Take apart @TermMax and look at it—I think what’s most interesting about it isn’t any single feature, but the whole “flow of funds.”
Some people hold assets but don’t want to trade frequently;
Some have a clear bullish or bearish view and are willing to pay for that conviction;
And others need to borrow funds and want to lock in their financing cost in advance.
These three needs could originally have been spread across different protocols. TermMax aims to put them into the same system: fixed-rate lending to solve the uncertainty of capital costs, Call / Put to accommodate directional trading needs, and asset providers on the other side to capture yield.
I particularly like this design because it’s not adding features just to have “one more feature.” Instead, it answers a more fundamental question:
**Besides buying, selling, and waiting for appreciation, how else can an on-chain asset be used?**
If an asset can simultaneously generate lending demand, directional trading demand, and yield demand, then its market structure will naturally be richer than plain spot trading.
So when I look at #TermMax , it’s more about seeing whether it can truly connect these different needs. Compared with short-term APY, I think these continuously existing use cases are more worth paying attention to.
Some people hold assets but don’t want to trade frequently;
Some have a clear bullish or bearish view and are willing to pay for that conviction;
And others need to borrow funds and want to lock in their financing cost in advance.
These three needs could originally have been spread across different protocols. TermMax aims to put them into the same system: fixed-rate lending to solve the uncertainty of capital costs, Call / Put to accommodate directional trading needs, and asset providers on the other side to capture yield.
I particularly like this design because it’s not adding features just to have “one more feature.” Instead, it answers a more fundamental question:
**Besides buying, selling, and waiting for appreciation, how else can an on-chain asset be used?**
If an asset can simultaneously generate lending demand, directional trading demand, and yield demand, then its market structure will naturally be richer than plain spot trading.
So when I look at #TermMax , it’s more about seeing whether it can truly connect these different needs. Compared with short-term APY, I think these continuously existing use cases are more worth paying attention to.