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"Understanding Morpho Midnight in One Article: When On-Chain Lending Meets Fixed Interest Rates and Term Markets" (Author: Spinach Spinach Talks FinTech)
Morpho's fixed interest rate lending protocol Midnight introduces fixed rates, fixed terms, and an offer-based market mechanism, reconstructing on-chain lending as zero-coupon bond trading. Its core innovations include a quote system that does not require pre-locking funds, multi-market shared liquidity, off-chain routing and matching, and compliance gating designed for institutional and RWA scenarios.
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