Predictable Credit
on the Morpho Network

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.