I want to say something directly that few posts on Square dare to say: **fixed interest rates do not mean there is no risk**.

When you use @TermMax TermMax or any other protocol, you still face:
⚠️ Smart contract risk
⚠️ Collateral value depreciation or de-peg risk
⚠️ Oracle risk
⚠️ Liquidity risk if you want to exit early

What a fixed-tenor model removes is **interest rate volatility risk** — a single variable, not all risks.

Understand what I’m actually protected from and what I still have to bear myself. That’s real risk management. #TermMax