@TermMax
Imagine locking money into a one-year contract at 8%.

Six months later, someone offers you a similar deal at 12%.

Your original rate of 8% hasn't changed.

But what you have is no longer worth what the market has to offer.

It's easy to lose sight of this distinction in fixed income DeFi.

@TermMax separates the rate from the market price through maturity-based pricing. Its FT represents the underlying claim at maturity, while the market can reprice that FT as time passes and available rates change. TermMax's range order AMM even builds time-to-maturity into its pricing model.

So "fixed rate" doesn't mean "fixed price".

And that creates a significant trade-off.

If you hold to maturity, the fixed rate is the promised point. But if you want to get out quickly, the market suddenly becomes important again. The lender may face a lower exit value as new markets offer higher rates.

This could be a profound lesson of fixed-rate DeFi:

Predictability is strongest at maturity.

Elasticity is where price risk comes back in.

So when we call a rate “fixed,” should we also ask: **Fixed for how long?**

#termmax #TermMax #GrowWithSAC $BIO $BMNRB $PNUT