Morpho Expands Fixed-Rate Midnight Markets to Ethereum

The launch of fixed-rate markets on Ethereum is a meaningful expansion for Morpho, but the real constraint is governance. With $5 billion in vaults sidelined pending a DAO vote, the immediate impact is limited to new deposits and existing direct users. The significance hinges on whether the DAO moves quickly to integrate vault capital, as that would materially deepen liquidity and adoption. Until then, the market's reach is capped by protocol decision-making rather than technical capability, making the vote the key near-term catalyst to watch.