I noticed the expensive part of a TermMax lending order happens before anyone borrows.
A curator can quote a fixed rate perfectly and still leave capital sitting at 0% while the order waits for a taker. For a large order, that wait is not neutral. Every unfilled day drags the vault's realized yield lower even though the quoted lending rate never changed.
V2 attacks that waiting room directly. The curator can assign a base-yield source to the vault, so unmatched assets keep earning while they sit behind TermMax orders. When a borrower fills one, the required capital is pulled into the fixed-rate loan atomically. When that position matures or gets repaid, the capital can fall back into the base-yield layer.
I care about this because it changes what a curator is paying to stay liquid. Before, keeping size ready for a borrower meant accepting idle cash. Now the same inventory can earn while it waits, then switch jobs at the moment it is matched.
The real pressure is not just what fixed APR I can quote. It is how long I can keep that quote available without the waiting time eating the economics.
#TermMax @TermMax
$HEMI $RE $MUBARAK
A curator can quote a fixed rate perfectly and still leave capital sitting at 0% while the order waits for a taker. For a large order, that wait is not neutral. Every unfilled day drags the vault's realized yield lower even though the quoted lending rate never changed.
V2 attacks that waiting room directly. The curator can assign a base-yield source to the vault, so unmatched assets keep earning while they sit behind TermMax orders. When a borrower fills one, the required capital is pulled into the fixed-rate loan atomically. When that position matures or gets repaid, the capital can fall back into the base-yield layer.
I care about this because it changes what a curator is paying to stay liquid. Before, keeping size ready for a borrower meant accepting idle cash. Now the same inventory can earn while it waits, then switch jobs at the moment it is matched.
The real pressure is not just what fixed APR I can quote. It is how long I can keep that quote available without the waiting time eating the economics.
#TermMax @TermMax
$HEMI $RE $MUBARAK
