#termmax @TermMax
I kept refreshing that 1.2M USDC borrow on TermMax. First 420k filled at 9.4%. Then the next available curve jumped almost 90 basis points and the remaining 780k just sat there. Twenty-three minutes later still nothing.
Same pattern every time on TermMax. Each range order is its own book. You can shape the curve however you want flat then steep, or the other way around but the size behind one never really helps the next. Takers take the good part. What’s left looks worse and moves slower. Once the money is borrowed it’s locked till maturity anyway.
Curators react the way you’d expect. Some shove more size higher up the curve. Some tighten the early segments and leave the tail deliberately ugly. Lenders keep chasing the rates that only exist for the first few hundred k. The pricing flexibility is real if you actually understand the risk. The cost shows up in how rarely full size clears cleanly on TermMax.
Atomic Orders let the same capital appear across markets until it’s taken. Helps. Still feels like everyone is protecting a little edge in their own book.
Watching the next few large tickets on TermMax. If they keep fragmenting the same way the coordination problem is still the main thing. If they start filling in one go more often, maybe the virtual overlay is doing real work. That’s the only test that matters right now.
I kept refreshing that 1.2M USDC borrow on TermMax. First 420k filled at 9.4%. Then the next available curve jumped almost 90 basis points and the remaining 780k just sat there. Twenty-three minutes later still nothing.
Same pattern every time on TermMax. Each range order is its own book. You can shape the curve however you want flat then steep, or the other way around but the size behind one never really helps the next. Takers take the good part. What’s left looks worse and moves slower. Once the money is borrowed it’s locked till maturity anyway.
Curators react the way you’d expect. Some shove more size higher up the curve. Some tighten the early segments and leave the tail deliberately ugly. Lenders keep chasing the rates that only exist for the first few hundred k. The pricing flexibility is real if you actually understand the risk. The cost shows up in how rarely full size clears cleanly on TermMax.
Atomic Orders let the same capital appear across markets until it’s taken. Helps. Still feels like everyone is protecting a little edge in their own book.
Watching the next few large tickets on TermMax. If they keep fragmenting the same way the coordination problem is still the main thing. If they start filling in one go more often, maybe the virtual overlay is doing real work. That’s the only test that matters right now.