4.827% was not one rate.
I decomposed the public API fields for the Ethereum TermMax USDC Vault V2 at 07:48 UTC on 21 August 2026:
Total APY: 4.8269%
= Active APY: 1.4650%
+ Floating Earn APY: 3.3619%
The components reconciled exactly.
Measured as contributions to the displayed rate:
• Active: 30.35%
• Floating: 69.65%
Important: this is an APY-contribution split, not a capital-allocation split. It does not mean that 69.65% of the vault’s deposits were idle.
TermMax documentation explains the two-engine structure: curators allocate vault capital through Range Orders, while V2 vaults can also select a base-yield source for idle assets, such as Aave or Morpho.
Therefore, a vault inside a fixed-rate protocol can still have a materially floating component in its displayed APY. The mix may change as external rates move or capital is redeployed.
My vault checklist:
1. Total APY
2. Active versus floating contribution
3. Curator and underlying exposures
4. Performance fee
5. Visible withdrawal liquidity
APY is the output. Its components explain what can move.
Point-in-time snapshot—not a guaranteed future return.
Sources checked: TermMax public Vault API; official Curator and Depositor documentation.
#termmax @TermMax
I decomposed the public API fields for the Ethereum TermMax USDC Vault V2 at 07:48 UTC on 21 August 2026:
Total APY: 4.8269%
= Active APY: 1.4650%
+ Floating Earn APY: 3.3619%
The components reconciled exactly.
Measured as contributions to the displayed rate:
• Active: 30.35%
• Floating: 69.65%
Important: this is an APY-contribution split, not a capital-allocation split. It does not mean that 69.65% of the vault’s deposits were idle.
TermMax documentation explains the two-engine structure: curators allocate vault capital through Range Orders, while V2 vaults can also select a base-yield source for idle assets, such as Aave or Morpho.
Therefore, a vault inside a fixed-rate protocol can still have a materially floating component in its displayed APY. The mix may change as external rates move or capital is redeployed.
My vault checklist:
1. Total APY
2. Active versus floating contribution
3. Curator and underlying exposures
4. Performance fee
5. Visible withdrawal liquidity
APY is the output. Its components explain what can move.
Point-in-time snapshot—not a guaranteed future return.
Sources checked: TermMax public Vault API; official Curator and Depositor documentation.
#termmax @TermMax
