I opened the app expecting a single fixed rate and found three, stacked by pool depth, with the headline number only true for the first few thousand dollars borrowed. Ratio Finance markets itself as "borrow at a rate that doesn't move," but the fixed tranche is finite. Once it fills, new borrowers get quietly routed into a floating tranche that tracks the same variable curve every other lending market uses, just with an extra settlement fee attached. The dashboard doesn't hide this exactly, it's in a tooltip, but the default flow never surfaces it unless you scroll into the rate breakdown tab. Early depositors effectively subsidize the fixed-rate illusion for early borrowers, and everyone who shows up after utilization crosses a certain threshold gets the marketing without the mechanism. It's not deceptive, it's just sequenced, and sequencing is easy to miss when a headline number does all the talking. I kept wondering how many people check that tab before signing, or whether the fixed rate is less a product and more a first-mover reward disguised as a feature.#termmax @TermMax