#termmax @TermMax
TermMax’s maker game is not about chasing the highest APR. It is about deciding where liquidity should become expensive.
OrderV2 lets makers shape orders with curves, while virtual reserves influence pricing as liquidity is consumed. The V2 repository was updated in July 2026, reinforcing that this order architecture is still being actively developed.
My view is that strong makers should think in zones. Start with competitive liquidity, then steepen the curve as utilization rises. The final segment can act as a reservation price, where capital is available only if compensation justifies the risk.
Two makers can commit the same capital and still produce different execution, utilization, and realized yield. The edge is curve design: knowing where to stay flexible, where to get defensive, and where to stop pricing cheaply. That is especially important when demand arrives unevenly across maturities and market conditions. On TermMax, the curve is the maker’s market view.
TermMax’s maker game is not about chasing the highest APR. It is about deciding where liquidity should become expensive.
OrderV2 lets makers shape orders with curves, while virtual reserves influence pricing as liquidity is consumed. The V2 repository was updated in July 2026, reinforcing that this order architecture is still being actively developed.
My view is that strong makers should think in zones. Start with competitive liquidity, then steepen the curve as utilization rises. The final segment can act as a reservation price, where capital is available only if compensation justifies the risk.
Two makers can commit the same capital and still produce different execution, utilization, and realized yield. The edge is curve design: knowing where to stay flexible, where to get defensive, and where to stop pricing cheaply. That is especially important when demand arrives unevenly across maturities and market conditions. On TermMax, the curve is the maker’s market view.