#termmax @TermMax $BOME $BTW $HANA
I got stuck on a TermMax Vault row that should've been good news.
Not the bad debt line.
Not even physical delivery itself.
The TermMax's recovery collateral sitting underneath the ERC-4626 shares.
Recovery collateral, sure.
Withdrawal asset? Not yet.
Fine.
A TermMax Market misses the clean repayment path, physical delivery lands, and recovery collateral moves into the Vault. The TermMax Vault has recovery collateral again.
lovely.
withdrawal request can still be asking for a different asset.
I had the recovery row wrong at first.
And on TermMax... this is where it gets uglier. Physical delivery can put collateral back inside the Vault after the Market doesn't clear cleanly, but if enough of the requested withdrawal asset still isn't available, ERC-4626 shares don’t somehow turn delivered collateral into it.
Wait for incoming TermMax Vault liquidity.
Or burn the ERC-4626 shares and claim delivered collateral instead.
Right.
Same TermMax Vault shares. Withdrawal still open. Recovery collateral now sitting underneath them from a Market whose collateral the depositor never asked to hold directly.
I keep picturing the boring treasury screen after that. Requested asset in one row. Delivered collateral in another. Alright.
Same vault.
I keep getting stuck there.
Same TermMax Vault. Same ERC-4626 shares. One row wants the withdrawal asset, another is holding recovery collateral.
Lovely little recovery.
And the second branch isnt clean either.
Burn the ERC-4626 shares, take the collateral, fine.
Now the TermMax Vault withdrawal queue may disappear.
A recovery-collateral sale shows up instead.
Different venue. Different price.
Still not the asset that withdrawal row asked for.
So the Vault recovered collateral.
The withdrawal request is still waiting for the original asset.
If the shares get burned instead, the next row is a sale.
Which problem actually disappeared on @TermMax lending and borrowing side?
Collateral recovery? or what?
#TermMax
I got stuck on a TermMax Vault row that should've been good news.
Not the bad debt line.
Not even physical delivery itself.
The TermMax's recovery collateral sitting underneath the ERC-4626 shares.
Recovery collateral, sure.
Withdrawal asset? Not yet.
Fine.
A TermMax Market misses the clean repayment path, physical delivery lands, and recovery collateral moves into the Vault. The TermMax Vault has recovery collateral again.
lovely.
withdrawal request can still be asking for a different asset.
I had the recovery row wrong at first.
And on TermMax... this is where it gets uglier. Physical delivery can put collateral back inside the Vault after the Market doesn't clear cleanly, but if enough of the requested withdrawal asset still isn't available, ERC-4626 shares don’t somehow turn delivered collateral into it.
Wait for incoming TermMax Vault liquidity.
Or burn the ERC-4626 shares and claim delivered collateral instead.
Right.
Same TermMax Vault shares. Withdrawal still open. Recovery collateral now sitting underneath them from a Market whose collateral the depositor never asked to hold directly.
I keep picturing the boring treasury screen after that. Requested asset in one row. Delivered collateral in another. Alright.
Same vault.
I keep getting stuck there.
Same TermMax Vault. Same ERC-4626 shares. One row wants the withdrawal asset, another is holding recovery collateral.
Lovely little recovery.
And the second branch isnt clean either.
Burn the ERC-4626 shares, take the collateral, fine.
Now the TermMax Vault withdrawal queue may disappear.
A recovery-collateral sale shows up instead.
Different venue. Different price.
Still not the asset that withdrawal row asked for.
So the Vault recovered collateral.
The withdrawal request is still waiting for the original asset.
If the shares get burned instead, the next row is a sale.
Which problem actually disappeared on @TermMax lending and borrowing side?
Collateral recovery? or what?
#TermMax