#termmax @TermMax
One part of TermMax I initially overlooked was GT.
A Gearing Token is an ERC-721 representing a leveraged borrowing position, including its collateral and debt.
That sounds like an implementation detail.
I don’t think it is.
A leveraged position is normally something we understand through several moving parts: collateral here, debt there, health factor somewhere else, then a series of transactions required to change or close it.
TermMax turns that relationship into one position object.
If collateral changes, the GT is updated. If the loan is repaid, the GT is burned and the collateral is returned.
What interests me here isn’t the NFT format itself.
It’s what happens when a financial position becomes easier to represent as a discrete onchain object.
The interface can become simpler, but the underlying leverage does not.
Collateral value can move. Debt still exists. Liquidation thresholds still matter.
Packaging complexity is useful.
Forgetting that the complexity still exists underneath the package is where it becomes dangerous.
#Crypto_Jobs🎯
One part of TermMax I initially overlooked was GT.
A Gearing Token is an ERC-721 representing a leveraged borrowing position, including its collateral and debt.
That sounds like an implementation detail.
I don’t think it is.
A leveraged position is normally something we understand through several moving parts: collateral here, debt there, health factor somewhere else, then a series of transactions required to change or close it.
TermMax turns that relationship into one position object.
If collateral changes, the GT is updated. If the loan is repaid, the GT is burned and the collateral is returned.
What interests me here isn’t the NFT format itself.
It’s what happens when a financial position becomes easier to represent as a discrete onchain object.
The interface can become simpler, but the underlying leverage does not.
Collateral value can move. Debt still exists. Liquidation thresholds still matter.
Packaging complexity is useful.
Forgetting that the complexity still exists underneath the package is where it becomes dangerous.
#Crypto_Jobs🎯