TermMax looks interesting, but I’m tired of crypto projects selling the dream before proving the basics.
Fixed-rate borrowing makes sense. You know what you’re paying. Lenders know what they’re earning. The options-style products are interesting too, especially for people who want defined downside instead of getting liquidated on a random wick.
But here’s the real test: liquidity.
Can you actually exit when markets get ugly? Can the system handle a sharp collateral crash? Do the oracles work when everyone is panicking? Are the vaults safe? Do people still use it when the incentives disappear?
That matters more than TVL, points, or another flashy campaign.
The idea is solid. The execution is what decides everything.
I’d rather see TermMax become boring, reliable financial infrastructure than another protocol chasing attention.
Make the rates clear. Make the risks clear. Make exits work.