Morpho launched its fixed-term, fixed-rate lending protocol Midnight on Ethereum on September 8, expanding the product beyond Base. The rollout gives Ethereum users access to USDC loans backed by WBTC or cbBTC. Morpho Vaults, which hold around $5 billion in deposits, cannot yet allocate to Midnight markets until the DAO enables those allocations. The Ethereum markets displayed approximately $7.41 million in deposits and $2.63 million in outstanding loans. Vault activation is expected in the fourth quarter.
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