#termmax Last night I tried to place a loan at the minimum acceptable interest rate on TermMax, and suddenly it felt like the logic of borrowing and lending is a bit different from before. Previously, in the money pool, the interest rate was automatically calculated from utilization, and borrowers could only passively accept a single APR. Now lenders can set a floor, borrowers can set a ceiling—both sides are expressing their psychological price points for the cost of capital in advance. Interest rates are no longer just a result that appears after a deal is struck; they’re more like a set of quotes you can hang out and wait to be matched, like an order sheet.
$SNDKB
This change can’t be separated from the split between FT and XT. One unit of debt corresponds jointly to FT and XT. FT is more like a zero-coupon note that pays out at maturity, while XT takes on the remaining value and volatility. As a result, debt changes from being just one line item in the ledger into an asset that can be priced and transferred on its own. After adding limit-priced orders, users aren’t simply borrowing or lending money anymore—they’re bidding on the price of future capital. When quotes across different tenors and different positions stack together, it starts to resemble an order book a bit.
$SPCXB
But I also remind myself: this structure still depends heavily on the depth of the order book. If, for a certain tenor, only a small amount of capital is participating, then just a few large orders can push the price far off. In that case, the fixed interest rate you see might be just numbers temporarily painted by a handful of participants, not a true reflection of capital costs. A fixed rate locks in the number for you, but it can’t prove that number is fair.
So what I want to observe more is: whether there can be ongoing competition between limit orders, and whether different tenors will form a stable spread. Only if those things happen would I believe that TermMax isn’t just turning interest rates from floating into fixed—it’s trying to build an on-chain layer for quoting the cost of capital. #TermMax @TermMax The next step, the key might be right here.
$SNDKB
This change can’t be separated from the split between FT and XT. One unit of debt corresponds jointly to FT and XT. FT is more like a zero-coupon note that pays out at maturity, while XT takes on the remaining value and volatility. As a result, debt changes from being just one line item in the ledger into an asset that can be priced and transferred on its own. After adding limit-priced orders, users aren’t simply borrowing or lending money anymore—they’re bidding on the price of future capital. When quotes across different tenors and different positions stack together, it starts to resemble an order book a bit.
$SPCXB
But I also remind myself: this structure still depends heavily on the depth of the order book. If, for a certain tenor, only a small amount of capital is participating, then just a few large orders can push the price far off. In that case, the fixed interest rate you see might be just numbers temporarily painted by a handful of participants, not a true reflection of capital costs. A fixed rate locks in the number for you, but it can’t prove that number is fair.
So what I want to observe more is: whether there can be ongoing competition between limit orders, and whether different tenors will form a stable spread. Only if those things happen would I believe that TermMax isn’t just turning interest rates from floating into fixed—it’s trying to build an on-chain layer for quoting the cost of capital. #TermMax @TermMax The next step, the key might be right here.
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