The thing I’m starting to appreciate about @TermMax is that it doesn’t treat every participant in a fixed-rate market as if they have the same job.
When I first saw the different user roles, it looked like a long list of terminology. But after putting them together, the structure actually started making more sense.
There are users who want to create the market conditions, and there are users who simply want to use those conditions.
A Borrowing Range Order Setter can define borrowing terms through a range order. On the other side, a Lending Market Taker can interact with those existing conditions instead of creating a pricing curve from scratch.
It works in the opposite direction too. A Lending Range Order Setter can define lending terms, while a Borrowing Market Taker can fill those orders when the terms match what they need.
Then there’s the Two-Way Range Order Setter, which I find particularly interesting. One range order can contain separate borrowing and lending pricing curves, allowing the participant to operate on both sides of the market.
And the roles don’t stop at borrowing and lending.
A Leverager can use borrowed debt tokens to create a leveraged collateral position in a single atomic transaction. Meanwhile, a Curator can take a completely different approach by managing a vault, allocating deposited capital across markets, configuring pricing curves and managing the strategy within protocol-defined constraints.
Then you have the Depositor—the person who may not want to actively manage any of this complexity. They provide capital to a curator-managed vault, receive vault shares and potentially earn passive returns while accepting the associated risks.
That’s probably the part I find most interesting about #TermMax .
The protocol isn’t forcing everyone into the same strategy. Someone can define pricing, someone can take the available offer, someone can manage capital for others, and someone else can simply provide capital.
It reminds me more of a marketplace with different jobs than a simple lending platform.
When I first saw the different user roles, it looked like a long list of terminology. But after putting them together, the structure actually started making more sense.
There are users who want to create the market conditions, and there are users who simply want to use those conditions.
A Borrowing Range Order Setter can define borrowing terms through a range order. On the other side, a Lending Market Taker can interact with those existing conditions instead of creating a pricing curve from scratch.
It works in the opposite direction too. A Lending Range Order Setter can define lending terms, while a Borrowing Market Taker can fill those orders when the terms match what they need.
Then there’s the Two-Way Range Order Setter, which I find particularly interesting. One range order can contain separate borrowing and lending pricing curves, allowing the participant to operate on both sides of the market.
And the roles don’t stop at borrowing and lending.
A Leverager can use borrowed debt tokens to create a leveraged collateral position in a single atomic transaction. Meanwhile, a Curator can take a completely different approach by managing a vault, allocating deposited capital across markets, configuring pricing curves and managing the strategy within protocol-defined constraints.
Then you have the Depositor—the person who may not want to actively manage any of this complexity. They provide capital to a curator-managed vault, receive vault shares and potentially earn passive returns while accepting the associated risks.
That’s probably the part I find most interesting about #TermMax .
The protocol isn’t forcing everyone into the same strategy. Someone can define pricing, someone can take the available offer, someone can manage capital for others, and someone else can simply provide capital.
It reminds me more of a marketplace with different jobs than a simple lending platform.