Morpho Expands Fixed-Rate Lending Protocol to Ethereum

Morpho has expanded its fixed-rate lending protocol, Midnight, to Ethereum. This means that users on Ethereum can now access USDC loans backed by WBTC or cbBTC with predictable borrowing terms. The expansion was announced on September 8.

The new markets are open for deposits and loans, but Morpho Vaults, which hold about $5 billion in deposits, cannot yet enter Midnight pending a DAO action to enable allocations. The vaults can currently only allocate to Morpho Blue markets.

Morpho co-founder Merlin Egalite stated that the Ethereum rollout would begin with USDC | cbBTC and USDC | WBTC markets, and expand progressively. Both collateral types are tokenized representations of Bitcoin on Ethereum.