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.Morpho 🦋's Midnight could become a machine for pricing trust. Paul Frambot 🦋: “There’s a module in the protocol that lets you express why you should be trusted.” “That could be collateral, but that could also be your identity, your receivables, whatever.” “A piece of code is not here... show more

Bankless

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21,795 次观看 • 4 天前 •via X (Twitter)

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David Seroy makes the case that bitcoin:native can become the lowest-counterparty-risk collateral in the world. “Digital gold” caps Bitcoin's upside. “Digital credit” doesn’t. Think mortgage-backed securities, then treasuries — except this time the collateral is Bitcoin, not trust in an institution. “That is one very viable use case of Bitcoin... without the counterparty risk of Michael Saylor.”

David Seroy makes the case that bitcoin:native can become the lowest-counterparty-risk collateral in the world. “Digital gold” caps Bitcoin's upside. “Digital credit” doesn’t. Think mortgage-backed securities, then treasuries — except this time the collateral is Bitcoin, not trust in an institution. “That is one very viable use case of Bitcoin... without the counterparty risk of Michael Saylor.”

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NEW EPISODE - Morpho Midnight: DeFi Just Deleted the Interest Rate Paul Frambot 🦋 joins David Hoffman to break down Morpho 🦋's fixed rate, fixed term layer: why the zero coupon obligation is the only true primitive lending ever had, how Midnight prices trust instead of just collateral, and the one switch Morpho is deliberately leaving off. 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?

NEW EPISODE - Morpho Midnight: DeFi Just Deleted the Interest Rate Paul Frambot 🦋 joins David Hoffman to break down Morpho 🦋's fixed rate, fixed term layer: why the zero coupon obligation is the only true primitive lending ever had, how Midnight prices trust instead of just collateral, and the one switch Morpho is deliberately leaving off. 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?

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Paul Frambot 🦋's bet: getting a loan should work like Visa for credit. Instead of one bank owning your pricing, thousands of lenders compete for you. Fresh off a $2B round, the Morpho 🦋 co-founder unpacks open credit with Bam Azizi on CEO Beat. Out now 🎙️

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"Finance is like essentially 50,000 different banks and credit unions that all have segregated infrastructure.” Morpho 🦋 cofounder Paul Frambot 🦋 on why crypto can reshape lending: “Ethereum is like one single database for the entire world, like one single computer for the entire world.” “Instead of going to a specific bank, you’re gonna come to the open blockchain … and then you’re gonna have the entire world quote you on your interest rate.”

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Bill: “You can legally be a senator but also be a pastor? Is that true of every level of government? Could you be a president and also a pastor?” Raphael: “I don't know that it’s practical to be the president and be a pastor, but yeah, you of course.”

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For Paul Frambot 🦋, variable-rate lending fails the basic test of a true financial primitive: “If you have variable rate, what does it vary on?” “The answer is that it’s arbitrary. You rely on something to say what is the rate, which makes it not a primitive.” “A primitive does not rely on anything for its existence.” “Fixed rate, fixed term is the right primitive for financing. It is the true and the only true primitive.”

For Paul Frambot 🦋, variable-rate lending fails the basic test of a true financial primitive: “If you have variable rate, what does it vary on?” “The answer is that it’s arbitrary. You rely on something to say what is the rate, which makes it not a primitive.” “A primitive does not rely on anything for its existence.” “Fixed rate, fixed term is the right primitive for financing. It is the true and the only true primitive.”

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❗️«Not helping Ukraine is a huge risk for Europe» — Zelenskyy «I don’t think this is something that should be tested. If Ukraine is not helped, there is a risk that it may not hold out, and then Russia will move further. The price of such a mistake is very high — for Europe and for any state.» The President also noted that Ukraine is defending not only itself, but also European values.

❗️«Not helping Ukraine is a huge risk for Europe» — Zelenskyy «I don’t think this is something that should be tested. If Ukraine is not helped, there is a risk that it may not hold out, and then Russia will move further. The price of such a mistake is very high — for Europe and for any state.» The President also noted that Ukraine is defending not only itself, but also European values.

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EXCLUSIVE: Morpho 🦋 CEO Paul Frambot 🦋 on how Morpho Midnight is new infrastructure for institutional private credit. This week, Morpho launched Midnight, which enables fixed-rate, fixed-term onchain lending, starting with one cbBTC/USDC market on Base across multiple maturities. This is unlike most DeFi today, where protocols like Aave and Compound set your risk, rate, and term using their formulas. This is not ideal for large institutions with their own risk appetite. Morpho 🦋 Midnight hands risk, rate AND term to the open market, so investors can set their risk appetite, and borrowers can apply to meet that in the marketplace. Lending on Midnight means buying a claim on future cashflows, where you pay 0.95 today, receive 1.00 at maturity. The difference (discount) is your rate as a lender. That's exactly how a zero-coupon bond works, the primitive bond markets are built on. Some other nuances that came out in the interview Prior fixed-rate protocols split liquidity into a pool per maturity, so markets stayed thin and most died. This is how a bond desk runs a book. Morpho aims to ensure liquidity isn't fragmented into individual pools. It offers source funds only at fill, and one balance sheet can quote fixed rates across all maturities at once. So you quote once in many places. The fees are capped in the code with settlement at 50bps a year, a lender fee at 1%, and governance can *never* raise them. Infrastructure that can't reprice you is infrastructure a treasurer can underwrite. Wall St is coming to these DeFi protocols For example, Apollo (roughly $940bn AUM) is contracted to buy up to 9% of MORPHO supply over four years. So I sat down with Paul Frambot, Morpho's CEO, days after his most ambitious launch yet. DeFi lending reached tens of billions without a single maturity date. Now we find out what it builds with one.

EXCLUSIVE: Morpho 🦋 CEO Paul Frambot 🦋 on how Morpho Midnight is new infrastructure for institutional private credit. This week, Morpho launched Midnight, which enables fixed-rate, fixed-term onchain lending, starting with one cbBTC/USDC market on Base across multiple maturities. This is unlike most DeFi today, where protocols like Aave and Compound set your risk, rate, and term using their formulas. This is not ideal for large institutions with their own risk appetite. Morpho 🦋 Midnight hands risk, rate AND term to the open market, so investors can set their risk appetite, and borrowers can apply to meet that in the marketplace. Lending on Midnight means buying a claim on future cashflows, where you pay 0.95 today, receive 1.00 at maturity. The difference (discount) is your rate as a lender. That's exactly how a zero-coupon bond works, the primitive bond markets are built on. Some other nuances that came out in the interview Prior fixed-rate protocols split liquidity into a pool per maturity, so markets stayed thin and most died. This is how a bond desk runs a book. Morpho aims to ensure liquidity isn't fragmented into individual pools. It offers source funds only at fill, and one balance sheet can quote fixed rates across all maturities at once. So you quote once in many places. The fees are capped in the code with settlement at 50bps a year, a lender fee at 1%, and governance can never raise them. Infrastructure that can't reprice you is infrastructure a treasurer can underwrite. Wall St is coming to these DeFi protocols For example, Apollo (roughly $940bn AUM) is contracted to buy up to 9% of MORPHO supply over four years. So I sat down with Paul Frambot, Morpho's CEO, days after his most ambitious launch yet. DeFi lending reached tens of billions without a single maturity date. Now we find out what it builds with one.

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