@TermMax #TermMax
I was looking through TermMax's three-token structure and one thing finally clicked for me.
At first, FT, GT and XT just sound like three more DeFi tokens to keep track of.
They're actually representing three different parts of the same lending position.
FT is the discount bond — buy below par and redeem 1:1 at maturity.
GT represents the debt position itself as an NFT.
XT represents the interest obligation attached to that debt.
That separation is interesting because traditional fixed-income markets already distinguish between principal, ownership and interest.
TermMax is essentially making those pieces explicit on-chain.
And that changes what can be done with the position.
Instead of treating a loan as one indivisible object, different parts of its economics can be represented, transferred and priced separately.
Makes me wonder if the bigger innovation here isn't the three-token model itself...
...but what becomes possible once fixed-income positions stop behaving like a single locked-up asset.
I was looking through TermMax's three-token structure and one thing finally clicked for me.
At first, FT, GT and XT just sound like three more DeFi tokens to keep track of.
They're actually representing three different parts of the same lending position.
FT is the discount bond — buy below par and redeem 1:1 at maturity.
GT represents the debt position itself as an NFT.
XT represents the interest obligation attached to that debt.
That separation is interesting because traditional fixed-income markets already distinguish between principal, ownership and interest.
TermMax is essentially making those pieces explicit on-chain.
And that changes what can be done with the position.
Instead of treating a loan as one indivisible object, different parts of its economics can be represented, transferred and priced separately.
Makes me wonder if the bigger innovation here isn't the three-token model itself...
...but what becomes possible once fixed-income positions stop behaving like a single locked-up asset.