Morpho launches Midnight, a fixed-rate lending protocol on Base
DeFi & Yields ·
Morpho has added a fixed-rate, fixed-term lending option on Base, positioning it alongside its existing variable-rate protocol.
The new protocol, called Midnight, is designed to complement Morpho's existing variable-rate lending protocol rather than replace it, according to The Block. Where Morpho's original lending markets adjust interest rates based on supply and demand, Midnight locks in a rate for a set term, giving borrowers and lenders a predictable cost of capital over a defined period.
The launch is aimed at expanding the range of onchain credit markets Morpho supports, broadening the protocol's offerings beyond the variable-rate model it has run to date. By running fixed-rate and variable-rate lending side by side, Morpho is positioning itself to serve borrowers and lenders with different risk and planning needs on the same underlying infrastructure.
The move has been corroborated across multiple reports describing the same development in similar terms: Midnight as a fixed-rate, fixed-term lending protocol deployed on Base to extend Morpho's onchain credit market lineup. Coverage of the launch spans four distinct sources, each framing the addition as an expansion of Morpho's credit offerings rather than a standalone or competing product.
What remains unspecified in the available material is the scale of the launch — including which assets, terms, or rate levels Midnight initially supports, and whether it will run with liquidity comparable to Morpho's variable-rate markets. Also unaddressed is how borrowing and lending activity will be split between the fixed-rate and variable-rate protocols going forward, and whether Midnight will expand to networks beyond Base. Those details will likely surface as usage data and further reporting emerge in the days following the launch.