I revisited the TermMax documentation last night, and what I noticed is that the first time I read it, I thought about it in a very simplistic manner. When I came across the phrase “fixed-rate borrowing and lending,” all I could think about is how to provide stable interest rates.
The real question seems to be how this fixed rate is going to be sustained within the decentralized finance world given the rapidly changing market dynamics.
Since TermMax uses the concept of fixed-rate borrowing/lending alongside options trading, I wonder how the risk management will be handled within these two different areas. How does risk isolation occur within the different parts of the process when there is little liquidity or a sharp move within the asset?

The governance aspect was interesting to me as well. If key protocol parameters are indeed tweakable via governance, how decentralized is control really? And, more importantly, how does one protect against a rash or ill-coordinated decision from causing systemic risk?
Security was another topic I’d like to know more about. Risks related to smart contracts are clear enough, but I’m more interested in market risks and liquidity management on the protocol level.
Perhaps there’s still something missing in my understanding of your architecture.
How would you assess risk management and governance at TermMax?
@TermMax $TERMINUS #TERM
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