#termmax @TermMax
i keep thinking if i place one TermMax Two-Way Range Order, then the money inside it should already know whether i'm lending or borrowing.
otherwise why is it one order.
but underneath that TermMax order there are actually two pricing directions sitting there. lending curve on one side, borrowing curve on the other, and apparently somebody else touching the order is what decides which side of me actually wakes up first.
so what am i before that happens?
because some unused USDC can still be sitting through Morpho earning floating yield while both TermMax curves are basically just waiting there untouched.
which makes this feel even stranger.
i can be looking at one Two-Way Range Order, but no Fixed-Rate Token (FT) has started accumulating from the lending side yet, and no Gearing Token (GT) debt has shown up from the borrowing side either.
“one order. no single job yet.”
then somebody crosses the lending curve and now FT starts building on my side toward that maturity claim. but if somebody hits the borrowing curve instead, the same TermMax order can push me toward GT debt.
same order.
completely different balance-sheet consequence depending on which curve somebody touches first.
and that is the part i was missing.
i kept looking at the Two-Way Range Order like placing it had already decided what i was doing.
but apparently i can sit there with one TermMax order on-screen and still not know whether the next fill leaves me holding more FT or carrying more GT debt.
i keep thinking if i place one TermMax Two-Way Range Order, then the money inside it should already know whether i'm lending or borrowing.
otherwise why is it one order.
but underneath that TermMax order there are actually two pricing directions sitting there. lending curve on one side, borrowing curve on the other, and apparently somebody else touching the order is what decides which side of me actually wakes up first.
so what am i before that happens?
because some unused USDC can still be sitting through Morpho earning floating yield while both TermMax curves are basically just waiting there untouched.
which makes this feel even stranger.
i can be looking at one Two-Way Range Order, but no Fixed-Rate Token (FT) has started accumulating from the lending side yet, and no Gearing Token (GT) debt has shown up from the borrowing side either.
“one order. no single job yet.”
then somebody crosses the lending curve and now FT starts building on my side toward that maturity claim. but if somebody hits the borrowing curve instead, the same TermMax order can push me toward GT debt.
same order.
completely different balance-sheet consequence depending on which curve somebody touches first.
and that is the part i was missing.
i kept looking at the Two-Way Range Order like placing it had already decided what i was doing.
but apparently i can sit there with one TermMax order on-screen and still not know whether the next fill leaves me holding more FT or carrying more GT debt.