Our new Markets App supporting Midnight has been in private Beta for the last two months. Just a few days left before it goes public.

Morpho is powering @RobinhoodApp Earn for its millions of eligible users. Few apps have done more to bring finance to everyday investors than Robinhood. Now they are extending that to onchain yield, via a self-custody wallet, with @Morpho powering it underneath. Eligible users can earn on USDG, a USD-pegged stablecoin, directly through the Robinhood app they already use every day. This is one of the largest DeFi integrations ever and Morpho’s biggest step yet towards mainstream retail. Very excited to bring this to the world after months of cooking. Proud to see Morpho sitting at the core of a mainstream consumer product that will reach millions of people!

We’ve just raised $175M, in a round co-led by @paradigm, @a16zcrypto, and @RibbitCapital, the largest raise DeFi has ever seen. Credit is the bedrock of our civilization, but the infrastructure underneath is fragmented, extractive, and closed to most of the world. That is what @Morpho is here to change. Morpho is building the open credit network for the world. The global credit market is $ 200T. We are building the infrastructure layer that will move it onchain, and every institution, fintech, and bank that wants to participate in the next era of finance will connect to this network. After four years of being heads down building Morpho, we now count more than $11B in deposits and integrations with leading financial institutions including @Coinbase, @Binance, @FireblocksHQ, @SG_Forge, @krakenfx, @Bitwise, and dozens of others building on Morpho to offer better products to their users. But this is just the beginning. This raise will allow us to accelerate: activating the global credit network at scale, building the go-to-market engine to match our ambition, and bringing more institutions onto the network faster. Having any kind of onchain strategy in this era will mean going through Morpho at some point. Reach out and let's talk. And if you want to help build the open credit network for the world, we have plenty of open roles. Let’s fly 🦋

Morpho's fixed rate protocol now has a name: Morpho Midnight. Morpho Midnight is not an iteration of Morpho Blue. It is a completely new paradigm for onchain lending, and should not be considered a "V2" of Blue. Blue = pool-based open term variable markets with externalized risk management. Midnight = intent-based fixed term fixed rate markets with externalized risk AND rate management. The two will coexist, complementing one another to extend the capabilities of the Morpho network. We’ll start sharing more updates on Midnight as audits finalize.

As we approach the official release of Morpho’s fixed rate markets protocol it’s becoming clear that it should not be seen as an iteration of the existing Morpho variable rate markets (today known as Markets V1). It is a completely new paradigm that’s unlike anything DeFi has seen before. Fixed rate markets are an extension of Morpho's offering, not a replacement. Variable rate markets remain a foundational part of DeFi for the few years to come. The two will complement one another. For that reason, we’re drop the versioning naming we've been using up until now, and the protocols will no longer be named Markets V1 and Markets V2. We’re changing: Markets V1 → Morpho “Blue” (as it was originally) Markets V2 → Morpho “[TBA]” Blue introduced permissionless open-term variable rate markets, with externalized risk management. [TBA] will introduce fixed term, fixed rate, intent lending, with externalized risk and rate management. A completely different structure for pricing and matching that will take Morpho from $10B to $100B+. As a side note: Morpho Vaults retain versioning because Vaults V2 is a direct improvement designed to supersede Vaults V1, exactly what versioning is meant to signal. It has been an incredibly hard 2 years of building [TBA], but we are very excited to share more information about Morpho fixed-rate markets soon.

Four years building @Morpho taught us what actually matters for onchain lending to truly scale. In 2026, these learnings are compounding into our next phase—continuing to bring some of the biggest institutions into DeFi, while also shipping Morpho V2, which will unlock the last bottleneck of DeFi loans: pricing. By the end of the year, DeFi will look very (very) different. 👇