# Morpho Midnight: The Future of Fixed-Rate Lending | Paul Frambot

Page: https://stenobird.com/podcast/bankless-357756/morpho-midnight-the-future-of-fixed-rate-lending-paul-frambot
Text version: https://stenobird.com/podcast/bankless-357756/morpho-midnight-the-future-of-fixed-rate-lending-paul-frambot.md
Podcast: [Bankless](https://stenobird.com/podcast/bankless-357756)
Published: 2026-07-29T11:00:00+00:00
Episode link: https://pscrb.fm/rss/p/episode.flightcast.com/01KYPPF1WV5EFSHMHC67CVN3M2.mp3
Audio file: https://pscrb.fm/rss/p/episode.flightcast.com/01KYPPF1WV5EFSHMHC67CVN3M2.mp3
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JSON: https://stenobird.com/v1/public/podcasts/bankless-357756/episodes/morpho-midnight-the-future-of-fixed-rate-lending-paul-frambot
Duration seconds: 3661

## Resource

Every lending protocol in DeFi quietly decides your interest rate for you. Paul Frambot thinks that was always a workaround and Morpho Midnight is his argument for what replaces it. Fixed-rate lending as the only true primitive, pricing trust on-chain, and the one switch Morpho won't flip yet. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near-pod 📊BITGET | TOKENIZED STOCKS 2.0 https://bankless.cc/bitget-stocks 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium --- TIMESTAMPS 0:00 What Is Morpho Midnight? 1:59 DeFi's Wrong First Shape 7:18 The Only Real Primitive 14:47 Inside a Midnight Market 20:49 Openness Is the Advantage 22:52 Order Books and New Curves 30:01 Pricing Trust 35:40 Stablecoins and What's Next 37:13 Who Comes On-Chain Next 42:18 Collapsing the Margin 44:50 The Bankless Connection 47:57 How Big by 2027? 51:59 Hester Peirce on Vaults 55:49 Who Takes the Liability? --- RESOURCES Paul Frambot https://x.com/PaulFrambot --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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