Spent an hour poking around TermMax's interface before I noticed what actually happens once you connect a wallet: the app nudges you straight into the standard fixed-rate pool, the one with the least setup and the most familiar look — deposit, lock, done. The advanced side, where you can structure leveraged fixed positions or customize maturity terms, sits one tab over, unhighlighted, waiting. TermMax talks a lot about flexibility and capital efficiency in its docs, but the product itself is quietly optimized for the person who wants the least amount of decision-making possible. That's not a flaw, just a tell — the "advanced DeFi user" the marketing addresses isn't who the default flow is built for. Most people, it seems, take the first reasonable rate offered and leave. I found myself doing the same thing on my second visit, even though I'd meant to explore the structured positions. Maybe that's just good UX. Or maybe it means the interesting part of fixed-rate design — the part that actually competes with variable markets — is still mostly theoretical for most users. Hard to tell which.
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