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<!DOCTYPE html>
<html lang="en">
<head>
<meta charset="UTF-8">
<meta name="viewport" content="width=device-width, initial-scale=1.0">
<title>Fixed-Rate Borrowing Protocols – DeFi Landscape Brief</title>
<meta name="description" content="A side-by-side of the ten DeFi protocols that let a borrower lock a fixed interest rate – mechanism, TVL and status as of June 2026 – plus the ~$15B institutional RWA tier next door.">
<!-- Favicon – inline SVG padlock (the Rate.Lock motif); no external file needed -->
<link rel="icon" type="image/svg+xml" href="data:image/svg+xml,%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%2032%2032%22%3E%3Crect%20width%3D%2232%22%20height%3D%2232%22%20rx%3D%227%22%20fill%3D%22%231A1816%22%2F%3E%3Cpath%20d%3D%22M11%2015%20V12%20a5%205%200%200%201%2010%200%20V15%22%20fill%3D%22none%22%20stroke%3D%22%23F2EBDD%22%20stroke-width%3D%222.4%22%20stroke-linecap%3D%22round%22%2F%3E%3Crect%20x%3D%228.5%22%20y%3D%2214.5%22%20width%3D%2215%22%20height%3D%2210.6%22%20rx%3D%222.2%22%20fill%3D%22%23C44A36%22%2F%3E%3Ccircle%20cx%3D%2216%22%20cy%3D%2218.7%22%20r%3D%221.7%22%20fill%3D%22%231A1816%22%2F%3E%3Crect%20x%3D%2215.2%22%20y%3D%2219.5%22%20width%3D%221.6%22%20height%3D%223.4%22%20rx%3D%220.8%22%20fill%3D%22%231A1816%22%2F%3E%3C%2Fsvg%3E">
<meta name="theme-color" content="#1A1816">
<!-- Social preview / Open Graph -->
<!-- IMPORTANT: og:image / twitter:image must be an ABSOLUTE https URL for link
previews to render on X, LinkedIn, Slack, Facebook, iMessage, etc. The
relative filename below assumes Fixed-rate-v4-og.png sits beside this page
when hosted. Once you know the URL, replace both with e.g.
https://your-domain.com/Fixed-rate-v4-og.png (and set og:url to the page). -->
<meta property="og:type" content="article">
<meta property="og:title" content="Ten ways to lock a borrowing rate. One isn't live yet.">
<meta property="og:description" content="A side-by-side of the ten DeFi protocols that let a borrower lock a fixed interest rate – mechanism, TVL and status (June 2026) – plus the ~$15B institutional RWA tier next door.">
<meta property="og:image" content="Fixed-rate-v4-og.png">
<meta property="og:image:width" content="1200">
<meta property="og:image:height" content="630">
<meta property="og:image:alt" content="Rate.Lock landscape brief – ten DeFi fixed-rate protocols, ~$300M field led by Wildcat, ~$15B tokenized Treasuries next door, one still pre-mainnet.">
<meta property="og:site_name" content="R3 – DeFi Landscape Brief">
<!-- Twitter / X card -->
<meta name="twitter:card" content="summary_large_image">
<meta name="twitter:title" content="Ten ways to lock a borrowing rate. One isn't live yet.">
<meta name="twitter:description" content="A side-by-side of the ten DeFi protocols that let a borrower lock a fixed interest rate – mechanism, TVL and status (June 2026) – plus the ~$15B institutional RWA tier next door.">
<meta name="twitter:image" content="Fixed-rate-v4-og.png">
<link rel="preconnect" href="https://fonts.googleapis.com">
<link rel="preconnect" href="https://fonts.gstatic.com" crossorigin>
<link href="https://fonts.googleapis.com/css2?family=Fraunces:ital,opsz,wght@0,9..144,400;0,9..144,600;0,9..144,700;1,9..144,400;1,9..144,600&family=Inter:wght@300;400;500;600;700&display=swap" rel="stylesheet">
<style>
:root {
--bg: #F2EBDD;
--bg-dark: #1A1816;
--ink: #1A1816;
--muted: #6B6359;
--rule: #D9D1C0;
--accent: #C44A36;
--accent-soft: #F4D8CF;
--highlight: #F5E69A;
--olive: #7A6E4F;
--label: #5A5247;
}
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/* HEADER */
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/* PROTOCOL BADGE */
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/* COVER */
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background-blend-mode: multiply;
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justify-content: space-between;
margin-top: 64px;
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/* GRID LAYOUTS */
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/* CALLOUT BOXES */
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border: 1px solid var(--accent);
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/* TABLE – comparison matrix */
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overflow-x: auto;
margin-top: 16px;
}
table.matrix {
width: 100%;
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font-size: 12.5px;
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color: var(--accent);
text-decoration: none;
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table.matrix a:hover { border-bottom-color: var(--accent); }
table.matrix tbody tr { transition: background 0.15s ease; }
table.matrix tbody tr:hover { background: rgba(196,74,54,0.04); }
/* DEFAULT TABLE */
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text-transform: uppercase;
color: var(--label);
font-weight: 500;
border-bottom: 1px solid var(--ink);
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table.defaults tbody td {
padding: 14px;
border-bottom: 1px solid var(--rule);
vertical-align: top;
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table.defaults tbody tr.total td {
font-weight: 600;
border-bottom: none;
background: rgba(196, 74, 54, 0.06);
}
table.defaults tbody td:first-child {
font-family: 'Fraunces', serif;
font-size: 16px;
}
/* PROTOCOL CARDS */
.protocol-grid {
display: grid;
grid-template-columns: 60px 1fr 220px;
gap: 24px;
padding: 24px 0;
border-bottom: 1px solid var(--rule);
align-items: start;
}
.protocol-grid:last-child { border-bottom: none; }
.num {
font-family: 'Fraunces', serif;
font-size: 36px;
color: var(--ink);
line-height: 1;
}
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margin-bottom: 4px;
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/* OBSERVATIONS */
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font-size: 20px;
margin: 0 0 10px;
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.obs ul li { margin-bottom: 4px; }
.obs ul li strong { color: var(--accent); font-weight: 500; }
/* FOOTER */
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display: flex;
justify-content: space-between;
margin-top: auto;
padding-top: 32px;
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</head>
<body>
<div class="deck">
<!-- ============ COVER ============ -->
<section class="slide cover-slide">
<span class="label" style="color: var(--accent); margin-bottom: 14px;">Fixed-Rate Borrowing in DeFi · Landscape Brief · June 2026</span>
<h1 class="cover" style="font-size: 76px; margin: 12px 0 22px;">Ten ways to lock<br>a borrowing rate. <em>One<br>isn’t live yet</em><span class="accent-dot">.</span></h1>
<p class="subtitle" style="font-size: 19px; max-width: 940px; margin-bottom: 32px;">
Every other corner of DeFi lets the borrowing rate float. Here, ten teams are trying to nail it down for a fixed term – the niche beneath variable-rate giants like Aave and Morpho Blue. Strip away the mechanism names and they are ten bets on one hard problem: how to make a fixed rate liquid when every maturity is its own market. Ten mechanisms, one still pre-mainnet, the whole DeFi-native field worth a few hundred million and led by borrower-credit shop Wildcat. The honest caveat: the institutional RWA tier next door is ~50× bigger, and that is where the real money already sits.
</p>
<div class="two-col-asym" style="gap: 56px;">
<div>
<h4 style="margin-bottom: 14px;">The ten core protocols</h4>
<ul style="list-style: none; padding: 0; margin: 0; font-size: 14.5px; line-height: 1.5;">
<li style="padding: 9px 0; border-bottom: 1px solid var(--rule);"><strong>Morpho Midnight</strong> · intent-based fixed-term credit markets <span class="prelaunch-badge">Pre-launch</span></li>
<li style="padding: 9px 0; border-bottom: 1px solid var(--rule);"><strong>Term Finance</strong> · weekly sealed-bid rate auctions</li>
<li style="padding: 9px 0; border-bottom: 1px solid var(--rule);"><strong>TermMax</strong> · tokenized bonds + AMM range orders</li>
<li style="padding: 9px 0; border-bottom: 1px solid var(--rule);"><strong>Fira</strong> · tokenized fixed-maturity bonds – <span class="hl-accent">big on paper, ~$5M once you net it</span></li>
<li style="padding: 9px 0; border-bottom: 1px solid var(--rule);"><strong>Secured Finance</strong> · on-chain order book for zero-coupon bonds</li>
<li style="padding: 9px 0; border-bottom: 1px solid var(--rule);"><strong>Inverse Finance (FiRM)</strong> · DOLA Borrowing Rights (DBR)</li>
<li style="padding: 9px 0; border-bottom: 1px solid var(--rule);"><strong>Exactly Protocol</strong> · per-maturity fixed-rate pools</li>
<li style="padding: 9px 0; border-bottom: 1px solid var(--rule);"><strong>IPOR</strong> · interest-rate swaps / hedging overlay</li>
<li style="padding: 9px 0; border-bottom: 1px solid var(--rule);"><strong>Wildcat Finance</strong> · borrower-set custom credit markets</li>
<li style="padding: 9px 0;"><strong>Liquity V2</strong> · borrower-set rate on the BOLD stablecoin</li>
</ul>
</div>
<div>
<div class="proof-headline">
<span class="battle-label">Combined field size · loans + TVL, Jun 2026</span><br>
<span class="battle-figure"><span class="num">~$300M</span></span>
<p style="font-size: 14.5px; color: var(--muted); max-width: 320px;">– and most of that is two names. Borrower-credit shop <strong>Wildcat</strong> (~$150M outstanding) and <strong>Liquity V2</strong> (~$74M) are the bulk of the field. <strong>Fira</strong> looks like the leader on a ~$425M headline – until you net out the collateral it loops through itself and that number collapses to <strong>~$5M</strong> of real on-chain value. The metric was doing the marketing. <strong>Notional</strong> once topped ~$843M and still wound down after the Nov 2025 Balancer hack; scale was never what kept anyone alive. And the institutional RWA tier next door is still <strong>~50×</strong> bigger than all of this combined.</p>
</div>
</div>
</div>
<div class="cover-meta">
<div class="col"><h4>Author</h4><p><a href="https://www.linkedin.com/in/mishablank/" target="_blank" rel="noopener" style="color: var(--ink); text-decoration: none; border-bottom: 1px solid var(--accent);">Mike Blank</a></p></div>
<div class="col"><h4>As of</h4><p>21 June 2026</p></div>
<div class="col"><h4>Sources</h4><p>DefiLlama · protocol docs</p></div>
<div class="col"><h4>Scope</h4><p>Fixed-rate, fixed-term borrowing</p></div>
<div class="col"><h4>Field</h4><p>10 core + adjacents</p></div>
</div>
</section>
<!-- ============ 02 – WHY FIXED-RATE ============ -->
<section class="slide">
<div class="top-bar" data-slide="02 / 13"><span>Why the niche exists</span></div>
<h2>Variable rates float.<br><em>Fixed</em> rates let you plan.</h2>
<div class="glossary-bar">
<strong>Fixed-rate</strong> the interest cost is known at the moment you borrow, not re-priced block by block.<span class="sep">|</span><strong>Fixed-term</strong> the loan has a defined maturity date.<span class="sep">|</span>Most DeFi lending (Aave, Morpho Blue) is the opposite – <em>variable-rate, open-term</em> pools where the rate moves with utilization.
</div>
<div class="two-col">
<div>
<h4>Why borrowers want it</h4>
<ul style="padding-left: 18px;">
<li><strong>Cash-flow planning</strong> – a treasury can budget an exact interest expense.</li>
<li><strong>Institutional mandates</strong> – many desks cannot hold open-ended floating-rate exposure.</li>
<li><strong>Hedging</strong> – lock a cost ahead of expected rate volatility.</li>
<li><strong>Structured products</strong> – fixed legs are the building block for leverage, looping and RWA financing.</li>
</ul>
</div>
<div>
<h4>Why it’s still a small slice</h4>
<ul style="padding-left: 18px;">
<li><strong>Liquidity fragmentation</strong> – every maturity is its own market, so depth is split many ways.</li>
<li><strong>Rollover risk</strong> – someone has to refinance at maturity.</li>
<li><strong>Capital-efficiency drag</strong> – matched terms are harder to keep fully utilized than an always-on pool.</li>
</ul>
<p style="font-size: 13.5px; color: var(--muted); margin-top: 12px;">The ten protocols ahead are really ten <em>different bets</em> on how to beat these three problems.</p>
</div>
</div>
<div class="callout" style="margin-top: 28px;">
<h4>The shape of the field</h4>
<p>Floating rates are fine until someone has to budget – which is the whole reason fixed income exists in the first place. On-chain that corner is still small, but it bites exactly where variable rates hurt most: <strong>institutional treasuries, RWA financing, and rate hedging</strong>. The demand is obvious; the on-chain liquidity to serve it is the part still missing.</p>
</div>
<div class="footer"><span>Fixed-Rate Borrowing Landscape</span><span>R3 · Internal Brief</span></div>
</section>
<!-- ============ 03 – WORKED EXAMPLE ============ -->
<section class="slide">
<div class="top-bar" data-slide="03 / 13"><span>One borrower, nine routes</span></div>
<h2>Borrow <em>10 ETH</em> for three months.<br>Nine ways to lock the rate.</h2>
<p class="subtitle">Same goal – a predictable cost on a 3-month loan – routed through each protocol’s native mechanism.</p>
<div class="matrix-wrap">
<table class="defaults">
<thead>
<tr><th style="width: 22%;">Protocol</th><th>How you’d lock the 3-month rate</th></tr>
</thead>
<tbody>
<tr><td>Term Finance</td><td>Bid in the relevant <strong>weekly sealed-bid auction</strong>; you pay the single market-clearing rate.</td></tr>
<tr><td>TermMax</td><td>Mint/take <strong>FT</strong> via an AMM <strong>Range Order</strong> at the 3-month market.</td></tr>
<tr><td>Fira</td><td>Open a position in the 3-month market; the <strong>Bond Token</strong> you mint locks the rate, and you can sell the <strong>Coupon Token</strong> for upfront yield.</td></tr>
<tr><td>Secured Finance</td><td>Place a limit order in the 3-month <strong>order book</strong>; you mint a tokenized <strong>zero-coupon bond</strong> (“ZC ETH…”) at the matched rate.</td></tr>
<tr><td>Inverse (FiRM)</td><td>Buy the required <strong>DBR</strong> at market price – that price <em>is</em> your locked rate.</td></tr>
<tr><td>Morpho Midnight</td><td>Submit an <strong>intent</strong> for a fixed-rate / fixed-term match <span class="prelaunch-badge">once live</span></td></tr>
<tr><td>Exactly</td><td>Lock the rate straight from the <strong>3-month maturity pool</strong> (priced off its utilization).</td></tr>
<tr><td>IPOR</td><td>Keep the borrow on Aave and enter a <strong>3-month rate swap</strong> to hedge the float.</td></tr>
<tr><td>Wildcat</td><td>Spin up a <strong>custom market</strong> with a 3-month term and whitelist the lenders.</td></tr>
</tbody>
</table>
</div>
<div class="callout" style="margin-top: 24px;">
<p style="margin:0;"><strong>The tell:</strong> notice how differently each one discovers the rate – an auction, a bond price, an order book, a token you hold, an intent, a pool’s utilization, a swap, or simply whatever the borrower decrees. That mechanism is the whole story, and it’s the spine of the matrix on the next page.</p>
</div>
<div class="footer"><span>Worked example</span><span>3-month, 10 ETH</span></div>
</section>
<!-- ============ 04 – CROSS-CUTTING ============ -->
<section class="slide">
<div class="top-bar" data-slide="04 / 13"><span>How to read the field</span></div>
<h2>Ten protocols, sliced <em>five ways</em>.</h2>
<div class="obs-grid" style="margin-top: 16px;">
<div class="obs">
<div class="obs-num">01</div>
<h3>How is the rate discovered?</h3>
<ul>
<li><strong>Auction</strong> – Term (periodic, single fair price)</li>
<li><strong>Bond price</strong> – TermMax (AMM) · Fira (supply/demand)</li>
<li><strong>Order book</strong> – Secured Finance (CLOB + Itayose)</li>
<li><strong>Intent match</strong> – Morpho Midnight (managed liquidity)</li>
<li><strong>Token you hold</strong> – Inverse DBR · <strong>Pool utilization</strong> – Exactly</li>
<li><strong>Swap overlay</strong> – IPOR · <strong>Borrower decree</strong> – Wildcat</li>
</ul>
</div>
<div class="obs">
<div class="obs-num">02</div>
<h3>Collateral model</h3>
<ul>
<li><strong>Overcollateralized crypto</strong> – Term, TermMax, Fira, Secured Finance, Inverse, Exactly</li>
<li><strong>Undercollateralized / permissioned</strong> – Wildcat, Maple</li>
<li>This split, more than mechanism, decides who can actually use a protocol.</li>
</ul>
</div>
<div class="obs">
<div class="obs-num">03</div>
<h3>Capital efficiency & leverage</h3>
<ul>
<li><strong>TermMax</strong> offers one-click leverage / looping inside the fixed-rate frame.</li>
<li>The former leverage leader, <strong>Notional</strong>, is gone – its ~$843M evaporated when it wound down after the Balancer hack.</li>
</ul>
</div>
<div class="obs">
<div class="obs-num">04</div>
<h3>Flexibility vs. predictability</h3>
<ul>
<li>Most offer <strong>true fixed terms</strong>.</li>
<li><strong>Inverse’s DBR</strong> trades a fixed end-date for rate certainty + duration flexibility.</li>
<li><strong>IPOR</strong> adds predictability on top of an existing Aave borrow.</li>
</ul>
</div>
<div class="obs">
<div class="obs-num">05</div>
<h3>Maturity & scale</h3>
<ul>
<li>Oldest: <strong>Inverse</strong> (~2020). Newest: <strong>Morpho Midnight</strong> (2026, pre-launch) and <strong>Fira</strong> (early 2026, big gross loan book but only ~$5M net TVL).</li>
<li>By net TVL, <strong>Wildcat</strong> (~$150M) leads, <strong>Liquity V2</strong> (~$74M) is next; most others – Fira included – are sub-$75M.</li>
<li>Battle-tested through an exploit: <strong>Exactly</strong> (and Inverse, twice). <strong>Notional</strong>, by contrast, did not survive the Balancer hack.</li>
</ul>
</div>
<div class="obs">
<div class="obs-num">06</div>
<h3>For an institutional / RWA lens</h3>
<ul>
<li>The real balance sheets sit one tier up: <strong>Maple</strong> (~$2.1B credit), <strong>Centrifuge</strong> (~$1.6B tranched funds) and a <strong>~$15B</strong> tokenized-Treasury market – far bigger than the DeFi-native primitives.</li>
<li>Among the natives, permissioned <strong>Wildcat</strong> maps closest to real financing; <strong>Morpho Midnight</strong> is the one to watch <em>if</em> it ships with institutional curator liquidity.</li>
</ul>
</div>
</div>
<div class="footer"><span>Cross-cutting observations</span><span>The decision lenses</span></div>
</section>
<!-- ============ 05 – MATRIX ============ -->
<section class="slide">
<div class="top-bar" data-slide="05 / 13"><span>Side by side</span></div>
<h2>The <em>comparison</em> matrix.</h2>
<div class="matrix-wrap">
<table class="matrix">
<thead>
<tr>
<th>Protocol</th>
<th>Core mechanism</th>
<th>Fixed term</th>
<th>Rate set by</th>
<th>Collateral / risk</th>
<th>Status & TVL</th>
<th>Chains</th>
</tr>
</thead>
<tbody>
<tr>
<td><span class="proto-dot" style="background:#1A1816;"></span><a href="https://morpho.org/" target="_blank">Morpho Midnight</a></td>
<td>Intent-based P2P matching in isolated, immutable markets</td>
<td>Yes (fixed-maturity)</td>
<td>Intent matching + curators</td>
<td>Isolated, immutable markets</td>
<td><strong>Pre-mainnet</strong> – audited May–Jun 2026</td>
<td>EVM (planned)</td>
</tr>
<tr>
<td><span class="proto-dot" style="background:#C44A36;"></span><a href="https://www.term.finance/" target="_blank">Term Finance</a></td>
<td>Recurring on-chain sealed-bid auctions</td>
<td>Yes (weekly, up to ~1yr)</td>
<td>Single clearing price</td>
<td>Per-auction, overcollateralized</td>
<td>Live · ~$13M</td>
<td>Ethereum + BNB, Avalanche, Arbitrum, Base</td>
</tr>
<tr>
<td><span class="proto-dot" style="background:#C99B6E;"></span><a href="https://ts.finance/" target="_blank">TermMax</a></td>
<td>Tokenized bonds (FT/XT/GT) + AMM “Range Orders”</td>
<td>Yes (maturity dates)</td>
<td>AMM curve pricing</td>
<td>Isolated positions; 1-click leverage</td>
<td>Live · ~$33–49M</td>
<td>Ethereum + 7 more (Base, BNB, Arbitrum, Berachain…)</td>
</tr>
<tr>
<td><span class="proto-dot" style="background:#C44A36;"></span><a href="https://www.fira.money/" target="_blank">Fira</a></td>
<td>Tokenized fixed-maturity bonds (BT / CT / FiraWrapped); rate by supply & demand</td>
<td>Yes (maturity dates)</td>
<td>Market supply/demand (not utilization)</td>
<td>Overcollateralized; isolated per-market</td>
<td><strong>Live (2026)</strong> · ~$5M net TVL <span style="color:var(--muted);">(large gross loan book, nets to ~$5M)</span></td>
<td>Ethereum</td>
</tr>
<tr>
<td><span class="proto-dot" style="background:#C99B6E;"></span><a href="https://secured.finance/" target="_blank">Secured Finance</a></td>
<td>On-chain order book (CLOB) for tokenized zero-coupon bonds; Itayose opening auction</td>
<td>Yes (quarterly maturities)</td>
<td>Order-book matching</td>
<td>Overcollateralized; also USDFC stablecoin</td>
<td>Live · ~$0.6M</td>
<td>Filecoin, Ethereum, Arbitrum, Polygon zkEVM, Avalanche</td>
</tr>
<tr>
<td><span class="proto-dot" style="background:#6B6359;"></span><a href="https://www.inverse.finance/firm" target="_blank">Inverse (FiRM)</a></td>
<td>DBR – tokenized borrowing rights for DOLA</td>
<td>Flexible (DBR = ~1yr units)</td>
<td>DBR market price</td>
<td>Overcollateralized DOLA</td>
<td>Live · ~$20M <span style="color:var(--muted);">(not ~$60M)</span></td>
<td>Ethereum</td>
</tr>
<tr>
<td><span class="proto-dot" style="background:#5A5247;"></span><a href="https://exact.ly/" target="_blank">Exactly</a></td>
<td>Fixed-rate pools + one shared variable pool</td>
<td>Yes (maturity dates)</td>
<td>Per-maturity utilization</td>
<td>Variable + fixed pool interaction</td>
<td>Live <span style="color:var(--muted);">(post-2023 hack)</span> · ~$3.8M</td>
<td>Optimism, Base</td>
</tr>
<tr>
<td><span class="proto-dot" style="background:#B5AC9D;"></span><a href="https://ipor.io/" target="_blank">IPOR</a></td>
<td>Interest-rate swaps; now pivoting to Fusion vaults</td>
<td>Yes (swap durations)</td>
<td>AMM for interest rates</td>
<td>Derivative overlay on Aave / Compound</td>
<td>Live · IRS now legacy</td>
<td>Ethereum, Arbitrum</td>
</tr>
<tr>
<td><span class="proto-dot" style="background:#C44A36;"></span><a href="https://wildcat.finance/" target="_blank">Wildcat</a></td>
<td>Borrower-led custom credit markets</td>
<td>Yes (borrower-set)</td>
<td>Set by borrower at creation</td>
<td>Permissioned lenders; undercollateralized</td>
<td>Live · ~$150M outstanding</td>
<td>Ethereum</td>
</tr>
<tr>
<td><span class="proto-dot" style="background:#C99B6E;"></span><a href="https://www.liquity.org/" target="_blank">Liquity V2</a></td>
<td>Overcollateralized BOLD borrowing; borrower sets own rate</td>
<td>Open term (rate locked until changed)</td>
<td>The borrower (rate sets redemption order)</td>
<td>Overcollateralized (ETH / LSTs) → BOLD</td>
<td>Live (2024) · ~$74M</td>
<td>Ethereum (widely forked)</td>
</tr>
<tr class="matrix-takeaway">
<td>Takeaway</td>
<td colspan="6">The field divides on one thing: <em>how the rate is discovered</em> – auction, bond price, order book, a token you hold, an intent, pool utilization, a swap, or simple borrower decree. Rank it by net TVL, the only honest cross-protocol ruler, and <strong>Wildcat (~$150M)</strong> leads with <strong>Liquity V2 (~$74M)</strong> behind it; everything else is under ~$75M. <strong>Fira</strong> shows a huge gross loan book that nets to <strong>~$5M</strong> – the loan book is real, the on-chain float is not. <strong>Notional (~$843M)</strong> is gone after the Balancer hack, and the most-hyped name, Morpho Midnight, <strong>still isn’t live</strong>. (Sky’s <strong>Spark</strong> lends ~$4.7B – but at a rate governance can change, so it is not a fixed term.)</td>
</tr>
</tbody>
</table>
</div>
<div class="footer"><span>Comparison matrix</span><span>TVL: DefiLlama, Jun 2026 · approximate</span></div>
</section>
<!-- ============ 06 – MORPHO MIDNIGHT ============ -->
<section class="slide">
<div class="top-bar protocol-bar" data-slide="06 / 13"><span>The intent-based bet</span></div>
<div class="protocol-badge" style="margin-bottom: 24px;">
<span class="num-block">01</span>
<span class="name-block">Morpho Midnight <span class="prelaunch-badge" style="border-color:#F2EBDD; color:#F2EBDD;">Pre-launch</span></span>
</div>
<h2>Lenders and borrowers post <em>intents</em>.<br>The market matches them at a fixed rate.</h2>
<div class="two-col">
<div>
<p>Midnight is the fixed-rate, fixed-term half of <strong>Morpho V2</strong> (the other half is Vaults V2). Instead of a shared pool, lenders and borrowers post <strong>intents</strong> – the rate and term they’ll accept – and the protocol matches them in <strong>isolated, immutable, permissionlessly-created markets</strong>. Rate and risk are externalized to curators rather than baked into a utilization curve.</p>
<p>It is designed to <em>complement</em>, not replace, Morpho Blue’s variable-rate pools, with institutional-grade fixed-rate lending as the explicit target. Non-custodial and EVM-native.</p>
</div>
<div>
<h4>Why it matters</h4>
<ul style="padding-left: 18px;">
<li>The most credible attempt to make fixed-rate <strong>scale</strong> via managed liquidity rather than fragmented per-maturity pools.</li>
<li>Backed by Morpho’s existing distribution and curator ecosystem.</li>
</ul>
<div class="callout" style="margin-top: 18px;">
<h4>Status check – read this</h4>
<p>The whitepaper and codebase went <strong>public in late May 2026</strong>; a Cantina audit competition ran <strong>29 May – 12 Jun 2026</strong>. As of this brief it is <strong>audited but not yet on mainnet</strong> – don’t assume it’s usable.</p>
</div>
</div>
</div>
<div class="footer"><span>01 · Morpho Midnight</span><span>Intent-based · pre-launch</span></div>
</section>
<!-- ============ 07 – TERM FINANCE ============ -->
<section class="slide">
<div class="top-bar protocol-bar" data-slide="07 / 13"><span>The auction bet</span></div>
<div class="protocol-badge" style="margin-bottom: 24px;">
<span class="num-block">02</span>
<span class="name-block">Term Finance</span>
</div>
<h2>One <em>sealed-bid auction</em> a week sets<br>a single rate everyone pays.</h2>
<div class="two-col">
<div>
<p>Term runs <strong>recurring weekly on-chain sealed-bid auctions</strong> for terms up to ~1 year. Lenders submit the rate they’ll accept and borrowers the rate they’ll pay; the auction clears at a <strong>single market-clearing rate</strong> that all matched participants receive or pay – no spread, no slippage. Loans are crypto-collateralized.</p>
<p>The pitch is fairness and certainty: everyone in a given auction transacts at the same transparent price.</p>
</div>
<div>
<h4>Correction vs. earlier drafts</h4>
<div class="callout">
<p>Term is <strong>no longer Ethereum-only</strong>. It is now multi-chain – Ethereum is still ~72% of TVL, but it also runs on <strong>BNB Chain, Avalanche, Arbitrum and Base</strong>.</p>
</div>