#termmax @TermMax $ACE $BTW $GPS ...
The part of TermMax I keep ending up back at is not the withdrawal queue.
Not even 40,000 ERC-4626 shares still sitting in vault row.
Its TermMax Range Order that filled in between.
Thats the annoying part.
Friday, part of TermMax Vault still has unmatched assets sitting there. Curator places a Range Order. It fills. By Monday some of that same vault backing is already tied to a maturity-bound TermMax Market.
Then withdrawal request shows up.
Same 40,000 shares.
Part of the backing is already sitting in a filled TermMax Range Order.
I blamed withdrawal queue first.
Wrong object.
TermMax queue only gets ugly because the curator already pushed those vault assets into a Range Order before the withdrawal request existed.
Lovely.
And on TermMax V2... this is where I had queue wrong. Withdrawals run through the priority-based withdrawal queue, but the curator can already have vault assets deployed through Range Orders. Large redemption lands after the fill? Enough unmatched vault assets may simply not be sitting there anymore. Curator may need to adjust those TermMax orders or redeem TermMax Market positions before the request can actually clear.
Thats where I went back to the share row.
Still 40,000.
Nothing on it says the filled TermMax Range Order already moved part of the backing into a maturity-specific TermMax Market position.
Allocator has withdrawal amount in one row.
Curator has filled order in another.
Lovely little split.
And the depositor didn't change anything between Friday and Monday.
The filled TermMax Range Order did.
So now withdrawal request is live, the ERC-4626 share balance still looks untouched, and part of vault backing is already tied up in a filled TermMax Range Order withdrawal queue can't just unwind on contact.
I keep staring at that Monday row.
40,000 shares.
Withdrawal request open.
Range Order already filled.
So what is that request actually leaning on now?
The 40,000-share row?
Or whatever TermMax Vault assets were still unmatched when withdrawal hit? #TermMax
The part of TermMax I keep ending up back at is not the withdrawal queue.
Not even 40,000 ERC-4626 shares still sitting in vault row.
Its TermMax Range Order that filled in between.
Thats the annoying part.
Friday, part of TermMax Vault still has unmatched assets sitting there. Curator places a Range Order. It fills. By Monday some of that same vault backing is already tied to a maturity-bound TermMax Market.
Then withdrawal request shows up.
Same 40,000 shares.
Part of the backing is already sitting in a filled TermMax Range Order.
I blamed withdrawal queue first.
Wrong object.
TermMax queue only gets ugly because the curator already pushed those vault assets into a Range Order before the withdrawal request existed.
Lovely.
And on TermMax V2... this is where I had queue wrong. Withdrawals run through the priority-based withdrawal queue, but the curator can already have vault assets deployed through Range Orders. Large redemption lands after the fill? Enough unmatched vault assets may simply not be sitting there anymore. Curator may need to adjust those TermMax orders or redeem TermMax Market positions before the request can actually clear.
Thats where I went back to the share row.
Still 40,000.
Nothing on it says the filled TermMax Range Order already moved part of the backing into a maturity-specific TermMax Market position.
Allocator has withdrawal amount in one row.
Curator has filled order in another.
Lovely little split.
And the depositor didn't change anything between Friday and Monday.
The filled TermMax Range Order did.
So now withdrawal request is live, the ERC-4626 share balance still looks untouched, and part of vault backing is already tied up in a filled TermMax Range Order withdrawal queue can't just unwind on contact.
I keep staring at that Monday row.
40,000 shares.
Withdrawal request open.
Range Order already filled.
So what is that request actually leaning on now?
The 40,000-share row?
Or whatever TermMax Vault assets were still unmatched when withdrawal hit? #TermMax