加密货币:Morpho,法国科技界又一独特独角兽

Crypto : Morpho, nouvelle licorne très particulière de la French Tech

Maddyness by Maxence Fabrion 2026-04-17 13:00 Original
摘要
法国金融科技公司Morpho Labs凭借其去中心化借贷协议成为新晋独角兽,估值达2.5亿美元。该公司通过创新的"MetaMorpho"金库模型优化资本效率,在DeFi领域实现快速增长。这一成就突显了法国在加密技术创新和融资方面的活跃态势。

法国加密金融科技公司Morpho近日以独角兽估值完成新一轮融资,但其商业模式与传统科技独角兽截然不同。这家专注于去中心化借贷协议的公司,其估值飙升主要得益于其原生代币MORPHO的市场表现,而非典型的股权融资。

Morpho的核心产品是建立在Compound和Aave等主流协议之上的借贷优化层,通过点对点匹配借贷双方来提高资本效率。与大多数依靠风险投资进行股权融资的初创公司不同,Morpho通过发行治理代币MORPHO来构建其去中心化生态系统。该代币近期市值突破10亿美元,直接推动了公司估值进入独角兽行列。

值得注意的是,Morpho团队仅持有约23%的代币份额,其余部分分配给协议用户、合作伙伴及社区金库。这种代币驱动的估值模式在传统科技投资领域较为罕见,反映了加密原生项目特有的价值捕获机制。公司联合创始人Paul Frambot强调,他们的目标是构建“无需许可的金融基础设施”,而非追求股权价值最大化。

此次估值里程碑使Morpho成为法国科技生态中又一独角兽企业,但其去中心化治理结构和代币经济模型可能对传统投资框架构成挑战。分析师指出,这类协议的价值评估需综合考虑协议收入、代币流动性和社区治理等多重维度,与传统公司的财务指标存在显著差异。

Summary
French startup Morpho has become a new unicorn after raising $20 million, but it is a unique case as it is a decentralized protocol without traditional equity, governed by its token holders. The funding was led by Andreessen Horowitz and Variant, with participation from Nascent, Semantic Ventures, and Coinbase Ventures. This structure highlights a novel model in venture capital, blending open-source protocol development with community governance instead of a centralized company.

Morpho Labs Achieves Unicorn Status with Unique Decentralized Model

Paris-based DeFi protocol Morpho Labs has reached a valuation exceeding $1 billion following a successful $20 million funding round. This milestone designates Morpho as a new "unicorn" within the French tech ecosystem, but its structure sets it apart from traditional venture-backed startups.

The investment was led by venture capital firms Andreessen Horowitz (a16z) and Variant Fund, with participation from Nascent, Semantic Ventures, and Cherry Crypto. Significantly, the capital raise was executed via a Simple Agreement for Future Tokens (SAFT), a common instrument in crypto ventures for selling rights to future tokens.

Founded in 2021 by Paul Frambot and Vincent Prou, Morpho operates a decentralized lending protocol built on top of established platforms like Aave and Compound. Its core innovation, "MetaMorpho" vaults, allows users to earn optimized yields by pooling funds that are algorithmically allocated to the most efficient lending pools. The protocol has seen substantial growth, currently managing over $2.5 billion in assets.

Unlike a typical unicorn, Morpho Labs does not control the Morpho protocol itself. The company develops the open-source software, but the protocol is governed by a decentralized autonomous organization (DAO) holding the MORPHO token. This means ultimate control over fees, upgrades, and treasury management rests with the token-holding community, not the founding team or investors.

The fresh capital will primarily fund the expansion of the Morpho Labs team, focusing on research, development, and security for the protocol. The company emphasizes that investor tokens will be subject to a multi-year vesting schedule, aligning with long-term ecosystem health.

This funding round underscores a renewed institutional interest in the crypto sector and highlights the emergence of a distinct corporate model in French Tech—one where value accrues to a decentralized public network rather than a centrally controlled equity entity.

Résumé
Morpho Labs, une startup française spécialisée dans le prêt décentralisé, devient une licorne après une levée de fonds de 20 millions de dollars menée par Andreessen Horowitz et Variant. Cette valorisation à plus d'un milliard de dollars est remarquable car elle intervient dans un marché crypto atone et pour une structure en "DAO" (organisation autonome décentralisée), sans dirigeant traditionnel. Cette réussite souligne la résilience et l'innovation de la DeFi française.

L’article Crypto : Morpho, nouvelle licorne très particulière de la French Tech est apparu en premier sur Maddyness - Le média pour comprendre l'économie de demain.

AI Insight
Core Point

法国DeFi协议Morpho以独角兽估值完成新融资,其“无治理”的DAO模式在加密熊市中凸显了结构独特性。

Key Players

Morpho Labs — 基于以太坊的去中心化借贷协议开发商,总部法国。

Industry Impact
  • ICT: 高 — 推动去中心化金融协议与治理模式创新。
Tracking

[Monitor] — 其“无治理”DAO模式能否在长期周期中持续验证,将影响DeFi领域的发展方向。

Highlights
Investment / Funding
Related Companies
Morpho
startup
positive
Categories
创业 金融科技
AI Processing
2026-04-17 19:33
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