#termmax @TermMax
TermMax vaults are ERC-4626 smart contracts that let users deposit assets (USDC, WETH, etc.) and earn passive fixed-rate yields managed by professional Curators.
Depositors receive vault shares representing ownership.
The Curator deploys capital by placing lending or two-way range orders across multiple TermMax markets that share the same debt token. As borrowers fill these orders, the vault earns fixed interest and spreads; share price rises accordingly. Users can redeem shares for principal plus profits, subject to available liquidity and withdrawal queues.
In V2, idle funds can earn a Composable Base Yield from sources such as Aave or Morpho ERC-4626 vaults, so unmatched capital is not completely unproductive.
Depositors therefore receive a combination of fixed-rate income from matched orders plus floating yield on idle funds.
Key roles: Curators create orders, set pricing curves, manage risk, and earn a performance fee (typically guided at 10–20% of profits). A Guardian can cancel pending parameter changes during a timelock. An Allocator prioritizes deposit and withdrawal queues (Curators usually also hold this role). A protocol fee of 2% currently applies only to the passive/idle yield generated via the base yield source.
Vaults can create only lending or two-way range orders (not pure borrowing orders). In two-way orders they must lend first and can borrow later only by selling Fixed-rate Tokens (FT)—a restriction that protects depositor capital.
Safety features include capacity caps, market whitelists, and an asymmetric timelock (risk-increasing changes wait; risk-reducing ones can apply immediately).
Yield is not guaranteed. Performance depends on the Curator’s strategy and market conditions. Large withdrawals may be queued. Always review each vault’s curator, fees, allocations, and capacity before depositing.
In short, TermMax vaults turn complex fixed-rate range-order strategies into a simple, diversified, curator-managed product with ERC-4626 composability
TermMax vaults are ERC-4626 smart contracts that let users deposit assets (USDC, WETH, etc.) and earn passive fixed-rate yields managed by professional Curators.
Depositors receive vault shares representing ownership.
The Curator deploys capital by placing lending or two-way range orders across multiple TermMax markets that share the same debt token. As borrowers fill these orders, the vault earns fixed interest and spreads; share price rises accordingly. Users can redeem shares for principal plus profits, subject to available liquidity and withdrawal queues.
In V2, idle funds can earn a Composable Base Yield from sources such as Aave or Morpho ERC-4626 vaults, so unmatched capital is not completely unproductive.
Depositors therefore receive a combination of fixed-rate income from matched orders plus floating yield on idle funds.
Key roles: Curators create orders, set pricing curves, manage risk, and earn a performance fee (typically guided at 10–20% of profits). A Guardian can cancel pending parameter changes during a timelock. An Allocator prioritizes deposit and withdrawal queues (Curators usually also hold this role). A protocol fee of 2% currently applies only to the passive/idle yield generated via the base yield source.
Vaults can create only lending or two-way range orders (not pure borrowing orders). In two-way orders they must lend first and can borrow later only by selling Fixed-rate Tokens (FT)—a restriction that protects depositor capital.
Safety features include capacity caps, market whitelists, and an asymmetric timelock (risk-increasing changes wait; risk-reducing ones can apply immediately).
Yield is not guaranteed. Performance depends on the Curator’s strategy and market conditions. Large withdrawals may be queued. Always review each vault’s curator, fees, allocations, and capacity before depositing.
In short, TermMax vaults turn complex fixed-rate range-order strategies into a simple, diversified, curator-managed product with ERC-4626 composability