#termmax @TermMax To be honest when I first checked TermMax, I didnt think the curator layer would become the main thing I watch. But the more I look at actual pool behavior, the more I realize thats where the real signal is.
Instead of one flat rate for everyone, TermMax lets each curator design their own curve per pool. So the rate you see is never static, it moves based on how much liquidity is parkeed inside that specific curve.
Now my read on any TermMax market has totally changed. Headline APR is almost secondary. What I actually care about is the liquidity sitting just beneath that rate, and how steep the curve gets once volume starts moving.
Like take a 30-day USDC market. Curator Gamma shows 14.8% APR because their contract is quoting FT token at $0.9879 discount. But Gamma's curve is steep and depth is low. If you try locking $100k, slippage pushes average FT price to $0.9897.
During this observation there is a maths that appear in my mind like (1 / 0.9897 - 1) * (365/30), your effective rate drops to 12.65%. Meanwhile Curator Alpha shows only 13.5% headline rate. But their deep liquidity means same $100k only slips to $0.9894, giving you 13.01% effective yield. Thats better.
This is basically Uniswap V3-style range order logic where rate is not static, its pure asset discount curve movement.
The one thing I still want from TermMax is performance transparency. A historical layer showing rate movement against depth changis and actual fills would help me separate rates that are genuinely competitive from ones that only look good on surface. Need a dashboard for this ASAP. What's your thoughts?
Instead of one flat rate for everyone, TermMax lets each curator design their own curve per pool. So the rate you see is never static, it moves based on how much liquidity is parkeed inside that specific curve.
Now my read on any TermMax market has totally changed. Headline APR is almost secondary. What I actually care about is the liquidity sitting just beneath that rate, and how steep the curve gets once volume starts moving.
Like take a 30-day USDC market. Curator Gamma shows 14.8% APR because their contract is quoting FT token at $0.9879 discount. But Gamma's curve is steep and depth is low. If you try locking $100k, slippage pushes average FT price to $0.9897.
During this observation there is a maths that appear in my mind like (1 / 0.9897 - 1) * (365/30), your effective rate drops to 12.65%. Meanwhile Curator Alpha shows only 13.5% headline rate. But their deep liquidity means same $100k only slips to $0.9894, giving you 13.01% effective yield. Thats better.
This is basically Uniswap V3-style range order logic where rate is not static, its pure asset discount curve movement.
The one thing I still want from TermMax is performance transparency. A historical layer showing rate movement against depth changis and actual fills would help me separate rates that are genuinely competitive from ones that only look good on surface. Need a dashboard for this ASAP. What's your thoughts?