I used to think FT and XT traded independently, each pricing off its own supply/demand. #TermMax's docs proved that wrong.
1 FT + 1 XT always = 1 debt token. Not equilibrium — a fixed identity in the contract logic. Whatever XT is worth, FT absorbs the rest.
At maturity, FT redeems in full. XT redeems for nothing. XT was never pricing itself — it's time value, on loan the whole way through. Its decay isn't sentiment, it's mechanical.
GT is the #NFT -style position tracker: collateral + debt, until repayment or liquidation. On default, physical delivery splits debt token + leftover collateral proportionally among FT holders.
Vaults run on ERC-4626, curator-managed by MEV Capital & Keyrock — fixed-rate #DeFi
made modular. TermMax also graduated #YZILabs (Binance Labs) EASY Residency S3 — a checkable credential, not vague "VC-backed" talk.
Open question: does the market price XT's decay correctly from day one, or only once maturity stops being distant? If the latter, that's a real mispricing window.
$TMX hasn't launched — but Binance Labs backing + live multi-chain + audited physical delivery is a different pitch than most pre-token DeFi.
#TermMax @TermMax $AEON $STAR
1 FT + 1 XT always = 1 debt token. Not equilibrium — a fixed identity in the contract logic. Whatever XT is worth, FT absorbs the rest.
At maturity, FT redeems in full. XT redeems for nothing. XT was never pricing itself — it's time value, on loan the whole way through. Its decay isn't sentiment, it's mechanical.
GT is the #NFT -style position tracker: collateral + debt, until repayment or liquidation. On default, physical delivery splits debt token + leftover collateral proportionally among FT holders.
Vaults run on ERC-4626, curator-managed by MEV Capital & Keyrock — fixed-rate #DeFi
made modular. TermMax also graduated #YZILabs (Binance Labs) EASY Residency S3 — a checkable credential, not vague "VC-backed" talk.
Open question: does the market price XT's decay correctly from day one, or only once maturity stops being distant? If the latter, that's a real mispricing window.
$TMX hasn't launched — but Binance Labs backing + live multi-chain + audited physical delivery is a different pitch than most pre-token DeFi.
#TermMax @TermMax $AEON $STAR