One thing I didn’t expect to focus on with TermMax was the time between an FT being created and reaching maturity.
At first, the fixed-rate part seemed like the main story. But the more I looked at the mechanism, the pre-maturity side became harder to ignore. An FT represents a commitment to repay 1 debt token at maturity, while the FT can be sold before maturity.
That changed how I was looking at it.
There’s a defined maturity, but the FT can still move through the market before getting there. Then Range Orders add another layer: TermMax uses pricing curves split into segments, with the applicable rate changing across those portions as an order is filled.
Each part makes sense on its own. What I find genuinely interesting is what happens when they meet in practice. If an FT is trading before maturity while orders move through different parts of a pricing curve, how much does the remaining time actually matter to the market?
Does that interaction make FT pricing easier to understand, or could it introduce a different layer of uncertainty that only becomes visible once real trading starts? #TermMax @TermMax #termmax $APR $TUT $BTW #ChinaJulyOutputRetailInvestmentAllMiss #SECReviewsSix3xLeveragedCommodityETFs #USToPressNationsToPickUSOrChinaAICoalition
At first, the fixed-rate part seemed like the main story. But the more I looked at the mechanism, the pre-maturity side became harder to ignore. An FT represents a commitment to repay 1 debt token at maturity, while the FT can be sold before maturity.
That changed how I was looking at it.
There’s a defined maturity, but the FT can still move through the market before getting there. Then Range Orders add another layer: TermMax uses pricing curves split into segments, with the applicable rate changing across those portions as an order is filled.
Each part makes sense on its own. What I find genuinely interesting is what happens when they meet in practice. If an FT is trading before maturity while orders move through different parts of a pricing curve, how much does the remaining time actually matter to the market?
Does that interaction make FT pricing easier to understand, or could it introduce a different layer of uncertainty that only becomes visible once real trading starts? #TermMax @TermMax #termmax $APR $TUT $BTW #ChinaJulyOutputRetailInvestmentAllMiss #SECReviewsSix3xLeveragedCommodityETFs #USToPressNationsToPickUSOrChinaAICoalition