RWA has been on the blockchain for two years, but what really drives money is probably TermMax | Basic Introduction and Latest Activity Scoring Guide—— @Xhunt_ai now has a real-time hotspot section that allows us to see the discussion heat of many projects: TermMax @ TermMax's activities have always been at the forefront; Event entrance: https://leaderboard.termmax.ts.finance/smart-earn At present, points XP can be earned through check-in, Vault deposit, borrowing, etc.; points AP can be earned through futures leveraged trading in Alpha market; points MP can be earned by creating tweets related to TermMax; Sign in creation belongs to zero risk and zero score, recommended participation; Lending and Alpha market futures leveraged trading have risks and fluctuations. Everyone can choose to participate on their own. I will explain the relevant principles and risk points below. Let's also talk about what TermMax does and why the event is so popular? one ️⃣ Why do I increasingly feel that TermMax is crucial for RWA's long-term development. Yesterday I shared a news about the systematic tokenization of stocks on the New York Stock Exchange. Many people's first reaction when they see this is probably to put the US stock on the chain, which is just a basic operation. It has been popular for a long time, but there are some directions that many people have not seen: In the past two years, the RWA narrative has been stuck in an awkward position: assets have been put on the chain, but money lacks the Defi link and cannot be efficiently mobilized. TermMax can actually fill this gap, as it is an important link in the liquidity infrastructure of the RWA era. Simply put, it brings the fixed interest rates of traditional finance into DeFi, solving the problems of liquidity fragmentation, interest rate fluctuations, and inability to combine strategies. At present, TermMax has deeply integrated Ondo Finance @ OndoFinance, supporting a batch of designated Ondo tokenized US stock/ETF assets as collateral (specific to the official current support list), Lend USDT or other stablecoins. The most crucial point here is that a fixed interest rate means that borrowing costs are locked in from the beginning, without worrying about market fluctuations causing interest rates to soar. This is extremely scarce in current DeFi: floating rate protocols such as Aave and Compound are simply incomparable, especially for institutional RWA assets where certainty is king. Why would I say that? two ️⃣ The real challenge of RWA may never lie in compliance; When many people talk about RWA, their first reaction is: regulation, licensing, compliance pathways, legal structure. These are certainly important, but if you really think from the perspective of institutions, family offices, and finance departments, what are they most afraid of? Not volatility, but uncertainty. Especially: the uncertain financing costs, which is why I have always believed that trillion level RWA assets cannot stay in the DeFi system with floating interest rates for a long time. Simply put, you have someone holding a US stock ETF、 People who use the Aave and Compound models of interest rate fluctuations with emotions to leverage US bonds are essentially increasing the risk they dislike the most, because they are risk averse. To put it bluntly, what DeFi players find exciting is precisely the part that RWA funds avoid the most. three ️⃣ What TermMax is doing: What he is doing is the most normal thing in TradFi, but extremely rare on the chain: seriously bringing back the 'fixed rate' thing to the chain. How to create a 'fixed interest rate' without banks, central matching, or balance sheets on the chain? Actually, it's quite counterintuitive. TermMax uses a three token structure. AMM pricing ➕ Design of zero interest bonds; The final result is only one sentence: when you borrow money, you already know what the cost is. This sentence is common for DeFi, but extremely important for RWA. Why is TermMax x Ondo said? This combination is crucial. Before Ondo appeared, RWA was more like a "showcase". After Ondo, RWA truly began to change: assets that are collateralized, composable, and usable by DeFi. But the problem is actually about to arise: after taking NVDA, AAPL, ETF on the chain, what happens next? If you can only borrow money with floating interest rates, then the essence is to replay TradFi's problem in another place. TermMax collateralizes Ondo's tokenized US stocks/ETFs, lending USDT, and in this process, the interest rate is locked in from the beginning, so you don't have to worry about doubling the cost when you wake up. four ️⃣ From two perspectives, who exactly did TermMax solve? For the borrower: You are no longer betting on interest rates, liquidity, or when the system will be affected. What you did was just a very clear judgment: Would I be willing to hold or hedge against US stocks for a period of time with X% of the confirmed cost? This is actually very familiar to many US stock traders and hedge strategy players. But TermMax made it happen on the chain. For lenders: TermMax's Ondo only Vault is also very straightforward in nature: your U is lent to people who mortgage real stocks, not through token inflation, not through incentives to attract new customers, but through financing needs from the real world. At this stage, this type of profit structure is not commonly seen in DeFi. five ️⃣ Why is his appearance important? I think there are three backgrounds stacked together: 1) The world has entered a stage of 'preventive easing'; 2) The speed of RWA asset on chain has significantly accelerated; 3) Institutions are beginning to seriously search for 'fixed income on the chain'. In this environment, floating interest rates are not friendly to risk assets, while fixed interest rates have become entry barriers. So I prefer to see TermMax as a ground breaking agreement rather than a trend chasing project. six ️⃣ Regarding recent grooming activities: Lastly, the most popular activity on the Xhunt discussion forum recently is: Event entrance: https://leaderboard.termmax.ts.finance/smart-earn TermMax has launched the "DeFi Renaissance" campaign (codenamed The Great Awakening), releasing incentives in stages. It is now the early bird phase of Phase 1, with an extremely low threshold. Phase 1: Renaissance Passport (1/13 - 1/25) Core: Complete 2/3 of the tasks (Task 3 must be done): Task 1: Screenshot of floating interest rate fluctuations/clearing alerts, send X with TermMax DeFiRenaissance Task 2: Compare TermMax vs Aave/Murpho using the official template and provide an explanation. Task 3: Nominate DeFi KOLs. By submitting the form, the "Initiate" role will be rewarded with 60000 XP and additional voting rights for Phase 2. Purpose: Community consensus, early bird admission ticket. Phase 2: KOL Strategy Simulation (1/26 - 2/8) 20-30 KOL simulation strategy, user voting+X sharing. The reward is based on participation. Phase 3: Community Game - Chaos vs Order (Parallel to 2/8) Team Chaos: Floating interest rates; Team Order: Fixed interest rate. Based on interaction (likes/shares/views/reviews), the winner will receive a 100000 MP pool and 1.5x XP multiplier. The debate and confrontation around clearing, risk, and order is essentially using gamification to help everyone understand which of DeFi's "disorder" and "order" is more suitable for RWA. seven ️⃣ Personal judgment The DeFi that truly emerges in the next stage will not rely on higher APY, but on lower uncertainty. If RWA really wants to become a part of DeFi, then fixed interest rates are probably an unavoidable hurdle. TermMax may not be the only answer, but it at least puts the problem in the right direction. Let's continue to complete the task first. If you can participate, let's start running XP first, after all, it's relatively simple now.