I like how this model makes a fairly invisible problem—capital risk and allocation—more apparent. Users want passive yield, but that “passiveness” doesn’t mean risk disappears. It simply gets transferred from the user to another layer of management.I still want to observe how TermMax’s vaults handle periods of highly volatile markets. Because a strategy that seems very reasonable when liquidity is abundant may only truly be tested once maturities begin to diverge and users want to withdraw capital at the same time.

@TermMax #TermMax