Morpho launches fixed-rate lending protocol on Base
Morpho launched Morpho Midnight on Base, adding fixed-rate, fixed-term lending to its onchain credit network alongside Morpho Blue’s variable-rate markets. Midnight uses an offer-based model where lenders and borrowers set their own rates, maturities, and terms, with loans issued as fixed obligations matched through competing offers rather than utilization-based pricing. The launch is currently limited on mainnet, initially supporting cbBTC and USDC across multiple maturities, as part of a security-focused rollout. Fixed-rate, defined-maturity lending is common in traditional finance but still rare in DeFi, and Morpho expects it to appeal to institutions and businesses that need predictable funding costs and risk management. Midnight was first outlined as part of Morpho’s V2 roadmap, later named and released with a whitepaper and codebase to address liquidity fragmentation in fixed-rate DeFi.
