Morpho Midnight is a non-custodial fixed-rate lending protocol implemented for the Ethereum Virtual Machine. It is organized around isolated, immutable, permissionlessly created markets with fixed-maturity. Lending and borrowing are implemented through the trading of credit and debt units, whose payoff structure is analogous to that of zero-coupon obligations, settling at the market's maturity. Participants trade by posting or consuming offers that do not lock capital and source liquidity only at settlement, allowing makers to quote across multiple markets at once. Markets can range from single to multi-collateral configurations, and gates can be used to implement access-control policies.
The protocol is described in detail in the Midnight Whitepaper.
Compilation, testing and formatting are done with forge. If of interest, BaseTest.sol contains a re-usable testing setup and useful helpers. Optional helper contracts and libraries for interacting with Midnight are available in the periphery folder.
Formal verification of Midnight is done with the Certora Prover. See the Certora README for the full list of verified properties and the modeling assumptions they rely on.
Audits can be found in the audits folder.
The primary license, BUSL-1.1, covers src/Midnight.sol (see LICENSE). All other files authored for this repository are under MIT (see LICENSE-MIT).