Paul Frambot

speaker

486 appearances 1 recordings 1 series first heard Jul 2026 last heard 29 Jul

Paul Frambot’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Bankless · Morpho Midnight: The Future of Fixed-Rate Lending | Paul Frambot · 29 Jul 2026 podcast

Yeah, Morpho Midnight is basically the next version of Morpho after Morpho Blue.

So Morpho, we're infrastructure that allow people to earn interest on one end and get some financing on the other end.

So we give you a stack that allows you to create some lending markets, right?

In MorphoBlue, you could select one collateral, a loan asset, an oracle, and you had this like variable rate open term lending experience that was like pretty convenient and pretty passive to get into.

And we've done this for the last two years.

But, you know, what we realized as we were talking to more and more institutions is that one thing was lacking.

It was control over the interest rate, right?

Whether you're a consumer, a retail user of a large app like Robinhood or Coinbase, you want predictability on your rate.

You want to know how much you're going to pay.

But most importantly, if you're a large institution, you want control on the rate because you want to price the risk accurately.

It's actually not a thing in traditional finance to have your interest rate rely on arbitrary formulas or arbitrary governance like it is the case in DeFi.

And so basically the combination of those two feedbacks made it obvious that the future of DeFi financing had to move away from the so-called interest rate model that we have today that basically dictates what the rate is going to be to a much more, you know, traditional way, which are zero coupon obligation.

So long way of saying more for midnight is like a fixed rate, fixed term lending and borrowing infrastructure that allows you to build lending and borrowing markets that have a term and has a fixed rate.

Yes, I think pretty much.

I like the way you explain that is in the early days of DeFi, basically you had multiple constraints.

Gas was high.

And also the set of users that was interacting with the chains was basically users with their Metamask wallet that had a little bit of money.

And they were in no way financial experts, right?

So basically the protocols initially had to internalize a lot of the complexity in order to provide a passive experience to users.

And they could not rely on any other intermediaries to do that, right?

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