Brothers, it’s raining every day. Since you’re free at home, keep researching @TermMax —check the official documentation. The thing I see most is Range Order.
Range Order is not a limit order. It’s about letting the market maker draw its own interest-rate curve.
In the official docs’ example: a borrowing order plans to borrow 1.87 million units of debt. The interest rate isn’t fixed at 17%. Instead, it moves in three segments—first, 1.5 million units gradually drop from 17% to 15%; then, 200,000 units drop from 15% to 10%; finally, 170,000 units drop from 10% to 7.5%. As the order gets gradually matched, the interest rate moves downward along the curve. For the lending/loan order, it’s the opposite: the later the borrower borrows, the higher the interest rate—using the pricing mechanism to suppress demand.
Only after reading this did I realize that TermMax is directly encoding “how capital depth corresponds to interest rates” into the mechanism—very much in line with Uniswap V3’s logic, where LPs define liquidity ranges.
Range Order is the pricing layer; FT/XT/GT are the asset layer.
The borrower locks collateral into GT (a leveraged position NFT) and mints FT (fixed-rate tokens). But FT isn’t meant to be sold directly—it’s split into a principal portion and an interest portion. The interest portion is sold to the borrowing orders to receive XT. Then XT plus the principal portion of FT lets you redeem the full debt token.
Let’s use an analogy: FT is the principal on a promissory note, and XT is the interest coupon attached to the note. You rip off the coupon and sell it for money, then use the principal promissory note together with the coupon you bought back to redeem the real cash. At any time, 1 FT + 1 XT = 1 debt token. On maturity, FT redeems the principal, and XT automatically goes to zero.
GT is the entire position—how much collateral you put in and how much you borrowed, all recorded in a single NFT. GT is the position itself; FT is the creditor claim; XT is the interest slice.
Physical Delivery is the final line of defense.
If there’s unpaid debt at the end of the term, it enters a two-hour liquidation window. After the window ends, if there are still outstanding debts, the system initiates physical delivery. If it can’t be sold on-chain, you’re allowed to take the assets and sell them elsewhere. Give up on force-liquidating on-chain and rely on physical delivery as the fallback.
This is how I finally understood what TermMax is really doing: Range Order is the pricing layer; FT/XT/GT are the asset layers; Physical Delivery is the risk-control layer—three layers stacked together, turning interest rates into a tradable, composable on-chain asset.
#TermMax #defi
Range Order is not a limit order. It’s about letting the market maker draw its own interest-rate curve.
In the official docs’ example: a borrowing order plans to borrow 1.87 million units of debt. The interest rate isn’t fixed at 17%. Instead, it moves in three segments—first, 1.5 million units gradually drop from 17% to 15%; then, 200,000 units drop from 15% to 10%; finally, 170,000 units drop from 10% to 7.5%. As the order gets gradually matched, the interest rate moves downward along the curve. For the lending/loan order, it’s the opposite: the later the borrower borrows, the higher the interest rate—using the pricing mechanism to suppress demand.
Only after reading this did I realize that TermMax is directly encoding “how capital depth corresponds to interest rates” into the mechanism—very much in line with Uniswap V3’s logic, where LPs define liquidity ranges.
Range Order is the pricing layer; FT/XT/GT are the asset layer.
The borrower locks collateral into GT (a leveraged position NFT) and mints FT (fixed-rate tokens). But FT isn’t meant to be sold directly—it’s split into a principal portion and an interest portion. The interest portion is sold to the borrowing orders to receive XT. Then XT plus the principal portion of FT lets you redeem the full debt token.
Let’s use an analogy: FT is the principal on a promissory note, and XT is the interest coupon attached to the note. You rip off the coupon and sell it for money, then use the principal promissory note together with the coupon you bought back to redeem the real cash. At any time, 1 FT + 1 XT = 1 debt token. On maturity, FT redeems the principal, and XT automatically goes to zero.
GT is the entire position—how much collateral you put in and how much you borrowed, all recorded in a single NFT. GT is the position itself; FT is the creditor claim; XT is the interest slice.
Physical Delivery is the final line of defense.
If there’s unpaid debt at the end of the term, it enters a two-hour liquidation window. After the window ends, if there are still outstanding debts, the system initiates physical delivery. If it can’t be sold on-chain, you’re allowed to take the assets and sell them elsewhere. Give up on force-liquidating on-chain and rely on physical delivery as the fallback.
This is how I finally understood what TermMax is really doing: Range Order is the pricing layer; FT/XT/GT are the asset layers; Physical Delivery is the risk-control layer—three layers stacked together, turning interest rates into a tradable, composable on-chain asset.
#TermMax #defi