Morpho launched its Midnight fixed-term, fixed-rate lending protocol on Ethereum on Sept. 8, extending the product beyond Base and allowing users to borrow USDC against WBTC or cbBTC. Unlike Morpho Blue, whose open-ended loan rates change according to a formula, Midnight uses credit units traded at market-set prices for fixed maturities, allowing borrowers to lock financing costs and lenders to secure returns. Ethereum markets showed $7.41 million in deposits and $2.63 million in outstanding loans around publication, although the retained page output did not break those totals down between WBTC and cbBTC markets and no 24-hour trading volume data was available. Morpho Vaults hold about $5 billion in deposits but remain limited to Morpho Blue markets until the DAO enables Midnight allocations. Morpho expects vault activation in the fourth quarter after curators and users become familiar with the protocol and supporting tools develop.