Morpho Network · Fixed-rate credit

Midnight walkthrough

Step 1 of 8

Two primitives, one network

Morpho Blue and Morpho Midnight complement each other — variable vs fixed term structure.

Morpho Blue Variable · open-term · IRM
Morpho Midnight Fixed · maturity · orderbook
Blue / Vault Midnight Tenor / router
Maker
Signs lend/borrow offer
Rate · size · expiry · optional callback
Orderbook layer
Mempool + router
Offers indexed offchain · Tenor finds executable quotes
On-chain fill
Taker executes offer
Fixed economics locked · credit/debt units minted
Position
Credit / debt units
Zero-coupon payoff at market maturity
Settlement
Repay & redeem at maturity
Or roll via callback to a new maturity market
Trade units Exit before maturity on secondary market
Callback Source funds from Blue/Vault at fill only
Auto-roll Renew into next maturity atomically