Morpho Midnight, the fixed-rate lending arm of the Morpho network, has surpassed $100 million in total deposits. The milestone was reached on or before October 23, 2026, roughly three months after the protocol launched.
Midnight went live on July 21, 2026, primarily on Base, and later added support for Ethereum. It operates alongside Morpho Blue, the network's variable-rate protocol, giving Morpho both floating-rate and fixed-rate lending products.
How Midnight works
Midnight uses isolated markets and an offer book rather than a single algorithm setting rates for all participants. Users post offers specifying their own terms, including rates and maturities.
The design has two notable features. Offers are intent-based, meaning capital is locked only when an offer is matched. In addition, the protocol uses what it calls lend callbacks, allowing capital behind an unmatched lender offer to keep earning variable yield on Morpho Blue.
Deposits versus TVL
The $100 million figure is the protocol's own deposit count. DefiLlama reported total value locked of approximately $19.5 million for Morpho Midnight as of October 22, 2026.
The difference may reflect how each side measures activity. Deposits and TVL are not always counted the same way, particularly in a design where offers can exist before capital is locked upon a match.
For broader context, Morpho as a whole surpassed $14 billion in deposits earlier in 2026. Midnight's $100 million is a small portion of that total, consistent with a product that has been live for about a quarter.
Coinbase and Robinhood involvement
Coinbase now offers fixed-rate Bitcoin-backed loans through Morpho Midnight. That builds on Coinbase's existing variable-rate lending on Morpho Blue, which has facilitated over $1.4 billion in loans.
Robinhood has also been cited as a platform supporting Morpho, contributing to the network's overall deposit growth.
Metrics to watch
The gap between the $100 million deposit figure and DefiLlama's roughly $19.5 million TVL reading means observers will want to track both metrics over time to see whether locked capital catches up with headline deposits.
Morpho's lend callback feature is its response to the liquidity problem, allowing lenders to post offers without sacrificing yield while they wait for a counterparty.
