There is strong theoretical evidence that black holes have a finite thermodynamic entropy equal to one quarter the area A of the horizon. Providing a microscopic derivation of the entropy of the horizon is a major task for a candidate theory of quantum gravity. Loop quantum gravity has been shown to provide a geometric explanation of the finiteness of the entropy and of the proportionality to the area of the horizon. The microstates are quantum geometries of the horizon. What has been missing until recently is the identification of the near-horizon quantum dynamics and a derivation of the universal form of the Bekenstein-Hawking entropy with its 1/4 prefactor. I report recent progress in this direction. In particular, I discuss the covariant spin foam dynamics and and show that the entropy of the quantum horizon reproduces the Bekenstein-Hawking entropy S=A/4 with the proper one-fourth coefficient for all values of the Immirzi parameter.