I was looking at a small $TERM position earlier and caught myself thinking I’d misunderstood what TermMax is actually building.
At first, I kept comparing it to an order book. But that feels too simple.
What caught my attention is Range Orders. A lender can basically define how their acceptable rate changes as more capital gets used. That makes sense to me because lending $50K and lending $500K shouldn't necessarily carry the same risk or flexibility.
Instead of stacking separate orders, TermMax can express the relationship between size, rate, and liquidity.
That’s a subtle difference, but I think it changes how liquidity behaves. Providers can be more deliberate, while borrowers get a clearer view of what financing costs at different sizes.
My hesitation is complexity. More control also means more parameters to understand.
Still, after looking closer, I’m starting to wonder if programmable credit relationships make more sense than simply copying the traditional order book.
#TermMax @TermMax
At first, I kept comparing it to an order book. But that feels too simple.
What caught my attention is Range Orders. A lender can basically define how their acceptable rate changes as more capital gets used. That makes sense to me because lending $50K and lending $500K shouldn't necessarily carry the same risk or flexibility.
Instead of stacking separate orders, TermMax can express the relationship between size, rate, and liquidity.
That’s a subtle difference, but I think it changes how liquidity behaves. Providers can be more deliberate, while borrowers get a clearer view of what financing costs at different sizes.
My hesitation is complexity. More control also means more parameters to understand.
Still, after looking closer, I’m starting to wonder if programmable credit relationships make more sense than simply copying the traditional order book.
#TermMax @TermMax