I've spent some time mapping TermMax's three-token system, and one line in the docs reframed the whole thing for me: Collateral Value equals GT Value plus the Value of the Loan, where GT Value is Collateral minus the Value of Debt. I've seen people treat the three tokens as separate objects, but I think they're really pieces of one equation that has to balance.

I've seen FT described simply as "the bond," and that's fair — it's an ERC-20 zero-coupon bond. 110 FT-USDC redeems for 110 USDC at maturity, so buying at 100 locks a 10% return, but only over a full year. I've seen people miss that a 180-day FT at the same discount annualizes closer to 20%. Maturity isn't a footnote, it's load-bearing.

XT is the token I find most interesting. I've seen it dismissed as "the rest of the position," but it's actually the present value of the borrower's interest, split out and priced as its own risk. That separation is what lets principal and interest trade independently while the system stays zero-sum.

GT wraps it all — ERC-721, collateral and debt as one unit, bounded by MLTV.

What I haven't seen yet is real secondary-market depth for XT. Which token matters most to you?

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