Morpho has launched Midnight, a fixed-rate and fixed-term credit protocol, on the Base network. The team said “Morpho Midnight is live,” describing the product as “fixed rate, fixed term credit markets.”
Alongside the protocol, Morpho released a new Markets App that allows users to lend and borrow directly from Midnight’s fixed-rate markets. At launch, the app supports Base, and the company said more networks will be added later.
Fixed-rate structure comes to live onchain markets
Most DeFi lending products rely on variable interest rates that shift with supply and demand. Midnight takes a different route by letting participants lock in a rate for a defined term, a structure that more closely resembles fixed-income credit in traditional finance.
Paul Frambot, Morpho’s co-founder, said the protocol gives “the users the ability to set their rates and terms,” and described it as the team’s “most ambitious step yet.”
Morpho ties the launch to a broader credit-market push
Frambot said the release is part of Morpho’s effort toward “bringing the $200 trillion global credit market onchain.” He added that Midnight “opens up many possibilities for fintechs, institutions, and credit desks alike.”
The article also notes that the $200 trillion figure reflects Morpho’s own characterization of the addressable market. It is not presented as an independent measurement of the protocol’s activity.
Markets App starts on Base and will expand
Frambot separately said the Markets App lets users “lend & borrow directly from Midnight Markets.” He added that “there’s still a lot to iterate,” while calling it “one of the most advanced DeFi apps.”
Morpho had previously introduced its fixed-rate approach at the protocol level. Midnight extends that work into live markets through a dedicated application. According to Frambot, the app will expand beyond Base to additional networks over time.