Every pool I study on TermMax confirms that true yield lives in the liquidity depth not the headline number.

I'm learning to look TermMax closely because fixed rate markets and options could become an important part of a more mature Defi ecosystem growing.

Most users also care about liquidity execution leverage collateral and what happens when a position becomes unhealthy. But TermMax is building around these details with its customized AMM FT and GT structures and physical-delivery approach to liquidation.

A decentralized fixed rate borrowing and lending protocol's gives users a different way to approach capital management. Instead of depending on entirely on floating rates borrowers can work with fixed costs and defined terms.

My focus is no longer only on the biggest APR. I want to understand the liquidity behind are market the condition supporting the yield and the risk that comes with the position.

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