I used to think the main advantage of a DeFi vault was removing the need to manage a position yourself.
Then I looked closer at @TermMax vault and Curator model.
The Curator decides where capital is allocated which markets to use and what maturity to take on. In fixed rate lending that maturity decision matters more than it first appears allocation isn't separate from risk the term itself becomes part of the decision.
That changed how I think about passive yield.
The user may not be making the allocation decisions but the maturity and liquidity trade-offs still have to be managed somewhere.
so the question I'm watching isn't simply whether a vault can generate yield.
Can the Curator layer absorb maturity and liquidity risk better than individual users could? #Termmax $ALPINE $BTW