Morpho Midnight, a fixed-rate lending protocol within the Morpho network, has reached $100 million in total deposits. The milestone was achieved approximately three months after the platform's launch on July 21, 2026.
The protocol operates primarily on Base and Ethereum, functioning alongside the variable-rate Morpho Blue. Unlike traditional algorithmic models, Midnight utilizes isolated markets and an offer book where participants define their own terms, including rates and maturities.
The system employs an intent-based design, meaning capital is only locked upon matching. Additionally, a lend callback feature allows unmatched capital to continue earning variable yield on Morpho Blue while waiting for a counterparty.
Discrepancies exist between reported metrics: while Morpho reports $100 million in deposits, DefiLlama recorded a total value locked of approximately $19.5 million as of October 22, 2026.
Morpho has integrated with platforms such as Coinbase, which offers fixed-rate Bitcoin-backed loans via Midnight, and Robinhood, which supports the network. The broader Morpho ecosystem previously surpassed $14 billion in deposits earlier in 2026.
