keyrock and hardcoded lab are both running live vaults right now, and there's a detail in how termmax handles idle capital that i don't see anyone actually talking about — any lending order capital that hasn't been borrowed yet gets auto-routed into aave, morpho, or venus so it's not just sitting dead. smart treasury move, honestly.
but it means the whole "fixed rate" pitch is quietly resting on floating-rate protocols for however long your money's waiting to get matched. i'm not calling it a flaw, it's clearly the better option versus letting usdc earn zero — still, with two active curators running strategies right now, i can't tell how much of their advertised apy is coming from actual matched fixed-rate lending versus this floating-rate layer doing the heavy lifting on slow days 📊
curious if anyone's ever seen that split actually broken down anywhere.
#termmax @TermMax