The detail that changed how I read $TMX was the April V2 change adding market and pool whitelist checks to three separate components: TermMaxRouterV2, MakerHelper, and TermMaxVaultV2 — plus automatic whitelist registration to factories.
That's not a security checkbox, it's a topology change. Splitting checks across Router, Helper, and Vault reduces reliance on any single contract, but all three now reference the same whitelist state. Decentralization here doesn't remove the trust boundary — it relocates it into shared authorization.
Next step: pick one gated action — vault deposit/withdrawal is the cleanest candidate since it's user-facing and continuously exercised — and trace what happens to it if the whitelist entry for its market is revoked mid-position. That answer tells you whether the shared dependency is a formality or a live kill switch.
#Termmax
@TermMax
That's not a security checkbox, it's a topology change. Splitting checks across Router, Helper, and Vault reduces reliance on any single contract, but all three now reference the same whitelist state. Decentralization here doesn't remove the trust boundary — it relocates it into shared authorization.
Next step: pick one gated action — vault deposit/withdrawal is the cleanest candidate since it's user-facing and continuously exercised — and trace what happens to it if the whitelist entry for its market is revoked mid-position. That answer tells you whether the shared dependency is a formality or a live kill switch.
#Termmax
@TermMax
