#termmax @TermMax
spent an hour actually opening a position on TermMax instead of just reading the docs.
First thing that threw me: the rate you see quoted isn't the rate you get. You're matched against a range order, and it fills lowest-rate-first — bigger size means you start eating into higher tiers on the curve. Didn't expect that from something marketed as "fixed rate."
once matched, your collateral doesn't just sit in a vault. It gets locked into a Gearing Token (GT), basically your whole debt + collateral state wrapped into one tradeable position. Lender side gets an FT instead — works like a zero-coupon bond, you know exactly what you're owed at maturity, no APY guessing game.
the part that actually surprised me: if there's not enough liquidity to liquidate a bad position, TermMax doesn't dump it into a thin market. It does physical delivery — collateral goes straight to lenders. That's the only reason they can list weird collateral (RWAs, tokenized stocks) most lending protocols wouldn't touch.
TVL's still only ~$34M though, so I wouldn't call the curve deep yet at size.
Anyone else tested a borrow here, or still watching from the sidelines?
spent an hour actually opening a position on TermMax instead of just reading the docs.
First thing that threw me: the rate you see quoted isn't the rate you get. You're matched against a range order, and it fills lowest-rate-first — bigger size means you start eating into higher tiers on the curve. Didn't expect that from something marketed as "fixed rate."
once matched, your collateral doesn't just sit in a vault. It gets locked into a Gearing Token (GT), basically your whole debt + collateral state wrapped into one tradeable position. Lender side gets an FT instead — works like a zero-coupon bond, you know exactly what you're owed at maturity, no APY guessing game.
the part that actually surprised me: if there's not enough liquidity to liquidate a bad position, TermMax doesn't dump it into a thin market. It does physical delivery — collateral goes straight to lenders. That's the only reason they can list weird collateral (RWAs, tokenized stocks) most lending protocols wouldn't touch.
TVL's still only ~$34M though, so I wouldn't call the curve deep yet at size.
Anyone else tested a borrow here, or still watching from the sidelines?