TLDR Tech / Crypto
Morpho Midnight Analysis
Morpho, which holds over $11 billion in deposits as the second-largest onchain money market, launched Midnight, letting lenders buy discounted credit units that redeem at par at maturity to create bond-like fixed rates rather than pool-based floating rates. Multi-Market Offers let a single offer serve multiple maturities and collateral types, addressing liquidity fragmentation that hurt earlier fixed-rate attempts like Yield Protocol and Notional Finance.
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