Morpho, a decentralized lending protocol, has launched Morpho Midnight on Coinbase’s Base network. This new service brings fixed-rate, fixed-term loans to its on-chain lending platform. With Morpho Midnight, lenders and borrowers can set loan terms directly, rather than depending on variable interest rates. This makes DeFi lending more predictable for users. Morpho Blue, the existing product, will still offer variable-rate lending options.
Morpho Midnight is deployed on @base, with more networks to follow.
Read the full announcement:https://t.co/Pb4LllW9x5
— Morpho 🦋 (@Morpho) July 21, 2026
Most DeFi lending platforms have borrowing costs that change with market demand. Morpho Midnight is different because it lets users set fixed interest rates, loan durations, and other terms through a marketplace of offers. When both sides agree, the loan is issued with fixed repayment terms. This gives borrowers and lenders more certainty about future costs and returns.
Morpho announced that the protocol is now live on the Base mainnet and currently supports cbBTC and USDC with several maturity dates. The company is limiting the initial rollout to focus on security before opening it up to more users. Morpho says both crypto-native users and institutions are already interested in this new lending model.
Fixed-rate lending is common in traditional finance but still rare in DeFi. Many businesses and institutional investors prefer predictable borrowing costs because it helps with planning and managing risk. Morpho thinks Midnight can help close this gap by adding more traditional credit features to blockchain lending.
The protocol is part of a roadmap Morpho first shared in 2025, which included plans for an intent-based peer-to-peer lending marketplace. Instead of locking funds in separate pools for each loan period, Midnight uses an “offered capital” model. This approach keeps funds active until a matching fixed-rate offer is found.
This launch follows Morpho’s recent $175 million funding round, led by Paradigm, a16z crypto, and Ribbit Capital. The company says this new funding will help it build partnerships with banks, asset managers, and other financial institutions, and add more traditional lending features to blockchain markets.
Morpho already provides variable-rate lending products on major crypto platforms, such as Coinbase’s USDC-backed lending service in the UK. With Midnight, Morpho is expanding its services to help users who want more certainty in borrowing and lending.
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