#termmax Previously, I thought that TermMax was built from scratch, with its own logic of fixed-rate terms from the very beginning. I viewed the FT/XT/GT system as a complete architecture.
But it turned out differently. At first, TermMax existed as a leveraged vault on top of Principal Tokens from Pendle—an overlay above someone else’s infrastructure. The idea was simpler: take a ready-made fixed-income tool and add leverage. Only later did the protocol grow into its own three-token model, which no longer depends on someone else’s product.
A vault over PTs provided yield, but it tied the protocol to someone else’s liquidity and someone else’s maturity schedules. The proprietary FT/XT/GT system appeared, it seems, specifically because this dependency would sooner or later become a bottleneck for growth.
This speaks to how seriously they treat control over their own risk model, not just technical development.
@TermMax #TermMax
But it turned out differently. At first, TermMax existed as a leveraged vault on top of Principal Tokens from Pendle—an overlay above someone else’s infrastructure. The idea was simpler: take a ready-made fixed-income tool and add leverage. Only later did the protocol grow into its own three-token model, which no longer depends on someone else’s product.
A vault over PTs provided yield, but it tied the protocol to someone else’s liquidity and someone else’s maturity schedules. The proprietary FT/XT/GT system appeared, it seems, specifically because this dependency would sooner or later become a bottleneck for growth.
This speaks to how seriously they treat control over their own risk model, not just technical development.
@TermMax #TermMax
