The most overlooked aspect of fixed-rate lending isn’t the yield locked on day one—it’s what happens when market conditions change and you want out. In typical DeFi setups, your capital is locked or floating at the mercy of sudden rate spikes. @TermMax turns debt obligations into transferable Fixed-Rate Tokens (FTs). But pricing fixed debt across time isn't straightforward: two identical positions have completely different valuations if one matures in 15 days and the other in 180 days. That secondary market liquidity is where the real protocol test begins. If an FT trades below par, smart borrowers buy it back to extinguish debt at a discount; if yields compress, lenders sell early to lock capital gains. Fixed rates attract the initial deposit, but transferable duration is what creates a sustainable credit market. #termmax