# Morpho launches Midnight fixed-rate, fixed-term credit markets

> Morpho's live product perimeter expanded beyond Blue's variable-rate, open-term markets to a distinct fixed-term credit primitive initially available on Base for cbBTC/USDC.

- URL: https://riadefi.com/on-chain/2026-07-21-morpho-midnight-public-launch/
- Type: Launch or access
- Stage: Live launch
- Evidence: confirmed
- Materiality: material
- Event date: 2026-07-21
- Version: 1, published 2026-08-22 (first published 2026-08-22)
- Advisor-relevant: no
- Affects: Morpho Blue (protocol)

## What happened

Morpho launched Midnight, an immutable noncustodial fixed-rate, fixed-term lending protocol, together with a new Markets App.

## What changed

Morpho's live product perimeter expanded beyond Blue's variable-rate, open-term markets to a distinct fixed-term credit primitive initially available on Base for cbBTC/USDC.

## What did not change

Midnight is not Morpho Blue v2 and does not replace Blue. The launch did not include vault adapters, auto-rolling, callbacks, cross-chain support, gates, or secondary exits.

## Confirmed

- The protocol and Markets App were live on July 21, 2026.
- Initial access was limited to Base, cbBTC/USDC, and a limited set of maturities.
- Launch functionality supported direct lending and borrowing.
- Morpho described Midnight contracts as immutable and non-upgradeable.

## Still open

- Deployment-address verification and initial market utilization.
- Maturity liquidity and early-exit behavior without a secondary market.
- The timing and control implications of later vault adapters, callbacks, gates, and cross-chain features.

## What it means for an advisor

- Do not extend the Morpho Blue approval or limits to Midnight; it requires a separate diligence determination.
- Add fixed-term liquidity, maturity, rate-discovery, and collateral controls to the Morpho research perimeter.

## Sources

1. [Now Live: Morpho Midnight & New Markets App](https://morpho.org/blog/now-live-morpho-midnight) · Morpho · 2026-07-21


---

Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.