I used to think fixed-rate DeFi was mainly a liquidity problem.
But one detail in TermMax made me pause:
the real question may be who decides where the rate should live.

The more I looked at its Range Order design, the more interesting that became.
A curator sets APR ranges, and the AMM converts those ranges into a pricing curve for borrowers and lenders.
On paper, it looks like a simple way to organize liquidity.
But there is a quieter dependency underneath it.

Someone still has to decide what those ranges should be.

Set them too wide and pricing can become less precise.
Set them too narrowly and the market may struggle when conditions move outside the expected zone.

The mechanism doesn't remove that judgment. It places it somewhere specific.

That made me look at fixed-rate markets a little differently.
Predictable borrowing may depend not only on liquidity, but on how carefully the boundaries around that liquidity are maintained.

So maybe the question isn't whether rates can be fixed.
It's who decides where they should be fixed?

#termmax @TermMax