Morpho, the second-largest DeFi lending protocol by total value locked, has launched its new fixed-rate product, Morpho Midnight. Announced by co-founder and CEO Paul Frambot on April 14, Midnight represents a new paradigm in onchain lending, distinct from Morpho Blue. Unlike Blue's pool-based, variable-rate markets, Midnight offers intent-based, fixed-term, fixed-rate markets with externalized management of both risk and rate.The two protocols will operate concurrently within the Morpho network, complementing each other. Morpho currently holds approximately $7.7 billion in total value locked, trailing only Aave in the DeFi lending space. Further details on Morpho Midnight are anticipated following the completion of security audits.