At first I assumed fixed-rate borrowing still moved with the market somehow.

Spent time reading how the tokens actually split.

Borrowers issue FTs equal to the full amount they will repay at maturity.

They only sell the interest part for XTs.

That single step gives them the debt tokens right away and locks the cost completely.

The rate is set the moment the interest portion is sold.

Nothing later in the market can change what they owe.

Most people still think of fixed rates as soft promises.

I keep wondering how many borrowers realize they already own the entire repayment schedule on day one.

What would change if more people treated the locked cost as the real starting point instead of something that might still shift?

#termmax @TermMax