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Morpho launches Midnight, a fixed-rate, fixed-term DeFi lending protocol to scale on-chain credit markets.

Protocol Fundamentals
28 May 2026
Crypto news
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Bullish
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Morpho has released the Midnight white paper and open-sourced its codebase, introducing a fixed-rate, fixed-term credit protocol designed to expand on-chain lending beyond volatile variable-rate markets. Midnight enables intent-based loan matching, allowing loans to behave more like traditional bonds or term loans, with tradable loan intents and predictable cash flows. This innovation aims to attract institutional investors by offering more control and compliance, complementing Morpho's existing variable-rate lending infrastructure. The open-source release invites developers to build on this new fixed-rate layer, potentially pushing DeFi lending volumes into the trillions if it gains liquidity.

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