@ TermMaxFi has announced token economics and TGE is approaching! Many people treat DeFi lending as "high interest deposits". But the real problem is never whether the returns are high or not, but rather: the uncertainty of interest rates. Interest rate uncertainty=inability to plan funds Institutions cannot hedge The cost of leverage cannot be locked in Cash flow cannot be calculated clearly (So it's difficult for professional money to be heavily invested in the long term) The solution provided by TermMax in the white paper is as follows: Pull DeFi back from floating rates to fixed rates and fixed terms. It's not just shouting slogans, but breaking down the 'interest rate market' into three parts: FT（Fixed-rate Token） Like zero interest bonds: buy at a discount, redeem at face value upon maturity → lock in earnings upon entry XT（Yield Token） Complementary part of FT: Borrower can sell XT for liquidity → Loan cost is determined upon entry into the market GT（Gearing Token） Leveraged position NFT: One transaction completed with leverage/collateral/lending → more gas efficient and less misoperation What deserves more attention is actually the "efficiency moat": Unborrowed funds will not be idle and will be automatically deployed to floating rate agreements such as Aave/Morgan/Venus to earn profits, reducing capital idle. Adding a calculator for curve/risk management essentially builds a more professional fixed rate market on the chain. What role does TMX play? The path given in the white paper is very clear: governance+staking (sTMX)+ecological incentives, value capture comes from Transaction fees/lending fees/clearing fees, etc. enter the revenue mechanism of the treasure. Several fast read parameters: Total amount of 1 billion TMX (fixed ceiling, no inflation) TGE initial circulation is about 20% Multi chain: LayerZero OFT (ETH mainnet+BNB, etc.) Original white paper: https://docs.ts.finance/resources/tmx-token-whitepaper Do you think the next stage of DeFi's "main battlefield" will shift from narrative to interest rate structure and cost of capital management?