Morpho launches Midnight fixed-rate lending protocol on Base

Digital asset credit network Morpho has introduced Morpho Midnight, a fixed‑rate, fixed‑term lending protocol deployed on Base, the Ethereum Layer‑2 network backed by Coinbase. The protocol extends Morpho’s existing Blue architecture and enables lenders and borrowers to negotiate loan terms directly, offering predictable borrowing costs and yields that mirror traditional credit markets. Morpho aims to attract institutional participants by removing volatility‑related barriers that have limited on‑chain treasury financing.

CEO Paul Frambot said, “Fixed‑rate lending is fundamental to how global credit markets operate,” highlighting the protocol’s role in completing the DeFi ecosystem. Morpho reports more than $11 billion in deposits across its network and counts users such as Coinbase, Binance, Robinhood, Galaxy Digital and Bitwise among its customers. The launch follows a recent $175 million funding round that valued Morpho at $2 billion. While initially limited to Base, Morpho plans to expand Midnight to additional blockchain networks in the future.