#termmax @TermMax
I went back through the TermMax documentation last night. My initial interpretation was that it only locked a lending rate and issued a receipt. The docs say FT is an ERC-20 bought below face value and redeemable for one debt token at maturity. XT is the ERC-20 representing the interest obligation; the present values of FT and XT equal the initial loan amount. GT is an ERC-721 recording collateral and debt for one borrowing position.
A range order groups continuous orders configured by an order setter or curator. Its pricing curve has segments with an APR upper bound and an XT lower bound. As trades change the XT reserve, the matched rate moves along the curve.
That made me look at it differently.
The whitepaper uses days to maturity divided by 365 as its time ratio; the contracts use days remaining in curve calculations. FT can also be sold before maturity. My reading is that an early exit depends on available pricing and liquidity, not only maturity redemption.
My interpretation is that rate setting is expressed through liquidity placement. How does execution behave when FT liquidity thins or most liquidity sits in one segment? During market stress, how do oracle failover, DEX liquidity, liquidation capacity, and protocol parameters interact? How much control do curators and admin roles retain?
I want to watch this in practice.
I went back through the TermMax documentation last night. My initial interpretation was that it only locked a lending rate and issued a receipt. The docs say FT is an ERC-20 bought below face value and redeemable for one debt token at maturity. XT is the ERC-20 representing the interest obligation; the present values of FT and XT equal the initial loan amount. GT is an ERC-721 recording collateral and debt for one borrowing position.
A range order groups continuous orders configured by an order setter or curator. Its pricing curve has segments with an APR upper bound and an XT lower bound. As trades change the XT reserve, the matched rate moves along the curve.
That made me look at it differently.
The whitepaper uses days to maturity divided by 365 as its time ratio; the contracts use days remaining in curve calculations. FT can also be sold before maturity. My reading is that an early exit depends on available pricing and liquidity, not only maturity redemption.
My interpretation is that rate setting is expressed through liquidity placement. How does execution behave when FT liquidity thins or most liquidity sits in one segment? During market stress, how do oracle failover, DEX liquidity, liquidation capacity, and protocol parameters interact? How much control do curators and admin roles retain?
I want to watch this in practice.