People who have worked on a quoting system are pretty sensitive to the four words “single best price.” Because it usually means there’s a curve hidden behind it.
On the @TermMax borrowing page, for each market you’re shown a Best APY—numbers like 3.68%, 5.65%, 12.13%—with Total Capacity, number of orders, LLTV, and maturity date beside them. Clicking through is effectively locking in that rate.
But down below, it’s not a single number. The Range Order borrows the concentrated liquidity idea from Uniswap V3: instead of a pricing axis based on price, it uses APR—Curator can split funds into multiple segments to lay out an interest-rate curve. For example, 80% in 10–15% and 20% in 15–40%. The Order Aggregator then picks the best from all order sources for you.
So that Best APY is real—it’s just the price at the very front of the curve.
That’s also why the phrase “known interest rate” needs one more question: is it the interest rate itself that’s known, or is it “how much can be borrowed at that interest rate.”
Small borrowers get shown that displayed number. Large borrowers have to consume the first segment and climb into the second segment—so the actual weighted cost will be significantly higher than the number shown on the page. In the “orders” column it might say “1 orders” or “3 orders,” which is really hinting at depth and thickness—but it’s not a curve chart, so you can’t see how much is in each segment.
The full curve is only visible and editable in the Curator Tool—that’s a whitelist tool. The regular borrowing interface is deliberately designed to be “one number plus one-click locking.”
I don’t think this is about hiding things. Depth information is noise for retail users, but it’s necessary for large borrowers. The same interface can’t serve both groups.
The Aave pool model naturally gives you a utilization-rate curve; the tradeoff is that the interest rate is always moving. The order-book model gives you a definite execution price; the tradeoff is that you have to ask yourself about the amount behind that price.
This is the tradeoff introduced by the model, not a sign that the product isn’t doing enough.
One more thing on timing: the allocation checker is enabled. You need to lock in your selection before 23:59 UTC on August 23, and the TGE is on August 25.
The above interface details and mechanism descriptions come from the official docs and App’s public pages. Specific numbers change by market, and they don’t constitute any advice.
So last question: for your “fixed interest rate,” do you want a number that’s determined as a specific value, or a number that remains valid even up to a certain scale?
#TermMax @TermMax
On the @TermMax borrowing page, for each market you’re shown a Best APY—numbers like 3.68%, 5.65%, 12.13%—with Total Capacity, number of orders, LLTV, and maturity date beside them. Clicking through is effectively locking in that rate.
But down below, it’s not a single number. The Range Order borrows the concentrated liquidity idea from Uniswap V3: instead of a pricing axis based on price, it uses APR—Curator can split funds into multiple segments to lay out an interest-rate curve. For example, 80% in 10–15% and 20% in 15–40%. The Order Aggregator then picks the best from all order sources for you.
So that Best APY is real—it’s just the price at the very front of the curve.
That’s also why the phrase “known interest rate” needs one more question: is it the interest rate itself that’s known, or is it “how much can be borrowed at that interest rate.”
Small borrowers get shown that displayed number. Large borrowers have to consume the first segment and climb into the second segment—so the actual weighted cost will be significantly higher than the number shown on the page. In the “orders” column it might say “1 orders” or “3 orders,” which is really hinting at depth and thickness—but it’s not a curve chart, so you can’t see how much is in each segment.
The full curve is only visible and editable in the Curator Tool—that’s a whitelist tool. The regular borrowing interface is deliberately designed to be “one number plus one-click locking.”
I don’t think this is about hiding things. Depth information is noise for retail users, but it’s necessary for large borrowers. The same interface can’t serve both groups.
The Aave pool model naturally gives you a utilization-rate curve; the tradeoff is that the interest rate is always moving. The order-book model gives you a definite execution price; the tradeoff is that you have to ask yourself about the amount behind that price.
This is the tradeoff introduced by the model, not a sign that the product isn’t doing enough.
One more thing on timing: the allocation checker is enabled. You need to lock in your selection before 23:59 UTC on August 23, and the TGE is on August 25.
The above interface details and mechanism descriptions come from the official docs and App’s public pages. Specific numbers change by market, and they don’t constitute any advice.
So last question: for your “fixed interest rate,” do you want a number that’s determined as a specific value, or a number that remains valid even up to a certain scale?
#TermMax @TermMax