The first thing I noticed today was my FT-USDC position on TermMax sitting "active" hours past its maturity timestamp. Wallet empty. Refreshed twice.
Blamed the dashboard. Figured it was lagging behind the chain.
Wasn't that.
Maturity just means the clock ran out, not that you got paid. If the borrower doesn't repay, the loan gets flagged and liquidators get a 2-hour window to swap that collateral into USDC.
Nobody took mine, apparently. Window closed, physical delivery kicked in, and I ended up holding raw collateral instead of the stablecoin I lent.
What I keep circling back to: liquidators only bother if the 5% reward covers gas and DEX slippage. Deep market, easy money. Thin market, maybe nobody moves.
Not sure if my window closed empty because of that, or liquidity on the collateral side. Docs don't spell out which, no data either way.
Makes me wonder what happens if a batch of GTs breach LLTV on the same red day, all fighting for thin liquidity in overlapping 2-hour windows. Does the fallback hold up, or does "protection" just mean holding crashing collateral at the moment you wanted safety.
@TermMax has all this documented clearly 👍 #TermMax
Anyone here had physical delivery trigger on a live position?
#termmax @TermMax
Blamed the dashboard. Figured it was lagging behind the chain.
Wasn't that.
Maturity just means the clock ran out, not that you got paid. If the borrower doesn't repay, the loan gets flagged and liquidators get a 2-hour window to swap that collateral into USDC.
Nobody took mine, apparently. Window closed, physical delivery kicked in, and I ended up holding raw collateral instead of the stablecoin I lent.
What I keep circling back to: liquidators only bother if the 5% reward covers gas and DEX slippage. Deep market, easy money. Thin market, maybe nobody moves.
Not sure if my window closed empty because of that, or liquidity on the collateral side. Docs don't spell out which, no data either way.
Makes me wonder what happens if a batch of GTs breach LLTV on the same red day, all fighting for thin liquidity in overlapping 2-hour windows. Does the fallback hold up, or does "protection" just mean holding crashing collateral at the moment you wanted safety.
@TermMax has all this documented clearly 👍 #TermMax
Anyone here had physical delivery trigger on a live position?
#termmax @TermMax