Liquidation is usually discussed as if the only question is how quickly collateral can be sold.

TermMax’s physical delivery design made me stop and look at that assumption.

Instead of forcing every liquidation into the same market-selling process, the protocol can use physical delivery of collateral to settle the lender’s claim in certain situations.

Thats interesting because some collateral can be difficult to liquidate efficiently when market depth isnt there.

I can see the logic. But changing liquidation from “sell the asset” to “deliver the asset” also changes what users need to understand about settlement.

Is physical delivery a more practical liquidation path for harder-to-sell collateral, or does it introduce a different kind of settlement complexity?

@TermMax #TermMax