I started looking at @TermMax redemption from a different angle: not “what do I get at maturity?” but “what determines the thing I get ?”
If everything goes normally, the answer is easy. The debt is repaid, the FT matures, and the holder receives the expected debt
side asset.
But the more interesting case starts when liquidation does not finish cleanly. Once the allowed window expires, physical delivery can take over, meaning the redemption outcome can reflect both the remaining underlying and collateral tokens.
That makes an FT less like a simple maturity receipt and more like a proportional claim whose final asset mix can change with the liquidation outcome.
So the question I keep coming back to is: how visible is that changing asset mix to an FT holder before maturity?
@TermMax #TermMax $BTC $BNB #crypto
If everything goes normally, the answer is easy. The debt is repaid, the FT matures, and the holder receives the expected debt
side asset.
But the more interesting case starts when liquidation does not finish cleanly. Once the allowed window expires, physical delivery can take over, meaning the redemption outcome can reflect both the remaining underlying and collateral tokens.
That makes an FT less like a simple maturity receipt and more like a proportional claim whose final asset mix can change with the liquidation outcome.
So the question I keep coming back to is: how visible is that changing asset mix to an FT holder before maturity?
@TermMax #TermMax $BTC $BNB #crypto