Predictable Credit
on the Morpho Network
Why Midnight
The onchain lending market was built around variable rate, open term lending. That was the right design for its time. It bootstrapped the ecosystem and grew into tens of billions in deposits. But it is not sufficient to bring the world's credit onchain.
Participants need predictability. They need to know what a position will return or cost, and for exactly how long. Morpho Blue already lets participants control their risk, but both sides of the market are still price takers with the rate set by an interest rate model. Midnight changes that. Where Blue gave control over risk, Midnight gives control over risk and rate. Together, Blue and Midnight form a network for onchain credit.
Built for institutional grade credit
Predictability
Know the terms and rate upfront
Control
Shape the loans to match your constraints
Capital Efficiency
Get more use from the same capital
Capital efficient offer based quoting
Deploy the same capital across more opportunities simultaneously without locking it up, sacrificing yield, or committing before you're ready.
Intent based offers
Funds stay yours until an offer is matched; no pre-commitment, no idle capital locked
Multi market offers
Capital offered covers multiple maturities and markets simultaneously
Callbacks
Lenders can recall funds before maturity, capital doesn't have to sit idle
Midnight vs. Blue
- Rate
- Maturity
- Pricing
- Allocation
- RateFixed
- MaturityFixed
- PricingMarket driven
- AllocationOffer based
- RateVairable
- MaturityOpen ended
- PricingFormula driven
- AllocationPool based
Variable rate and fixed rate on the same network
Midnight complements and doesn’t replace Blue
How Interest Rates Are Set
Blue sets rates with a formula. Midnight sets rates with the market.
Talk to the team or open the curator app
and get started today.