#termmax @TermMax On-chain order book: lenders and borrowers match at a fixed interest rate, with a clearly defined maturity date.
- Lender: locks in fixed returns and receives principal and interest at maturity;
- Borrower: locks in fixed borrowing costs and repays principal plus interest at maturity;
- Supports early position closing, which incurs a cancellation cost.
Underlying token mechanism: FT (fixed-rate token, zero-coupon bond) + XT. FT is purchased at a discount; at maturity it is redeemed for the full principal amount, and XT is used for balancing and hedging.
- Lender: locks in fixed returns and receives principal and interest at maturity;
- Borrower: locks in fixed borrowing costs and repays principal plus interest at maturity;
- Supports early position closing, which incurs a cancellation cost.
Underlying token mechanism: FT (fixed-rate token, zero-coupon bond) + XT. FT is purchased at a discount; at maturity it is redeemed for the full principal amount, and XT is used for balancing and hedging.