TermMax calls the vault participant a Depositor, which initially made the role sound almost passive.
The V2 curator controls made me read that description differently.
A Curator can choose markets, allocate capital, create orders, configure borrowing and lending curves, manage queues and charge a performance fee. The vault contract also exposes controls around minimum APY, market whitelisting, timelocks, guardians and bad-debt handling.
That is not simple yield routing.
It is delegated fixed-income portfolio management performed through smart contracts.
The depositor avoids placing every order personally, but the underlying decisions do not disappear. Someone still decides which maturity deserves capital, which collateral is acceptable, where a curve should begin and how much liquidity should be committed.
TermMax constrains that authority in useful ways. Whitelists limit available markets, timelocks delay sensitive changes and a guardian can cancel pending actions.
But those protections govern what a Curator is allowed to change. They cannot guarantee that the chosen markets, curves or allocations will perform well.
That makes headline vault APY a weak starting point for judging a @TermMax vault.
I would rather inspect the Curator’s market selection, curve history, performance fee, timelock and response to bad debt.
The depositor is not removing strategy risk. They are choosing who is allowed to manage it.
#TermMax
The V2 curator controls made me read that description differently.
A Curator can choose markets, allocate capital, create orders, configure borrowing and lending curves, manage queues and charge a performance fee. The vault contract also exposes controls around minimum APY, market whitelisting, timelocks, guardians and bad-debt handling.
That is not simple yield routing.
It is delegated fixed-income portfolio management performed through smart contracts.
The depositor avoids placing every order personally, but the underlying decisions do not disappear. Someone still decides which maturity deserves capital, which collateral is acceptable, where a curve should begin and how much liquidity should be committed.
TermMax constrains that authority in useful ways. Whitelists limit available markets, timelocks delay sensitive changes and a guardian can cancel pending actions.
But those protections govern what a Curator is allowed to change. They cannot guarantee that the chosen markets, curves or allocations will perform well.
That makes headline vault APY a weak starting point for judging a @TermMax vault.
I would rather inspect the Curator’s market selection, curve history, performance fee, timelock and response to bad debt.
The depositor is not removing strategy risk. They are choosing who is allowed to manage it.
#TermMax