V2 is live, but what about the users of V1?
TermMax V2 has been up for more than a month, and I only took the time today to carefully go through the update log.
After reading it, my biggest feeling is——it seems like V1 users have been forgotten.
There are indeed many things that V2 has changed. Composable Base Yield automatically routes any unmatched funds into Aave and Morpho to earn floating yield. Atomic Order lets a single liquidity transaction cover multiple markets at once. Order Aggregator intelligently aggregates orders to help you find the best interest rate. And Smart Unwind supports closing positions early.
Everything sounds great. But the question is——what happens to the V1 pools?
The official says V2 will become the default version and V1 is going to be deprecated. If I have funds stored in V1, will they be migrated automatically later, or do I need to do it manually? During the migration, will I need to reauthorize and pay gas again? If I don’t want to migrate, can I still exit normally when the position reaches maturity? @TermMax
I looked through the docs but couldn’t find a clear answer.
I understand product iteration. The issues of V1 liquidity being fragmented and funds sitting idle also do exist. But when it comes to upgrading, what we fear most is that long-time users get left stranded halfway. There are plenty of cases in DeFi where user assets got stuck due to upgrades. Can TermMax make the transition方案 clean and well-handled? This is more important to watch than how many new features V2 adds.
One more thing I’m a bit concerned about—V2’s TVL is currently over $34 million, with Ethereum accounting for over $32 million. V2 has been live for nearly two months, yet funds are still heavily concentrated on Ethereum, while the depth of pools on other chains is almost negligible. A multi-chain unified entry has been built, but if capital doesn’t move, unifying the entry doesn’t help much.
The direction of V2 is correct, but the way the details are handled during the transition period will determine whether old users follow along or turn around and leave.
#termmax
TermMax V2 has been up for more than a month, and I only took the time today to carefully go through the update log.
After reading it, my biggest feeling is——it seems like V1 users have been forgotten.
There are indeed many things that V2 has changed. Composable Base Yield automatically routes any unmatched funds into Aave and Morpho to earn floating yield. Atomic Order lets a single liquidity transaction cover multiple markets at once. Order Aggregator intelligently aggregates orders to help you find the best interest rate. And Smart Unwind supports closing positions early.
Everything sounds great. But the question is——what happens to the V1 pools?
The official says V2 will become the default version and V1 is going to be deprecated. If I have funds stored in V1, will they be migrated automatically later, or do I need to do it manually? During the migration, will I need to reauthorize and pay gas again? If I don’t want to migrate, can I still exit normally when the position reaches maturity? @TermMax
I looked through the docs but couldn’t find a clear answer.
I understand product iteration. The issues of V1 liquidity being fragmented and funds sitting idle also do exist. But when it comes to upgrading, what we fear most is that long-time users get left stranded halfway. There are plenty of cases in DeFi where user assets got stuck due to upgrades. Can TermMax make the transition方案 clean and well-handled? This is more important to watch than how many new features V2 adds.
One more thing I’m a bit concerned about—V2’s TVL is currently over $34 million, with Ethereum accounting for over $32 million. V2 has been live for nearly two months, yet funds are still heavily concentrated on Ethereum, while the depth of pools on other chains is almost negligible. A multi-chain unified entry has been built, but if capital doesn’t move, unifying the entry doesn’t help much.
The direction of V2 is correct, but the way the details are handled during the transition period will determine whether old users follow along or turn around and leave.
#termmax