Gate News message, April 14 — Morpho, the second-largest DeFi lending protocol by total value locked, officially unveiled its fixed-rate product named Morpho Midnight. Co-founder and CEO Paul Frambot announced the name on X today, emphasizing that Midnight represents a completely new paradigm for onchain lending and should not be considered a version 2 of Morpho Blue.
According to Frambot’s post, the distinction is structural: Morpho Blue offers pool-based, open-term variable-rate markets with externalized risk management, while Midnight introduces intent-based, fixed-term, fixed-rate markets with externalized management of both risk and rate. The two protocols will coexist and complement each other within the broader Morpho network. More details on Midnight are expected as security audits finalize.
Morpho currently holds approximately $7.7 billion in TVL, making it the second-largest lending protocol in DeFi, following Aave with $26.3 billion. Last month, the Ethereum Foundation made its second deployment into Morpho Vaults, bringing its total commitment to nearly $19 million.
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