What is Morpho's Midnight protocol?

Midnight is a fixed-rate lending protocol from Morpho. It allows users to borrow and lend digital assets at fixed interest rates.

Why did Morpho launch fixed-rate lending?

Morpho said fixed rates provide more certainty. Users know their borrowing costs or lending returns until the loan matures.

Base is an Ethereum layer-2 blockchain developed by Coinbase. It is designed to process transactions faster and at lower cost.

Fixed-rate lending locks the interest rate for the life of the loan. Variable rates can change as market conditions move.

Users on the Base network can access the Midnight protocol, subject to the platform's supported assets and eligibility requirements.

Image for illustrative purposes only. Not a real photo.

Written by Mahathir BayenaPublished Jul 22, 2026, 1:11 AM

Morpho has launched fixed-rate lending through its Midnight protocol on the Base blockchain.

The new service allows users to borrow and lend digital assets at fixed interest rates until an agreed maturity date.

Morpho said fixed rates give users greater certainty by protecting them from changing borrowing costs.

The protocol is built on Base, the Ethereum layer-2 network developed by Coinbase, to offer lower transaction costs.

Fixed-rate lending is designed for users who want predictable borrowing costs or stable returns on their deposits.

Morpho said Midnight expands the range of lending products available in decentralised finance while remaining onchain.

The launch reflects growing demand for lending products that combine blockchain transparency with more predictable financial terms.