Tom Wan(@tomwanhh):Fixed-term lending will separate curators who can manage money from those who can't. The old job was picking the safest, highest-yielding pools and rebalancing, basically a passive index. Morpho Midnight makes it active management: you set the rate you lend at for each maturity. Strong curators earn the extra yield from lending fixed while keeping enough liquid to cover exits. Weak ones either stay liquid and miss it, or over-commit to fixed loans and get trapped, since exiting early means dumping the loan at a discount right when everyone wants out. The AUM by curators will diverge even further in the coming months, lending sector is getting more interesting than ever.

2026.07.21 15:05

Fixed-term lending will separate curators who can manage money from those who can't. The old job was picking the safest, highest-yielding pools and rebalancing, basically a passive index. Morpho Midnight makes it active management: you set the rate you lend at for each maturity. Strong curators earn the extra yield from lending fixed while keeping enough liquid to cover exits. Weak ones either stay liquid and miss it, or over-commit to fixed loans and get trapped, since exiting early means dumping the loan at a discount right when everyone wants out. The AUM by curators will diverge even further in the coming months, lending sector is getting more interesting than ever.