Morpho launches fixed-rate lending protocol on Base
Lending protocol Morpho has launched Morpho Midnight on Base, adding fixed-rate, fixed-term loans to its onchain credit network alongside the variable-rate markets offered through Morpho Blue. In an announcement sent to Cointelegraph, Morpho said the offer-driven protocol lets lenders and borrowers propose their own interest rates, maturities and other loan terms instead of relying on a protocol-defined utilization curve. Loans are issued as fixed obligations, with terms set through competing offers rather than algorithmic pool pricing. Predictable rates and defined maturities are standard features of traditional credit markets. However, they remain uncommon in decentralized finance (DeFi), where borrowing costs generally fluctuate based on market utilization. Fixed terms could make onchain lending more attractive to institutions and businesses that need to manage funding costs, returns and risk exposure in advance. A Morpho spokesperson told Cointelegraph that Midnight is live on the Base mainnet, initially supporting cbBTC and USDC across multiple maturity dates. The spokesperson said Morpho deliberately kept the launch contained as part of a progressive rollout that prioritizes security. The spokesperson said crypto-native lenders, borrowers and curators already active on Morpho Blue had shown interest in Midnight. Several unidentified enterprises and institutions are also building products on the protocol in beta, with announcements expected