Morpho: P2P Orders Go Live on Midnight for Bespoke Fixed-Term Loans - 29 Sep 2026

Morpho has launched P2P Orders on Morpho Midnight, a feature that lets users set bespoke loan terms, send them to counterparties, and settle fixed-term loans directly. The feature is available on Ethereum and Base, removing the need for a shared pool to match lenders and borrowers.Direct settlement between counterparties gives Morpho a lending flow outside its pooled markets, with terms negotiated per order rather than set by market parameters. Investors may reprice MORPHO on expanded protocol utility and potential lending-fee capture, though realized usage is still unknown. Adoption depends on whether borrowers and lenders use bespoke orders at scale, since the feature's value comes from sustained activity rather than the launch itself.P2P orders on Midnight are live!You can now set your own terms and agree on a fixed-term loan directly, without waiting for a listed market to offer the terms you want.Try it out in the fixed-term app 👀