Most TermMax explainers stop at "fixed-rate lending" and miss what's actually happening underneath. Their FT token locks a lender's return the second they enter, nothing floats after that, which is exactly how a zero-coupon bond behaves. TradFi built an entire structured products business on that same mechanic: take a zero-coupon bond, use the guaranteed portion as principal, spend the leftover on a call option, and you've built a principal-protected note. TermMax built the on-chain version of that, a settlement engine for call and put, dual-investment products running on the same FT primitive. Earlier this year they extended that base instrument to real-world assets, letting tokenized stocks sit as collateral behind a fixed-rate loan. Same token, three separate businesses. That's a bond desk wearing a DeFi front end, not a lending app with features stacked on top.
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