# Tenor is Live By [Tenor](https://blog.tenor.finance) · 2026-07-21 --- Today we’re launching [Tenor](https://app.tenor.finance/), a non-custodial platform that gives asset managers and large borrowers access to fixed-rate lending markets onchain. Tenor is powered by [Midnight](https://github.com/morpho-org/midnight/blob/main/src/Midnight.sol), Morpho's new fixed-rate primitive. Bringing fixed-rate markets onchain ----------------------------------- Fixed-rates markets dominate traditional lending because of their predictability, and now they’re coming onchain. Variable rates tied to market utilization have been the default so far due to their simplicity, but their lack of flexibility has made it hard to bring debt markets onchain. Fixed-rates are key to improving matching efficiency and bringing new use cases (e.g., whitelisted markets, RWA-backed borrowing, credit) onchain at scale. Tenor: the institutional-grade platform for onchain lending ----------------------------------------------------------- Tenor simplifies access to onchain lending markets for businesses and asset managers, with the tools they need: * **Auto-renewal:** At maturity, positions automatically roll into a new fixed-rate term. If no fixed-rate match is available, they fall back to the variable rate instead of being liquidated. * **Earn while you wait:** Pending lend limit orders earn the variable rate until they fill. * **Collateral deposited on fill:** For borrow limit offers, collateral is not locked upfront. It’s deposited proportionally only when a lender takes the offer. * **Early exit:** Close or resell a position before maturity at the market rate or at a limit rate. * **OTC:** Structure bespoke agreements settled onchain, with opt-in whitelists, and opt-in liquidation grace periods. * **Organization tooling:** Organization accounts with role-based access, and gated vaults for private management. The Tenor interface brings all of this together with an intuitive experience for browsing markets, managing positions, tracking portfolios, and receiving notifications. ![](https://storage.googleapis.com/papyrus_images/2be7a59860493a76ca5acc4fb429cc0894dfc93f2d31d778a4f66281401807ee.png) Built on Morpho Midnight ------------------------ Tenor is built exclusively on the Morpho Midnight stack and extends it with advanced execution, customizable OTC agreements, and a powerful interface. Every position settles directly on Midnight's non-custodial, immutable contracts, which handle accounting, collateral custody, and liquidations. Tenor offers opt-in contracts on top of Midnight. Learn more about Tenor's contracts and our approach to security [here](https://blog.tenor.finance/tenor-approach-to-security). Get started ----------- Explore markets starting today at [app.tenor.finance](http://app.tenor.finance) If you're an asset manager looking for an organization account or access to OTC requests, book an onboarding call [here](https://calendar.app.google/xnAKeGcZxwVWpZDj9). --- *Originally published on [Tenor](https://blog.tenor.finance/tenor-is-live)*