#termmax @TermMax #termmax @TermMaxnever ceases to surprise me. While studying the project, at first I thought the 60x AP multiplier was simply a marketing wrapper around the familiar Dual Investment vault, or a way to make a structured product feel new again. The APY itself is clear—about 50% in exchange for the risk of converting funds at the chosen target price.
But when I started breaking down the mechanics behind the points, the picture changed. A user who optimizes yield looks at the target price and the calculation date, assessing the trade’s risk. And the one who’s hunting for points looks at it entirely differently. They deposit capital because 60x AP helps raise their position to the snapshot, not because they have a price outlook.
For me, these are fundamentally different types of capital. The first comes for yield, and the second for the multiplier. And when the multiplier disappears, the behavior of that capital can change instantly. So for now, I don’t view the current deposits as a clean indicator of organic demand for the vault. Of course, APY is the price of the risk being taken, and AP is the price of attracting attention. And only when both motivations disappear at the same time will we see how much real capital actually wants to stay in this strategy.
But when I started breaking down the mechanics behind the points, the picture changed. A user who optimizes yield looks at the target price and the calculation date, assessing the trade’s risk. And the one who’s hunting for points looks at it entirely differently. They deposit capital because 60x AP helps raise their position to the snapshot, not because they have a price outlook.
For me, these are fundamentally different types of capital. The first comes for yield, and the second for the multiplier. And when the multiplier disappears, the behavior of that capital can change instantly. So for now, I don’t view the current deposits as a clean indicator of organic demand for the vault. Of course, APY is the price of the risk being taken, and AP is the price of attracting attention. And only when both motivations disappear at the same time will we see how much real capital actually wants to stay in this strategy.
