RioKi

Guys i didn’t expect this things in @TermMax V2!

Mereka sedang memikirkan apa yang terjadi ketika likuiditas Anda tidak dipinjam.

Di pasar dengan fixed-rate, likuiditas bisa saja berada di sebuah vault dan menunggu peminjam untuk mengambil suatu order.

Di V2, Composable Base Yield dirancang untuk membuat modal yang menunggu itu menjadi produktif.

Ketika seorang kurator membuat sebuah vault, mereka dapat memilih sumber base-yield untuk aset idle.

TermMax mengatakan V2 mendukung sumber seperti Aave dan vault ERC-4626 seperti Morpho.

Jadi, gagasan dasarnya menjadi:

Likuiditas didepositkan
 ↓
Menunggu kecocokan dengan fixed-rate
 ↓
Base yield saat idle
 ↓
Posisi fixed-rate saat sudah cocok

Modal yang sama bisa memiliki peran di dua lingkungan berbeda:

Variable yield saat menunggu
→ Fixed yield saat cocok

Integrasi TermMax dengan Morpho menjelaskan alurnya dengan lebih spesifik: 

modal yang tidak cocok dapat memperoleh floating yield dari Morpho, lalu ditarik ketika order fixed-rate TermMax terisi.

Tentu saja, ini tidak berarti pengembalian dijamin. Sumber yield yang mendasarinya memiliki risikonya sendiri, dan strategi aktual bergantung pada konfigurasi vault dan kurator.

#TermMax

Did you know?

What if the same liquidity could serve multiple markets without being used twice?

That’s the idea behind Atomic Orders in @TermMax V2.

In V1, liquidity was siloed between markets.
Imagine a vault has 1.1M USDC.

It might have to split that liquidity like:

250K → Market A
600K → Market B
250K → Market C

So even though the vault has 1.1M USDC in total, each market only sees its own allocated amount.

That creates a problem when a large borrower comes in.

V2 takes a different approach.

With an Atomic Order, the same 1.1M USDC liquidity can be made available across multiple markets:

1.1M → Market A
1.1M → Market B
1.1M → Market C

Sounds like 3.3M USDC, right?

It isn't.

This is where the “atomic” part matters.
The liquidity can only be taken once.

If Alice takes 500K USDC from Market A, the available amount is reduced across the other markets at the same time.

So after that:

Market A → 600K available
Market B → 600K available
Market C → 600K available

The protocol isn't creating extra liquidity.
It's making the same liquidity usable across multiple markets while keeping the total amount constrained.

TermMax Blog – Fixed-Rate DeFi Insights
And that's why I think Atomic Orders are more interesting than they initially sound.

They're basically trying to solve a simple problem:

How do you make liquidity available where it's needed without fragmenting it across markets?

For a large borrower, that can make a big difference.

V1: liquidity gets split.
V2: liquidity can be shared across markets.

#TermMax

I found one V2 change in @TermMax that I didn’t expect:

They removed the LP token-based liquidity system from V1.

At first, removing something from a protocol doesn’t sound like a big feature.

But the more I looked into it, the more interesting it became.

In V1, liquidity was built around LP tokens.

In V2, TermMax moved toward a different model:

Liquidity → Order Contracts → Trading Curves

Instead of one LP-based system handling everything, individual order contracts can now define and manage their own trading curves.

And multiple curves can exist within the same market.

Why does that matter?

Because liquidity providers can have more control over how their liquidity is priced and used.

Different orders can follow different strategies instead of forcing every liquidity provider into the same structure.

So V2 isn't simply:

“V1, but with a new interface.”

The underlying market architecture changed too.

LP-token model → Order-based model

One liquidity structure → Multiple configurable curves

Less LP-token management → More flexible market making

That was probably one of the more interesting things I found while digging into V2.

Sometimes, understanding what a protocol removes tells you just as much as understanding what it adds.

#TermMax #DeFi #TermMaxV2

Setelah menjawab “Fixed Rate vs Variable Rate”, banyak orang mengajukan pertanyaan lain,

Bagaimana sebenarnya cara kerja @TermMax V2?

Setelah saya melihat ide dasar di balik TermMax, saya ingin memahami apa yang sebenarnya terjadi saat Anda menggunakan V2.

Berikut adalah rincian lengkap saya dalam 5 poin inti:

1. Beberapa sumber likuiditas

Sebuah pasar dapat memiliki berbagai sumber likuiditas, termasuk order kurator dan limit order pengguna.

V2 menggabungkan semuanya alih-alih membuat pengguna memeriksa setiap sumber secara terpisah.

2. Satu kuotasi gabungan

Aplikasi menggabungkan order yang tersedia menjadi satu kuotasi dan dapat merutekan transaksi ke seluruh likuiditas yang tersedia.

Jadi alih-alih membandingkan berbagai order secara manual, pengguna mendapatkan satu jalur eksekusi.

3. Kontrol lebih besar dengan limit order

V2 mendukung limit order di pasar-pasar miliknya.

Artinya, pemberi pinjaman dan peminjam dapat menentukan tingkat (rate) yang bersedia mereka terima, bukan selalu mengambil kuotasi yang tersedia saat ini.

4. Multichain

V2 juga menggabungkan pasar dan vault dari chain yang didukung ke dalam satu antarmuka, sehingga pengguna tidak perlu terus berpindah chain hanya untuk membandingkan peluang.

5. Dashboard

Dashboard baru menghadirkan posisi, kepemilikan FT, saham vault, open order, dan riwayat aktivitas dalam satu tempat.

Satu hal yang menurut saya sangat menarik adalah bahwa V2 bukan sekadar peningkatan tampilan.

Arsitektur yang mendasarinya juga bergerak menuju kontrak order khusus dan beberapa kurva trading, sehingga memberikan fleksibilitas lebih besar pada berbagai jenis order dalam cara likuiditas disediakan.

#TermMax

Today I wanted to look at one simple question:

Why does fixed-rate lending actually matter in DeFi?

Most DeFi lending markets I’ve seen use variable rates.

That works well when market conditions are changing, but there’s one problem:

Your borrowing cost can change while the position is still open.

Imagine borrowing 10,000 USDC today.

If the rate moves higher later because borrowing demand increases, your future cost becomes harder to predict.

This is where fixed-rate lending gets interesting.

With a defined maturity and fixed borrowing cost, you have a much clearer picture of what the position looks like from the beginning.

For lenders, it can also mean having a defined return instead of simply relying on a rate that keeps moving with market demand.

That’s the part I find interesting about @TermMax

It’s not just:

“Can I get a higher APY?”

It’s more about:

“Can I make my lending or borrowing cost more predictable?”

And in DeFi, predictability can be just as important as yield.

Of course, fixed rates don’t remove liquidation, smart contract, or market risks.

But they can change the way you think about managing a lending position.

#TermMax