Morpho said active loans on its protocol rose 40% over three months and that one in every five dollars borrowed onchain went through Morpho.
The company’s October update, published Nov. 5, specifies that the one-in-five figure refers to borrowing by dollar value, rather than the number of loans. Morpho Midnight offers fixed-rate, fixed-term markets. Morpho said Midnight deposits crossed $100 million before reaching $200 million in October’s final week.
Morpho linked increased uptake to interest in its fixed-term, fixed-rate markets. The company also said fixed-rate onchain lending has historically faced a liquidity bootstrapping problem, which can make it difficult for markets to build available lending capital.
Morpho expects its Midnight Adapter to open access to more than $5 billion in liquidity from Morpho Vaults in the fourth quarter of 2026. The update also identified tokenized-stock lending and receivables financing as developing areas. Morpho said receivables financing can turn unpaid invoices into working capital for businesses. The company said it would announce its first receivables-financing use cases soon.
