For two weeks I’ve been monitoring the Vaults section in @TermMax , and here’s what I’ve noted. This isn’t a “fixed-percentage deposit,” like in the protocol’s main markets—here the rate and liquidity allocation are set by the curator. I checked who actually manages these vaults: the list includes MEV Capital, Keyrock, Origami Crypto, and other institutional players, not anonymous yield farmers, and that already adds credibility. An important nuance: some of the current APY is formed thanks to a boost from pre-mine $TMX, so the numbers are noticeably higher than the market’s “base” yield right now. Keep in mind that part of the income is temporary and tied to the incentive program, not only to organic demand for loans. The upside is that idle liquidity doesn’t sit around—it works immediately. The downside is that the curator’s yield is still someone else’s risk management, not a guarantee. I’m watching more closely.

#TermMax @TermMax