Morpho, the second-largest DeFi lending platform by total value locked, is offering up to $400,000 to anyone who can find bugs in its newest creation. The audit competition for Morpho Midnight, the protocol’s forthcoming fixed-rate lending system, is now accepting submissions on Cantina.
That prize pool is double the $200,000 Morpho offered in its previous Cantina contest.
What Morpho Midnight actually does
Almost every major protocol, Morpho Blue included, operates on variable rates. Morpho Midnight is designed to fix that. The protocol introduces intent-based fixed-rate and fixed-term lending markets, a fundamentally different architecture from the variable-rate model that powers Morpho Blue.
The Midnight whitepaper was released around May 28, with the full codebase simultaneously open-sourced on GitHub. Co-founder and CEO Paul Frambot has called Midnight “the hardest and most ambitious thing” the team has built so far, which is notable given Morpho already manages roughly $7.7 billion in TVL.
