#termmax 🔬 TermMax The most interesting design is that it breaks a single loan into three tradable parts. The Gearing Token (GT) represents a leveraged position, while the Fixed-Rate Token (FT) represents the right to receive 1 unit of the borrowed asset at maturity—before maturity, the FT price reflects an implied fixed interest rate, making lending positions behave like fixed-income instruments rather than ordinary DeFi deposits. There’s also an interesting feature: if liquidation liquidity is insufficient, TermMax can use physical settlement, delivering the collateral directly to FT holders. By breaking loans into tradable fragments, TermMax makes the fixed-rate market truly liquid.#TermMax jfj