Morpho launches the fixed-rate lending protocol Midnight on Base, expanding on-chain credit markets

PANews July 21 news, citing The Block, lending protocol Morpho launched a fixed-rate, fixed-term lending protocol Midnight on the Base chain to complement its existing floating-rate protocol Morpho Blue. Midnight allows institutions and retail users to negotiate interest rates, tenors, and counterparties on demand, and can be used for financing collateralized by tokenized real-world assets, structured credit products, and repo-like transactions. Morpho CEO Paul Frambot said Midnight directly builds fixed-rate loans at the protocol layer, rather than stacking on top of the floating-rate market, and enables lending funds to continue earning floating yields on Morpho Blue before offers are matched through an “order book” architecture. Positions with the same maturity can be made interchangeable to avoid liquidity fragmentation. Midnight first launched on Base, with plans to expand to more public chains afterward. Morpho said its lending network deposits have exceeded $11B, and institutions including Coinbase, Kraken, Bitwise, and SG Forge—backed by France’s Société Générale—are using its infrastructure.
MORPHO1.67%
BLUE-3.74%
COIN9.52%
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