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Brief
Coinbase L2 on Ethereum. Dominates L2 DeFi at 46% of total L2 TVL (peak $5.6B+ in Oct 2025). Centrifuge is preferred tokenization backbone (Coinbase equity stake + Base-default issuance layer for tokenized ETFs, credit, structured products). ~$358M in RWA assets on Base (excluding stablecoins). Hosts Morpho vaults, Backed Finance assets, the first multi-issuer RWA market on a chain.
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Primary sources
Checks cover the claims listed below. Other details may still need review.
- Morpho: Midnight and Markets App launch (opens in a new tab)
Checked
- Morpho Midnight and its Markets App went live for fixed-rate, fixed-term credit. The initial app rollout covered cbBTC/USDC on Base with limited maturities, alongside Morpho Blue's variable-rate markets.
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Snapshot
Key terms and identifiers.
- Asset classes
- Treasuries, Equities
- Analytics
- app.rwa.xyz/networks/base
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Milestones
How this player got here.
- Jul 2026Midnight launched with cbBTC/USDC fixed-term markets on Base
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Connections
Who they build with, build on, integrate with.
Dependency
Where this player builds on, integrates, or relies on others.
