Morpho Launches Midnight and Markets for Fixed-Rate Loans

Morpho has launched Midnight, a non-custodial protocol for fixed-rate loans and borrowing with a set maturity. Unlike traditional protocols, Midnight allows users to lock in the cost of a loan or the yield of a loan from the outset. At the same time, Morpho is rolling out Markets, an interface to access the Midnight markets, where users can view maturities and compare rates. Midnight stands out from Morpho Blue, which uses variable rates, by allowing lenders and borrowers to negotiate a fixed rate. The financing cost remains unchanged until maturity. Morpho estimates that on-chain credit represents about $60 billion, compared to $200 trillion in traditional finance. To bridge this gap, DeFi must offer products closer to institutional standards. Midnight is initially deployed on layer 2 Base, with USDC loans collateralized by cbBTC. Advanced features will be added gradually. With Midnight, Morpho aims to become the reference infrastructure for decentralized credit.

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