Morpho Midnight Brings Fixed-Rate Onchain Credit to Base

Morpho has launched Morpho Midnight on July 21, introducing fixed-rate, fixed-term onchain credit to Base through lender offers. This new feature allows borrowers to have a defined maturity date alongside predetermined borrowing costs.

The noncustodial protocol initially started with a cbBTC/USDC market and a limited range of maturities. Lenders can publish offers specifying price and size, while individual markets define the loan token, maturity date, collateral assets, oracles, and liquidation parameters.

Borrowers execute available offers onchain. The structure differs from Morpho Blue, whose isolated markets use variable rates set by an interest-rate model.