Spent an hour comparing TermMax's default vault against one of its curator-configured pools, and the gap wasn't in yield, it was in who moves first. $TMX vaults on #TermMax route deposits through a curator's chosen market parameters before any depositor sees a number — the curated strategy locks in its spread at allocation time, and only then does the posted APY reflect what's left over. Checking @TermMax docs, the default vault interface shows one blended rate, but the underlying allocation across fixed-rate markets is already decided by someone else's risk tolerance, not mine. It's not deceptive, just sequenced: the protocol markets "deposit and earn," but the actual mechanics are "curator commits, market clears, depositor inherits." That ordering barely gets mentioned anywhere in the onboarding flow, probably because it doesn't undermine the pitch, it just quietly defines who's exposed to timing risk versus who isn't. I kept expecting the interface to surface that sequencing somewhere before deposit, and it never quite does. Makes me wonder how many "set and forget" vault users know they're stepping into a decision that already happened.