{"podcast":{"title":"Bankless","slug":"bankless-357756","podcast_index_feed_id":357756,"rss_url":"https://feeds.flightcast.com/p83fuj0y0u58o82l41xei7zo.xml","website_url":"http://podcast.banklesshq.com/","image_url":"https://assets.flightcast.com/workspaces/vzyepv1wunc8uo4au6e1tld4/podcasts/p83fuj0y0u58o82l41xei7zo/qytiwwt972ormowswu9ysv65.png","author":"Bankless","episode_count":1372,"summary":"The Ultimate Guide to Crypto Finance. DeFi, NFTs, and cryptocurrencies. Level up. Go bankless.","last_synced_at":"2026-09-17T00:20:29.695437+00:00","page_url":"https://stenobird.com/podcast/bankless-357756"},"episode":{"title":"Morpho Midnight: The Future of Fixed-Rate Lending | Paul Frambot","slug":"morpho-midnight-the-future-of-fixed-rate-lending-paul-frambot","published_at":"2026-07-29T11:00:00+00:00","page_url":"https://stenobird.com/podcast/bankless-357756/morpho-midnight-the-future-of-fixed-rate-lending-paul-frambot","show_page_url":"https://stenobird.com/podcast/bankless-357756","url":"https://pscrb.fm/rss/p/episode.flightcast.com/01KYPPF1WV5EFSHMHC67CVN3M2.mp3","audio_url":"https://pscrb.fm/rss/p/episode.flightcast.com/01KYPPF1WV5EFSHMHC67CVN3M2.mp3","summary":"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","meta_description":"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 arg…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3661,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/bankless-357756/episodes/morpho-midnight-the-future-of-fixed-rate-lending-paul-frambot/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/bankless-357756/morpho-midnight-the-future-of-fixed-rate-lending-paul-frambot.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}