I like how this model makes a fairly invisible problem—capital risk and allocation—more apparent. Users want passive yield, but that “passiveness” doesn’t mean risk disappears. It simply gets transferred from the user to another layer of management.
I still want to observe how TermMax’s vaults handle periods of highly volatile markets. Because a strategy that seems very reasonable when liquidity is abundant may only truly be tested once maturities begin to diverge and users want to withdraw capital at the same time.
@TermMax #TermMax