The more I read about @TermMax vaults, the more I notice one small detail: withdrawals are not really “instant.”

A vault can have a good strategy and decent returns, but if tooo much capital is sitting in active range orders, getting liquidity back can take some work.

#TermMax uses a withdrawal queue, and the curator may need to adjust or redeem positions before large withdrawals can be fulfilled. That made me look at vaults a bit diffrently.

For eg , the vault can have a capacity limit, connect to multiple markts using the same debt token, and charge a performance fee that can be set around 10–20%. But none of those numbers matter much if liquidity management is weak.

I also like the 1-day default timelock. Changes that increase risk have to wait, while some risk-reducing changes can happen immediately.

Personally, I’d watch three things before depositing: reserve levels, market concentration, and withdrawal behaviour during stress.

For me, that’s more useful than just looking at the headline APY.

#TermMax is basically making the curator prove they can manage liquidity, not just chase returns.