Curator’s job used to be simple: decide where the money goes.
Pick the pools, allocate the funds, and manage the risk. In plain terms, it was a capital allocator.
But after TermMax V2 places fixed-rate and floating-rate on the same path, Curator’s role changed—
From “where to put the money” to “whether to lock now.”
Unmatched funds first run floating yield in Morpho; once matched, they switch back into fixed-rate positions. You can also Roll before maturity.
So Curator isn’t just choosing a pool anymore, but deciding: when to switch, when to wait, and when to lock.
It’s completely different from before.
Back then, looking at APY was enough. Now you have to look at the path. Lock too early and you miss higher floating yield; lock too late and you lose the window of certainty. If you choose the wrong underlying yield source, you carry the extra risk yourself.
In short: earlier, Curator allocated funds. Now Curator selects interest rates.
I’m thinking about one question: what does this role change mean for depositors?
TermMax V2’s TVL is $32.74 million, up 10.3% over the last 30 days. Active loans are $22.07 million—this number tells the story better than TVL. Money has come in, but it’s the $22.07 million that’s actually being borrowed and generating fixed-rate yield.
So what are the remaining $10+ million doing?
They’re running floating yield in Morpho.
That’s the core change in V2: your money is no longer “sitting idle,” but the definition of “idle” has changed—it’s just earning somewhere else, waiting for Curator to find the right fixed-rate window before switching in.
Curator judges the timing for you. You trade the convenience of “no need to watch yourself” for the risk that “someone else decides when to lock for you.”
If Curator picks the wrong switching moment, your returns could be 2–3 percentage points lower than simply depositing in Aave. Would you rather pay that price for “convenience,” or would you rather decide for yourself? Let’s discuss in the comments.@TermMax #termmax
Pick the pools, allocate the funds, and manage the risk. In plain terms, it was a capital allocator.
But after TermMax V2 places fixed-rate and floating-rate on the same path, Curator’s role changed—
From “where to put the money” to “whether to lock now.”
Unmatched funds first run floating yield in Morpho; once matched, they switch back into fixed-rate positions. You can also Roll before maturity.
So Curator isn’t just choosing a pool anymore, but deciding: when to switch, when to wait, and when to lock.
It’s completely different from before.
Back then, looking at APY was enough. Now you have to look at the path. Lock too early and you miss higher floating yield; lock too late and you lose the window of certainty. If you choose the wrong underlying yield source, you carry the extra risk yourself.
In short: earlier, Curator allocated funds. Now Curator selects interest rates.
I’m thinking about one question: what does this role change mean for depositors?
TermMax V2’s TVL is $32.74 million, up 10.3% over the last 30 days. Active loans are $22.07 million—this number tells the story better than TVL. Money has come in, but it’s the $22.07 million that’s actually being borrowed and generating fixed-rate yield.
So what are the remaining $10+ million doing?
They’re running floating yield in Morpho.
That’s the core change in V2: your money is no longer “sitting idle,” but the definition of “idle” has changed—it’s just earning somewhere else, waiting for Curator to find the right fixed-rate window before switching in.
Curator judges the timing for you. You trade the convenience of “no need to watch yourself” for the risk that “someone else decides when to lock for you.”
If Curator picks the wrong switching moment, your returns could be 2–3 percentage points lower than simply depositing in Aave. Would you rather pay that price for “convenience,” or would you rather decide for yourself? Let’s discuss in the comments.@TermMax #termmax
