Apollo Global Management Inc. has signed a partnership agreement with the decentralized lending platform MORPHO. Under the agreement, Apollo or its affiliates will purchase 90 million MORPHO governance tokens over the next four years; this amounts to 9% of the total 1 billion token supply. This collaboration, announced by the Morpho Association on Friday, will be carried out through open market purchases, OTC transactions, and other agreements, and includes ownership limits and transfer restrictions. The parties will also support on-chain lending markets in the Morpho protocol.
MORPHO price increased over the weekend. Source: CoinGecko
Morpho-Apollo Partnership Details
Morpho, according to DeFi Llama data, holds the position of the sixth largest DeFi protocol in the market with a total value locked of 5.8 billion dollars, offering lending markets that provide returns to investors and special investment vaults. Following the news, the MORPHO price rose 17.8% over the weekend from 1.12 dollars to 1.32 dollars (CoinGecko data), but has declined 38% over the last 12 months. It is noted that Apollo manages 940 billion dollars in assets, while Morpho has partnered with institutions like Bitwise and Lombard in recent months. Apollo is increasing its presence in the crypto space with stablecoin strategies with Coinbase and investment in Plume. This agreement could accelerate the integration of traditional finance giants into DeFi.
MORPHO Technical Outlook
Current price: 1.38 dollars (+0.73% in 24 hours). RSI at 60.43 is in the neutral zone, overall trend is upward but Supertrend is giving a bearish signal. EMA 20: 1.2209 dollars. Supports: S1 1.2386 (strong, 73% score), S2 1.3342. Resistances: R1 1.4104 (strong, 80% score), R2 1.5495. Investors can take positions with MORPHO futures. This partnership could strengthen the long-term upside potential.
MORPHO Future Expectations
Apollo’s commitment, managing 900 billion dollars in assets, could increase Morpho’s liquidity and further raise TVL. The protocol stands out with innovative vaults in lending markets.
Source: https://en.coinotag.com/apollo-90-million-token-partnership-with-morpho
