Morpho Midnight crosses $100 million in deposits as fixed-rate DeFi lending finds takers

The fixed-rate lending protocol launched in July and is betting that onchain borrowers want predictability more than they want surprises Morpho Midnight , the fixed-rate lending arm of the Morpho network, has passed $100 million in total deposits. The milestone landed on or before October 23, 2026, roughly three months after the protocol went live. Morpho Midnight sits in the fixed-rate camp. It launched on July 21, 2026, primarily on Base, and later added support for Ethereum . It runs alongside Morpho Blue, the network’s variable-rate protocol. So Morpho now offers both flavors under one roof: the floating rate and the locked one. The mechanics revolve around isolated markets and an offer book.

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