#termmax @TermMax I continue to ponder what composable yield is once you get rid of the marketing. The idea from TermMax V2 is that fixed-rate positions, collateral, and order execution can be built on the same primitive rather than stitched across different protocols. It is quite a valid design issue in DeFi lending, because most yield strategies use several different smart contracts where each one adds gas cost, latency, and another point of failure. The atomic order primitive is the thing that seems more interesting to me compared to the yield narrative. Once borrow, lend, and swap transactions happen in one block, then the failure modes will change as well. With fewer intermediate states, there is no place for MEV or partial fills to enter into the equation. The thing that I do not know yet is whether it is actual demand or an incentive-driven one behind the early volume of TermMax V2. Efficiency is cool on paper, but it is a single-point of failure at the same time.
#termmax @TermMax