#termmax @TermMax TermMax: From Assumption to Mechanism
My assumption about TermMax was that FT, XT, and GT were simply separate tokens serving different roles. The docs describe FT as an ERC-20 fixed-rate token redeemable for face value at maturity, XT as an ERC-20 representing the interest obligation associated with an FT loan, and GT as an ERC-721 NFT representing a leveraged borrowing position with its collateral and debt.
That made me look at it differently: the mechanism is defined through how these tokens interact, not just what each token represents.
The docs also define a Range Order as a series of continuous orders that defines an AMM pricing curve within a market, with curve segments specifying APR bounds and XT thresholds. FTs can be sold on the open market before maturity, while maturity remains the point at which they can be redeemed for debt tokens.
That makes time-to-maturity part of the pricing context, because the FT represents a claim tied to a specific maturity and can trade before that maturity.
What I still want to see is how these defined mechanisms behave under real market activity, especially as orders fill and conditions change. I want to watch this in practice.
#TermMax @TermMax
My assumption about TermMax was that FT, XT, and GT were simply separate tokens serving different roles. The docs describe FT as an ERC-20 fixed-rate token redeemable for face value at maturity, XT as an ERC-20 representing the interest obligation associated with an FT loan, and GT as an ERC-721 NFT representing a leveraged borrowing position with its collateral and debt.
That made me look at it differently: the mechanism is defined through how these tokens interact, not just what each token represents.
The docs also define a Range Order as a series of continuous orders that defines an AMM pricing curve within a market, with curve segments specifying APR bounds and XT thresholds. FTs can be sold on the open market before maturity, while maturity remains the point at which they can be redeemed for debt tokens.
That makes time-to-maturity part of the pricing context, because the FT represents a claim tied to a specific maturity and can trade before that maturity.
What I still want to see is how these defined mechanisms behave under real market activity, especially as orders fill and conditions change. I want to watch this in practice.
#TermMax @TermMax