At first glance, TermMax may seem confusing, but after testing, it was discovered that it is actually a Morpho that supports the order book mode. @The mechanism of MorphoLabs is not difficult to understand: the curator operates the pool, first specifying which assets are accepted in the pool, and then allowing others to deposit U for wealth management or borrow U for leverage. For example, the largest pool in Morpho, SteakHouse, accepts cbBTC, WBTC, and stETH, allowing users to deposit or borrow USDC. @Aave V3 focuses on a simple, rough and easy to understand approach, which puts all assets in the same big pool. The way AAVE regulates the risk of each asset is by setting an upper limit on the asset, for example, USDE allows a maximum deposit of 2.7B. So compared to AAVE, Morpho is more segmented and each pool is independent. The U interest rate for high-risk collateral pools is high, while the U interest rate for low-risk collateral pools is low. This way, both borrowing and saving users can choose their most suitable risk preferences to deposit/borrow. So, although the Morpho product is more complex, it is more reasonable. And for @ TermMaxFi, it's a bit more complex than Morpho. It is still based on curators, even those old faces like MEV Capital, but it introduces the function of order book trading interest rate, ultimately achieving the function of allowing people to deposit/borrow at a fixed interest rate. That's too abstract, for example. For example, in Morpho, if you deposit USDE and borrow USDC in a pool, you may borrow at a 6% interest rate. I originally wanted to do a revolving loan for Meimei, but after a while, the exchange subsidized USDC, and USDC suddenly ran out, causing the interest rate to skyrocket to 10%. The floating interest rate ate up your revolving loan interest rate all at once. However, if you are using TermMax and have placed a 6% order that has been eaten up by others, then regardless of the future supply of USDC in this pool, you will be locked in at a 6% interest rate. Even if USDC interest rates skyrocket, it is your opponent who bears the bitter fruit behind it at that time. Of course, if interest rates plummet, you won't be able to enjoy low interest rates anymore, which is considered 'buying and selling'. In terms of usage, this feature is still essential. Actuaries used to be most annoyed by not being able to calculate the free interest rate for flexible deposits and withdrawals. Of course, it's not that TermMax is better than Morpho, but rather that it provides a new mode. Of course, this also has a certain drawback, which is that the threshold for understanding will be slightly higher. As we all know, the simpler the game of a thing, the more potential audience may participate. For example, the famous work of Polymarket in that year, who will become President Trump or Biden, and who will pass by can participate. But you have to let people bet on what is the reasonable USDC interest rate based on the sUSDE collateral for the next 3 months, which may have a certain threshold. However, we are happy to see such an agreement emerge, and currently TermMax TVL has climbed to 40M. It seems that the market is gradually understanding and recognizing this curator+order book model. This also aligns with the previous statement that DeFi will become increasingly vertical and segmented in the future, in order to gain a competitive edge over CeFi.