Why TermMax
Protocol mechanics
no one else has.
Curators set the rate. Depth stacks into a real orderbook.
Each curator deploys a custom AMM curve — a descending APR profile across liquidity depth. Multiple curators quote the same market? Their depth stacks end-to-end, exactly like a CEX limit-order book accumulating sell-side volume. Watch three individual curves collapse as the combined depth unfolds.
Idle capital keeps earning while it waits.
Undeployed vault funds are automatically routed to Morpho or Aave, earning floating yield. The moment a borrower matches your curve, funds are atomically recalled — zero leakage, maximum capital efficiency.
Vault
$5M
USDC
Deployed
$3.2M
Morpho / Aave
$1.8M
Fixed Yield
8.5%
from lending markets
Idle Bonus
+4.2%
while waiting to deploy
One pool quotes into every market simultaneously.
100 USDC of liquidity is simultaneously quoted across all open orders. Funds stay in the yield-bearing position until a trade actually fills. When order B is borrowed, its cursor shifts left (xtReserve drops, rate rises) — but the shared pool depletes for all.
Capital Pool
100 USDC
ready to quote
ETH·USDC 90d
8.5%
wBTC·USDC 30d
7.2%
stETH·USDC 60d
9.1%
ARB·USDC 45d
10.3%
Live Playground
Design your curve.
See the market respond.
Every TermMax order is backed by a custom AMM curve — a hyperbolic rate profile you design to control pricing at every depth. Edit rates or switch to Custom mode to add cut points. The chart updates in real-time.
Why Lend APR > Borrow APR?
Curves are from the vault's perspective:
- Lend APR — rate the vault earns from borrowers (borrowers pay this).
- Borrow APR — rate the vault pays to depositors (depositors receive this).
Lend > Borrow = curator's spread — like a bank charging 6% on loans, paying 3% on deposits. No arbitrage; that's the market maker's margin.
USDC / wstETH
90 days · LLTV 87.5%
Competitive Moat
The best of every DeFi primitive.
Unified.
vs Morpho
Curator model
+ Fixed rates + tradeable bonds (FT / XT / GT)
vs Euler / Spark
Stable interest rates
+ Secondary market — debt and credit are transferable
vs Aave / Euler
Mixed collateral
+ Vault token as collateral (no extra integration)
vs Pendle
Fixed income yield splitting
+ Borrow against other collateral, not just the yield asset
vs Uniswap
Limit orders on price
+ Limit orders on interest rates — an entirely new dimension
TermMax
All of the above
Fixed rates · Secondary market · Mixed collateral · Idle yield · Atomic orders