Something else i keep thinking about with TermMax is transaction ordering.

The protocol can have carefully defined lending and borrowing mechanics, but the transaction still has to make it through a blockchain environment where ordering can matter.

That creates a different kind of risk.

MEV isnt necessarily a failure of the lending design itself. Its a consequence of how transactions are processed around that design, and it can affect execution through things like unfavorable ordering or slippage.

I think thats an important distinction because a protocol can have sound financial mechanics and still expose users to execution-level problems.

So should protocol analysis treat transaction ordering as part of TermMax’s core risk model, or as a separate risk created by the surrounding execution environment??

@TermMax #TermMax