC.
For a lender to safely accept LBTC as collateral, they need real-time cryptographic verification that the reserves match the circulating supply. RedStone built the first real-time Proof of Reserves oracle for a Bitcoin LST. It verifies BTC reserves independently every 20 minutes across all supported EVM chains.
In the LBTC/WBTC Morpho market on Ethereum, over $120M in LBTC is held as collateral, secured by RedStone’s Proof of Reserves feed.
Alongside LBTC, RedStone feeds secure Ethereum Morpho markets for Cap’s STCUSD, Yuzu’s syzUSD, and PT-cUSD structured yield products with maturity dates. Each of these assets requires a pricing methodology that accounts for how the underlying yield accrues and how redemption mechanics affect fair value.
Base: Following Morpho Into Coinbase’s Ecosystem
Morpho crossed $1.18B in active loans on Base by the start of 2026, a tenfold increase year over year. When Morpho expanded to Base, the first markets paired two of the most institutionally significant Bitcoin representations in DeFi: LBTC and CBBTC, Coinbase’s tokenized Bitcoin.
LBTC requires Proof of Reserves verification, while CBBTC trades at its own premium or discount to BTC depending on liquidity conditions on Base.
Pricing both correctly in the same market requires oracle infrastructure built for each asset independently. RedStone provides both feeds, extending the same standard established on Ethereum mainnet to Coinbase’s chain.
Tempo: The Payment Chain
Tempo is the Stripe and Paradigm-backed payment chain, built for enterprises settling real payments onchain. RedStone is the full oracle stack for Morpho’s Tempo deployment, covering every market from day one.
RedStone provides price feeds for USDC, EURC, cbBTC, cUSD, GUSD, sUSDe, and USDT0 from day one. Among them, EURC introduced a pricing requirement that standard oracle infrastructure doesn’t cover by default. A euro-denominated stablecoin tracks EUR/USD, not a dollar peg.
The clearest example of what Tempo was built for is already live. Deel’s stablecoin wallet for LATAM contractors runs on a Morpho vault on Tempo, curated by Sentora, with RedStone securing the price feeds underneath it.
Kaia: Asia’s Consumer Finance Layer
Kaia is a Layer 1 operating within two of the most widely used super-apps in East and Southeast Asia and reaching 250M+ users. KB Kookmin Bank, South Korea’s largest bank, has already tested KRW stablecoin integration on Kaia for offline payments and global remittances.
RedStone provides feeds for wETH/USDT, wBTC/USDT, and KAIA/USDT across markets curated by Feather since Morpho launched natively on Kaia.
Monad: High-Performance EVM
Monad is a high-performance EVM chain. RedStone provides feeds for Yuzu’s syzUSD across both Monad and Ethereum. syzUSD is an overcollateralized yield-bearing stablecoin whose value accrues weekly from curated onchain strategies, requiring accrual-aware pricing rather than a spot feed.
Katana: weETH and LBTC on a Yield-First Chain
Katana launched mainnet in mid-2025 with Morpho as one of its core integrated lending protocols. Ether.fi’s weETH is the primary collateral asset across RedStone-powered Morpho markets on Katana, with multiple market pairs running on RedStone feeds. LBTC markets on Katana run on the same real-time Proof of Reserves feed RedStone built for Ethereum, verifying Bitcoin reserves independently every 20 minutes.
Proven Infrastructure for What Comes Next
Each of the markets deployed on these networks was built by a curator who made the oracle selection permanently and irrevocably. Curators like Gauntlet, Steakhouse Financial, Sentora, Re7 Labs, Feather and many more decide which assets to accept as collateral, what the LTVs should be, and which oracle feeds secure these markets.
On networks like HyperEVM, Ethereum, Base, Tempo, Kaia, Katana, Monad, and others, those curators have consistently chosen RedStone for the markets where asset complexity demanded it. RedStone has maintained a zero mispricing record across all of them.
RedStone also provides Credora risk ratings, bringing DeFi-native risk intelligence to Morpho’s lending ecosystem.
Morpho’s raise points toward credit infrastructure for banks, asset managers, and pension funds. The assets that institutional allocators bring to DeFi lending are harder to price than standard crypto collateral. RedStone has been there for every new asset class Morpho has onboarded, from the first markets in January 2024 to the latest deployments today.
About RedStone
RedStone is the data layer for institutional DeFi, delivering secure, low-latency price feeds for digital assets, RWAs, stablecoins, LSTs, LRTs, and Bitcoin LSTs across 110+ chains. Trusted by 200+ clients including Morpho, Securitize, Pendle, Spark, Ether.fi, Ethena, Lombard, Venus, and Compound, RedStone powers lending, stablecoins, perpetuals, and tokenized asset markets with a custom pricing architecture built for the assets institutional capital actually uses. RedStone is the primary oracle for tokenized products including BlackRock’s BUIDL, Apollo ACRED, and Hamilton Lane SCOPE. Zero mispricing events. 100% uptime. Learn more at redstone.finance.
