People keep calling TermMax a lending pool where the rate just floats around. I went back through the @TermMax docs and each market is defined by exactly three things: a debt token (USDC in their example), a collateral token (ETH in their example), and a maturity date. The expiry is doing the work. You pick a market that ends on a calendar day.
That is what fixed term means in this design. A lot of Square threads skip the date and talk like every market is the same pool with a different sticker. I find the three-factor definition convincing because the risk set has an end. What the docs do not spell out is how a market behaves if almost nobody shows up on the other side of a given maturity. Whatever anyone makes of $TMX, the dated market is the product being described here.
#TermMax #FixedRate
That is what fixed term means in this design. A lot of Square threads skip the date and talk like every market is the same pool with a different sticker. I find the three-factor definition convincing because the risk set has an end. What the docs do not spell out is how a market behaves if almost nobody shows up on the other side of a given maturity. Whatever anyone makes of $TMX, the dated market is the product being described here.
#TermMax #FixedRate