MORPHO, the native coin of the Morpho decentralized lending protocol, is one of the worst performers among the top 100 cryptocurrencies by market cap. The coin has lost 4% of its value in the last 24 hours and risks dropping below the $1.90 level if the bearish trend persists. The bearish performance comes despite Morpho securing backing from Paradigm, a16z Crypto, Ribbit Capital, and other major investors as demand for tokenized finance and on-chain credit continues to grow. Morpho secures $175 million to scale on-chain lending Decentralized finance (DeFi) lending protocol Morpho has raised $175 million in a new funding round as institutional interest in blockchain-based financial infrastructure continues to gain momentum.
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