One thing I noticed while studying @TermMax is how much the protocol relies on the pricing curve to communicate preferences.
A single APR can't really explain everything a market maker wants.
Maybe I want to provide the first part of my capital at 5%.
For the next part, I might require 6%.
Beyond that, perhaps I don't want to provide anything.
A range order can represent that structure.
I was writing this down in my notes and realised it is basically a way of putting a supply schedule on-chain.
That's pretty interesting. like SOL have ben for me
The market isn't just asking what rate exists.
It's showing how much liquidity exists at each rate.
That makes price discovery more granular.
Of course, it also means the person setting the curve has to think carefully about market conditions.
Bad pricing can sit there doing nothing.
Or it can get filled at a time when the market has already moved.
That's the TRADE-OFF.
#TermMax