#termmax @TermMax

I used to think a fixed borrowing rate simply meant TermMax removed interest rate volatility from the equation.

After going back through the mechanics, I think that description misses the more interesting part.

@TermMax doesn't just write a fixed rate into a loan. It tokenizes the future repayment obligation through Fixed Rate Tokens (FTs). The borrower issues FTs representing what will be owed at maturity, then separates the principal and interest components to access the borrowed asset.

That creates a useful chain: future obligation → tokenized claim → immediate liquidity.

But there is a tradeoff.

The borrower gets certainty about the maturity obligation, yet that certainty is tied to a market where the corresponding FTs can trade at different prices before maturity. So the fixed rate removes one kind of uncertainty while introducing a market price dimension around the repayment asset.

That distinction changed how I think about TermMax.

The interesting question isn't whether the rate is fixed.

It's whether tokenizing the obligation creates a better way to manage the uncertainty that remains around it.

Which is fixed in TermMax?