Morpho Expands Midnight to Ethereum

Morpho's fixed-rate lending protocol, Midnight, has expanded to Ethereum. A market has begun where users can borrow or lend USDC against WBTC and cbBTC as collateral on Ethereum; however, the approximately $5 billion in Morpho Vault funds has not yet been deployed to Midnight. Unlike the existing Morpho Blue, which applies variable rates and open-ended maturities, Midnight allows lenders and borrowers to agree on the maturity date and interest rate in advance before executing buy and sell offers. The interest rate is determined based on the unit prices proposed by lenders and borrowers. Morpho describes Midnight as a non-custodial fixed-rate lending protocol, where users submit orders under their desired conditions and match with counter-orders. This expansion signifies an increase in the range of networks and collateral assets supported by Midnight. However, for Morpho Vault funds to move to the Ethereum market, related adapters and governance procedures are necessary. Morpho has set the connection of Vault funds as a separate step, and the allocation of funds may vary depending on the DAO's decisions. Midnight's Ethereum market offers fixed-rate lending options for USDC collateralized by WBTC and cbBTC, but additional decisions are needed for significant participation from Vault funds.

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