DeFi has long been accustomed to describing capital with a real-time interest rate. But a true fixed-income market has never been just about “what’s the rate?” It’s also about “how long is the money locked up, when does it come back, and what is that term worth?”
Recently, I ran a very basic test on @TermMax : I covered up all the APYs on the page and looked only at “when does it mature?” It actually made the product easier to understand.
By bringing fixed terms into lending, TermMax is adding a dimension that has been weak on-chain until now: time.
Capital for one month and capital for six months shouldn’t have the same price. The longer the term, the more the market’s expectations around risk, liquidity, and returns will differ.
So these days, when I look at $TMX, I don’t start by asking which pool has the highest APY. I look at whether TermMax can enable consistent trading across different terms.
If it succeeds, it won’t just be doing lending—it will be making “time” a true factor in on-chain capital pricing for the first time.
#TermMax
Recently, I ran a very basic test on @TermMax : I covered up all the APYs on the page and looked only at “when does it mature?” It actually made the product easier to understand.
By bringing fixed terms into lending, TermMax is adding a dimension that has been weak on-chain until now: time.
Capital for one month and capital for six months shouldn’t have the same price. The longer the term, the more the market’s expectations around risk, liquidity, and returns will differ.
So these days, when I look at $TMX, I don’t start by asking which pool has the highest APY. I look at whether TermMax can enable consistent trading across different terms.
If it succeeds, it won’t just be doing lending—it will be making “time” a true factor in on-chain capital pricing for the first time.
#TermMax