It's been a long time since I checked in to TermMax, and I don't know when TEG will be released. Recently, I've seen a lot of people still sticking to it, and today I'm going to output a wave of updates Recently, while researching DeFi lending, I have gained a new understanding of the mechanism of TermMax. I first noticed it because I saw a very high annualized return in the BNB lending market on the platform, which made me rethink what else DeFi lending can do. Unlike traditional lending agreements, the core design of TermMax is fixed rate AMM. The interest rates of most DeFi platforms fluctuate with changes in the funding pool, making it difficult for borrowers and lenders to determine returns or costs in advance, and it is also difficult to engage in real interest rate trading. In TermMax, every loan is converted into a token called FT, essentially similar to a yield voucher that is redeemed upon maturity. Users usually buy at a discount and redeem at face value upon maturity, with the difference in price being fixed income. If sold in advance, the corresponding price change is the holding period. The significance of this design is that it splits the income from the principal, turning the income itself into a tradable asset. Positions with different maturities correspond to different prices, naturally forming a structure similar to a yield curve. From the user experience perspective, @ TermMaxFi has also developed some practical tools, such as one click revolving lending, which can automatically roll positions between borrowing and lending, improving fund efficiency; In addition, there is a range order function that allows users to set price ranges to control risks, rather than being completely exposed to market fluctuations. With some RWA assets being integrated into the platform, this fixed rate structure is beginning to have clearer application scenarios. For me, the interesting thing about TermMax is not simply about increasing returns, but about trying to turn the interest rate itself into a market that can be priced and traded, which is completely different from the lending logic of traditional DeFi. TermMaxFi