# Tenor Contracts audit Sherlock · Fixed-rate lending · 5th July 2026 A private security review of Tenor (fixed-rate lending), conducted with Sherlock and completed on 5th July 2026 over 3 days. 0xSimao's findings from it are not published individually. ## What Tenor is Tenor is a collection of immutable contracts extending the Morpho stack, primarily Morpho Midnight, the intent-based fixed-rate lending protocol, alongside Morpho Blue, Vault V2 and Morpho's oracles. Its job is movement: getting positions into, out of and between fixed-rate markets without dismantling them by hand. ## Scope The Sherlock review covered the callback set invoked during Midnight's take(): migrations from Morpho Blue into fixed-rate positions and back, moves from Vault V2, and Midnight-to-Midnight renewals at a new maturity, each an atomic transition executing entirely within the take. ## The report [Download the report (PDF)](https://0xsimao.com/reports/2026-07-05-tenor.pdf)