Total Value Locked$115.54m
TVL by Chain
Ethereum$108.26m
Base$7.28m
Key Metrics
Fees 30d$16,828
Fees 30d by chain
Base$16,828
Fees 7d$3,827
Base$3,827
Fees 24h$315
Base$315
Cumulative Fees$44,402
Base$44,402
Revenue 30d$0
Revenue 30d by chain
Base$0
Revenue 7d$0
Base$0
Revenue 24h$0
Base$0
Cumulative Revenue$0
Base$0
Holders Revenue 30d$0
Holders Revenue 30d by chain
Base$0
Holders Revenue 7d$0
Base$0
Holders Revenue 24h$0
Base$0
Cumulative Holders Revenue$0
Base$0
Active Loans$58.68m
Protocol Information
Morpho Midnight, Morpho's fixed-rate, fixed-term lending protocol, deployed on Base
Methodology
TVL: Every Midnight market is enumerated on-chain from MarketCreated events. TVL is the collateral held in the Midnight contract. Borrowed is outstanding debt, read per market as totalUnits minus withdrawable (repaid assets not yet withdrawn by lenders, which stay in the contract and are already counted in TVL).View code on GitHubFees: Total borrow interest paid by borrowers: for every trade, the face value of the debt (units) minus the loan tokens the borrower received (sellerAssets), i.e. the fixed-rate discount locked in at execution.View code on GitHubRevenue: Protocol fees kept by Morpho: the settlement fee (taker-paid spread on each trade) plus the continuous fee accrued on new lender credit. Both are disabled at launch, so Revenue is currently 0.View code on GitHubHolders Revenue: View code on GitHubCompetitors
Morpho Midnight history
TVL is the default DefiLlama definition, which excludes Active Loans. Daily values are UTC snapshots from Jul 22, 2026 to Oct 27, 2026.
All-time high TVL: $114.14m on Oct 27, 2026. All-time low TVL: $905,976 on Jul 25, 2026.
Daily TVL, Sep 28, 2026 to Oct 27, 2026
| Date | TVL |
|---|---|
| Sep 28, 2026 | $4.79m |
| Sep 29, 2026 | $4.54m |
| Sep 30, 2026 | $4.5m |
| Oct 1, 2026 | $4.68m |
| Oct 2, 2026 | $4.75m |
| Oct 3, 2026 | $5.1m |
| Oct 4, 2026 | $5.15m |
| Oct 5, 2026 | $5.28m |
| Oct 6, 2026 | $5.3m |
| Oct 7, 2026 | $5.58m |
| Oct 8, 2026 | $5.47m |
| Oct 9, 2026 | $5.36m |
| Oct 10, 2026 | $7.13m |
| Oct 11, 2026 | $7.29m |
| Oct 12, 2026 | $7.49m |
| Oct 13, 2026 | $7.27m |
| Oct 14, 2026 | $7.51m |
| Oct 15, 2026 | $7.39m |
| Oct 16, 2026 | $8.55m |
| Oct 17, 2026 | $9.26m |
| Oct 18, 2026 | $9.27m |
| Oct 19, 2026 | $9.38m |
| Oct 20, 2026 | $10.61m |
| Oct 21, 2026 | $14.16m |
| Oct 22, 2026 | $15.91m |
| Oct 23, 2026 | $56.36m |
| Oct 24, 2026 | $113.89m |
| Oct 25, 2026 | $113.72m |
| Oct 26, 2026 | $113.66m |
| Oct 27, 2026 | $114.14m |
TVL at each month end, Jul 2026 to Oct 2026
| Date | TVL |
|---|---|
| Jul 31, 2026 | $2.27m |
| Aug 31, 2026 | $2.87m |
| Sep 30, 2026 | $4.5m |
| Oct 27, 2026 (latest) | $114.14m |
Fees, revenue and holders revenue by UTC calendar month, Jul 2026 to Oct 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Jul 2026 | $391.69 | $0 | $0 |
| Aug 2026 | $8,959 | $0 | $0 |
| Sep 2026 | $21,477 | $0 | $0 |
| Oct 2026 (to date) | $13,889 | $0 | $0 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/morpho-midnight
Frequently asked questions
What is Morpho Midnight's TVL?
As of Oct 27, 2026, Morpho Midnight has $115.54m in total value locked. TVL has increased 2,329.8% over the past 30 days.
What chains does Morpho Midnight operate on?
Morpho Midnight operates on 2 chains: Ethereum and Base. Ethereum holds the largest share at 93.7%.
How much has Morpho Midnight generated in fees and revenue?
Over the past 30 days, Morpho Midnight generated $16,828 in fees. Of that, $0 was protocol revenue. Based on the trailing year, the annualized rate is $155,835 in fees.
How does Morpho Midnight's TVL compare to similar protocols?
Among Lending protocols tracked by DefiLlama, Morpho Midnight ranks #28 by TVL. The category holds $52.304b across 518 protocols, and Morpho Midnight accounts for 0.2% of that total. Similar protocols include Aave V3, Morpho Blue, Compound V3, Venus Core Pool, Aave V4, Fluid Lending, Euler V2, Native Credit Pool, Exactly, and Moonwell Lending.
How much has been borrowed through Morpho Midnight?
As of Oct 27, 2026, Morpho Midnight has $58.68m in active loans.