Morpho has launched its new protocol, Morpho Midnight, on the Base network. The platform enables offer-based lending, allowing participants to define specific interest rates, loan durations, and collateral requirements directly onchain.
The protocol operates alongside Morpho Blue, which focuses on variable-rate lending. Midnight is designed for fixed-rate and fixed-term credit, aiming to bridge the gap between the current $60 billion onchain credit market and the global credit sector estimated at $200 trillion.
Key features of Midnight include offchain-signed offers to save on gas fees, partial fills for loan flexibility, and multi-market offers to prevent liquidity fragmentation. The noncustodial architecture allows users to maintain control of their assets.
Major industry players are integrating the new solution. Coinbase, which manages over $1.4 billion in variable-rate loans via Morpho Blue, plans to introduce fixed-rate products through Midnight. Robinhood has reported over $250 million in deposits supporting these offerings.
In June 2026, Morpho secured $175 million in a funding round led by Paradigm and a16z. This capital injection follows the 2024 launch of Morpho Blue and supports the company's expansion into structured credit products.
