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Morpho Midnight launches fixed-rate, fixed-term lending on Base
The new protocol is live on Base mainnet and initially supports cbBTC and USDC across multiple maturity dates.
Morpho has launched Morpho Midnight on the Base network, adding fixed-rate, fixed-term loans to its onchain credit offering. The release positions Midnight alongside Morpho Blue’s variable-rate lending markets, rather than replacing them.
According to an announcement provided to Cointelegraph, Midnight is designed as an offer-driven protocol where lenders and borrowers can propose interest rates, maturities, and other loan terms. Loans are issued as fixed obligations, with terms determined through competing offers instead of algorithmic pool pricing tied to a utilization curve.
Morpho said fixed rates and defined maturities are meant to bring more predictable borrowing and lending conditions that are common in traditional credit markets, but less typical in DeFi where rates often move with market utilization. A Morpho spokesperson also said the launch is being rolled out progressively with an initial focus on security.
The spokesperson told Cointelegraph that Midnight is live on Base mainnet, initially supporting cbBTC and USDC across multiple maturity dates. The outlet also reported that Morpho cited existing crypto-native participants on Morpho Blue showing interest in the new protocol, while several other enterprises and institutions are building products in beta ahead of future announcements.