The more I dig into TermMax, the more I keep coming back to one small detail: Range Orders.
At first, it sounds simple. Instead of locking yourself into one rate, you can define a range and let execution happen across it. That feels more practical than pretending the “right” rate is always obvious.
But there’s a catch. A flexible rate range only matters if there’s enough opposing demand to actually fill it efficiently. Otherwise, the mechanism can look great while liquidity remains fragmented.
So I’m less interested in how flexible the order design looks and more interested in what happens to real fill rates as TermMax gets more usage.
Does Range Orders actually make fixed-rate markets more efficient, or is the real challenge still getting enough borrowers and lenders on both sides?
#TermMax @TermMax
At first, it sounds simple. Instead of locking yourself into one rate, you can define a range and let execution happen across it. That feels more practical than pretending the “right” rate is always obvious.
But there’s a catch. A flexible rate range only matters if there’s enough opposing demand to actually fill it efficiently. Otherwise, the mechanism can look great while liquidity remains fragmented.
So I’m less interested in how flexible the order design looks and more interested in what happens to real fill rates as TermMax gets more usage.
Does Range Orders actually make fixed-rate markets more efficient, or is the real challenge still getting enough borrowers and lenders on both sides?
#TermMax @TermMax