Fixed Income Layer
For On-Chain Credit

Fixed Income Layer
For On-Chain Credit

Lend at a rate you keep, borrow at a cost you lock, hedge the rest. Capitoli structures Morpho Midnight's zero-coupon credit into a yield curve, a fixed-yield token, locked-rate borrowing with its rails, and rate swaps.
Lend at a rate you keep, borrow at a cost you lock, hedge the rest. Capitoli structures Morpho Midnight's zero-coupon credit into a yield curve, a fixed-yield token, locked-rate borrowing with its rails, and rate swaps.
Lend at a rate you keep, borrow at a cost you lock, hedge the rest. Capitoli structures Morpho Midnight's zero-coupon credit into a yield curve, a fixed-yield token, locked-rate borrowing with its rails, and rate swaps.

Launch App

Launch App

Our Whitepapers

Dive deeper into how Capitoli turns Morpho Midnight's zero-coupon credit into fixed-income instruments.
Dive deeper into how Capitoli turns Morpho Midnight's
zero-coupon credit into fixed-income instruments.
Dive deeper into how Capitoli turns Morpho Midnight's zero-coupon credit into fixed-income instruments.
WHITEPAPER 01

Capitoli Curve

WHITEPAPER 02

Capitoli Brokerage

WHITEPAPER 03
Coming Soon

Capitoli Dealer

Permissionless Fixed-Rate Structuring

Permissionless Fixed-Rate Structuring

Secure, immutable contracts, public data.
Read it yourself.
Secure, immutable contracts, public data. Read it yourself.
Secure, immutable contracts, public data.
Read it yourself.

GitHub

import React, { useState } from 'react';
export default function PricingCard() {
  const [isYearly, setIsYearly] = useState(false);
  
  return (
    <div className="pricing-card">
      <h3>Pro Plan</h3>
      <p className="price">
        ${isYearly ? '99' : '12'} 
        <span className="duration">
          /{isYearly ? 'year' : 'month'}
        </span>
      </p>
      
      <button onClick={() => setIsYearly(!isYearly)}>
        Toggle Billing
      </button>
      
      <ul className="features">
        <li>Unlimited Projects</li>
        <li>Priority Support</li>
      </ul>
    </div>
  );
}

Frequently Asked Questions

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What is Capitoli?

A fixed-rate credit and rates layer built on Morpho Midnight. Midnight supplies zero-coupon credit markets, and Capitoli turns them into instruments: a yield curve, a fixed-yield vault token, borrowing at a locked rate, and rate hedging.

How is the rate truly fixed on-chain?

A Midnight credit unit is a zero-coupon claim. You buy it at a discount today, and at maturity it settles one-for-one. The discount is the rate, and it locks when you trade.

What is the Capitoli Curve?

The Curve reads a term structure from Midnight's markets and marks each maturity using only committed information, meaning settled trades and offers backed by real on-chain funds. Capitoli product are valued against it.

Is the vault yield guaranteed?

No, though the loss case is narrow. Midnight has no default in the traditional sense, because borrowers are never trusted to repay. Debt is capped below the value of the collateral, and anyone can liquidate a position that breaches the cap or goes unpaid at maturity. The debt then settles out of the borrower's collateral rather than out of lenders' money. There is exactly one way for lenders to lose, and Midnight calls it bad debt. The collateral price falls through the buffer faster than liquidation can close the position, and that market's lenders share the shortfall pro-rata as soon as it is realized. The vault lends only on overcollateralized markets, runs its own liquidator if third parties don't act, and writes any provable shortfall into NAV immediately. If you hold to maturity your rate does not move, so the one economic risk left is a crash that outruns liquidation.

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