Morpho Launches Fixed-Rate Lending Protocol Midnight on Base

The lending protocol Morpho has launched a fixed-rate, fixed-term lending agreement called Midnight on the Base public blockchain, complementing the existing floating-rate agreement Morpho Blue. Midnight allows institutions and retail users to negotiate rates, terms, and counterparties as needed, supporting financing collateralized by tokenized real-world assets, structured credit products, and repurchase transactions. Morpho CEO Paul Frambot stated that Midnight directly constructs fixed rates at the protocol level and allows lent funds to continue earning floating yields in Morpho Blue until the offer is executed through an "order book" structure, with positions maturing on the same date being interchangeable to avoid liquidity fragmentation. Currently, Midnight is launched on Base, with plans to expand to more public blockchains in the future. Morpho's lending network has surpassed $11 billion in deposits, with institutions such as Coinbase, Kraken, Bitwise, and SG Forge, a subsidiary of Société Générale, utilizing its infrastructure.

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