I spent a while staring at why GT looks so thin the second you open a borrow. Square takes treat that as a hidden haircut. The @TermMax formula is in the docs: GT Value equals collateral minus the sum of debt, all interest, and fees. All of it is locked in at open. Nothing accrues later the way people expect from a floating borrow. If you grew up on interest adding every block, the NFT looks worse than the position "should." It is prepaid accounting. That part of the design I find clean. What I have not found is a worked example that splits those three subtracted items in a real market, so I am still tracing it by hand. Anyone weighing $TMX through borrower behaviour will want that example too.

#TermMax #Borrowing