#termmax @TermMax
i keep thinking a TermMax lender limit order should already be fixed from the second i place it.
that is literally what the words sound like to me.
i put USDC into the order, pick 10%, nobody wants that borrowing rate yet. fine. the lender limit order waits. but what exactly is waiting here... the quote? the USDC? both?
because my brain had already put that USDC inside fixed-rate lending even though no market taker had matched it yet.
except apparently not.
the unmatched USDC can sit in Morpho earning floating base yield while the TermMax order is still untouched.
so then what is actually fixed here?
the 10% quote, sure. but the money underneath it is still earning whatever Morpho is paying at that moment. maybe 8%. maybe lower later.
“fixed quote. floating wait.”
then a borrower finally takes my 10% and the same USDC gets pulled out of Morpho into the TermMax fixed-rate match. only here does the matched APR stop moving, and lender Fixed-Rate Token (FT) lands on my side carrying the claim toward maturity.
so was i even lending before this? kind of? or was i just holding USDC somewhere else while TermMax waited for the other side to exist.
that part keeps bothering me.
because one TermMax lender limit order sat on my screen the whole time, but underneath it the capital changed completely.
USDC earning floating yield before the match.
FT carrying a fixed maturity claim after.
same order sitting there... and apparently the fixed-rate part hadn't really started yet.
i keep thinking a TermMax lender limit order should already be fixed from the second i place it.
that is literally what the words sound like to me.
i put USDC into the order, pick 10%, nobody wants that borrowing rate yet. fine. the lender limit order waits. but what exactly is waiting here... the quote? the USDC? both?
because my brain had already put that USDC inside fixed-rate lending even though no market taker had matched it yet.
except apparently not.
the unmatched USDC can sit in Morpho earning floating base yield while the TermMax order is still untouched.
so then what is actually fixed here?
the 10% quote, sure. but the money underneath it is still earning whatever Morpho is paying at that moment. maybe 8%. maybe lower later.
“fixed quote. floating wait.”
then a borrower finally takes my 10% and the same USDC gets pulled out of Morpho into the TermMax fixed-rate match. only here does the matched APR stop moving, and lender Fixed-Rate Token (FT) lands on my side carrying the claim toward maturity.
so was i even lending before this? kind of? or was i just holding USDC somewhere else while TermMax waited for the other side to exist.
that part keeps bothering me.
because one TermMax lender limit order sat on my screen the whole time, but underneath it the capital changed completely.
USDC earning floating yield before the match.
FT carrying a fixed maturity claim after.
same order sitting there... and apparently the fixed-rate part hadn't really started yet.