#termmax @TermMax
"Future of fixed income" implies a market maturing toward longer duration, but checking actual pool structures on $TMX, almost everything active clusters around short maturities, the kind that behave more like rolling short-term liquidity than the multi-month or multi-year instruments traditional fixed income is built on. #TermMax's infrastructure technically supports longer-dated terms, but usage doesn't reach for them, which says something different than the roadmap language does. Compared to how @Pendle_fi splits yield across defined expiries that people actually hold to term, or how @Notional_ historically pushed fixed terms out further, TermMax's real activity looks closer to short-cycle rate-locking than a genuine fixed income curve. That's not a flaw exactly, but it does mean "on-chain fixed income" right now describes the mechanism available, not the behavior happening on top of it. The infrastructure for a longer curve exists before the demand for one does, and I don't know yet whether that gap closes because users change or because the product does.
"Future of fixed income" implies a market maturing toward longer duration, but checking actual pool structures on $TMX, almost everything active clusters around short maturities, the kind that behave more like rolling short-term liquidity than the multi-month or multi-year instruments traditional fixed income is built on. #TermMax's infrastructure technically supports longer-dated terms, but usage doesn't reach for them, which says something different than the roadmap language does. Compared to how @Pendle_fi splits yield across defined expiries that people actually hold to term, or how @Notional_ historically pushed fixed terms out further, TermMax's real activity looks closer to short-cycle rate-locking than a genuine fixed income curve. That's not a flaw exactly, but it does mean "on-chain fixed income" right now describes the mechanism available, not the behavior happening on top of it. The infrastructure for a longer curve exists before the demand for one does, and I don't know yet whether that gap closes because users change or because the product does.