# Introduction

A next-generation loan AMM offering one-click looping, range orders, fixed/variable rates, and customizable pricing curves.

### Introduction - Borrow and Lend with Your Own Customized Uniswap V3 AMM

Within a single platform, TermMax simplifies DeFi borrowing, lending, and leveraging with one-click token trading, enabling predictable borrowing costs and stable returns.<br>

By reinventing the Uniswap V3 AMM with innovative fixed-rate mechanisms and customizable pricing curves, TermMax eliminates the need for multiple complicated transactions across different protocols, making these core DeFi functions more accessible and potentially more profitable for a wider audience.

### Problems to Solve

#### Complexity of Leveraged Yield Strategies

* Traditional leveraged yield strategies, such as looping, require users to engage in multiple intricate transactions across various protocols.
* Managing these strategies demands advanced technical knowledge and continuous monitoring of positions, creating a steep learning curve for users.

#### Uncertainty Due to Floating Interest Rates

* Floating interest rates in leveraged strategies introduce significant uncertainty in profits and losses.
* This unpredictability hinders effective trading strategies and complicates risk management.

#### Inflexible AMM Pricing

* Traditional AMM pricing curves don't always reflect true market prices.
* Borrowers and lenders have limited options, forced to accept the rates provided by the AMM.

#### Limited Liquidation Flexibility

* Traditional liquidation mechanisms may fail to compensate lenders adequately due to insufficient asset value or liquidity.
* Conventional platforms often restrict collateral to highly liquid cryptocurrencies, excluding RWAs and low-liquidity assets.

### TermMax’s Solutions

#### Simplified Leveraging, Borrow and Lend Mechanism with Token Trading

* Gearing Token and Fixed-rate Token trading encapsulate complex leveraging processes into straightforward token transactions.
* Eliminates the need for multiple transactions across different protocols.

#### Fixed Rates and Terms for Borrowing and Lending

* TermMax offers fixed borrowing and lending rates over specified terms, eliminating the uncertainty associated with floating rates.
* The fixed costs and returns allow for better risk management and control over investment outcomes.

#### Customizable AMM Pricing with Range Orders

* TermMax allows market makers to configure range orders on various markets.
* Aggregating these range orders gives users more choices to borrow, lend, or leverage at their preferred rates.

#### Flexible Liquidation Mechanism by Physical Delivery

* Implement a physical delivery mechanism where, in the event of significant market volatility or low liquidity, collateral is delivered directly to lenders as compensation.
* Support collateralization of RWAs and low-liquidity assets, expanding investment opportunities.

By introducing innovative tokens like Gearing Tokens (GT) and Fixed-Rate Tokens (FT), and implementing features like customizable AMM parameters and physical delivery, TermMax creates a more inclusive and efficient platform. This approach makes leveraged yield strategies more accessible to a wider audience and fosters a more sustainable and diversified DeFi ecosystem.


# TermMax’s Vision

At TermMax, our vision is to establish a comprehensive foundation for fixed-rate markets within the DeFi ecosystem. We aim to build the standard for fixed-income markets in the crypto world by creating an entire credit market for each token pair just like what we have in real life.<br>

### Expanding Financial Operations in DeFi

To establish a sustainable fixed-income market, it is essential to offer a full spectrum of financial management tools, including:

* Customizable Pricing Curves: Empowering market makers to design their own AMM pricing curves in the same markets for borrowing and lending while providing investors efficient prices to deal.
* Fixed-Term Lending and Borrowing: Enabling users to lend or borrow assets with fixed terms and rates, providing predictability and control.
* Long and Short Positions on Spot Assets: Allowing investors to speculate on or hedge against price movements in order to manage risk effectively.
* Leveraged Yield Positions: Providing the ability to take leveraged long or short positions on the yields of yield-bearing tokens in order to maximize capital efficiency.

TermMax addresses this need by providing a fully decentralized borrowing and lending market that establishes fixed maturity dates and borrowing/lending rates. We also offer an easy-to-use tool for curators to initialize and update pricing curves for specific markets. This empowers investors to execute diverse financial strategies and leverage their assets more effectively within DeFi.

### Leveraging Fixed-income Tokens for Higher Yields

We utilize Principal Tokens (PTs) from Pendle Finance and other yield-bearing tokens as collateral to generate higher and more sustainable yields. By integrating these tokens into our platform, we aim to achieve:

* Amplified Returns: Users can enhance their returns through leveraging mechanisms while maintaining transparency and security.
* Enhanced Collateral Utilization: Users can utilize a broader range of assets, including yield-bearing tokens and Real-World Assets (RWAs) to maximize investment opportunities and capital efficiency.


# Fixed Rate Tokenization

TermMax introduces a **fixed-rate tokenization mechanism** that revolutionizes how borrowing and lending operate within decentralized finance (DeFi). By leveraging a combination of specialized tokens and smart contract logic, TermMax ensures predictable, stable returns for lenders and transparent, flexible borrowing costs for borrowers. This section delves into the core components and processes that underpin TermMax’s fixed-rate tokenization, providing users with a comprehensive understanding of how the system functions.

## Core Market Definitions

Each fixed-rate borrowing and lending market on TermMax is defined by three fundamental elements:

1. **Debt Token:**\
   The asset being borrowed or lent (e.g., USDC). This token represents the principal amount involved in the loan.
2. **Collateral Token:**\
   The asset provided by the borrower as security for the loan (e.g., ETH). An over-collateralization mechanism ensures that the value of the collateral exceeds the debt, mitigating lender risk.
3. **Maturity Date:**\
   The specific time by which borrowers must repay their debts and after which lenders can claim their yields. This date marks the end of the loan term.

## Specialized Tokens

To facilitate fixed-rate trading, TermMax introduces three specialized tokens:

1. [**Fixed-Rate Token (FT)**](/protocol-mechanisms/components/token#fixed-rate-token-ft)**:**
   * **Type:** Fungible Token (e.g., ERC-20)
   * **Function:** Acts as a **zero-coupon bond**, representing a commitment to repay 1 debt token (e.g., 1 USDC) at maturity.
   * **Dynamics:** FTs are sold at a discount before maturity (e.g., 20% discount), allowing lenders to earn a fixed return by redeeming them at full face value upon maturity.
2. [**X Token (XT)**](/protocol-mechanisms/components/token#x-token-xt)**:**
   * **Type:** Fungible Token
   * **Function:** Complements FTs to ensure the value parity of 1 debt token.
   * **Dynamics:** At any moment, **1 FT + 1 XT = 1 debt token**. Upon reaching maturity, FTs can be redeemed for debt tokens, rendering XT worthless (value drops to zero).
3. [**Gearing Token (GT)**](/protocol-mechanisms/components/token#gearing-token-gt)**:**
   * **Type:** Non-Fungible Token (ERC-721)
   * **Function:** Represents an individual loan position, tracking both the collateral locked and the debt issued.
   * **Dynamics:** Each GT records the amount of collateral and the corresponding number of FTs minted, up to the market’s maximum loan-to-value (MLTV) ratio.

## How It Works

**A. Borrowing Process**

1. **Locking Collateral and Minting GT + FT:**
   * **Borrower Action:** The borrower locks a specified amount of collateral (e.g., ETH) into a GT.
   * **Token Minting:** For each debt token worth of USDC the borrower wishes to take, TermMax mints **1 FT**. The total number of FTs minted is capped by the **Maximum Loan-to-Value (MLTV)** defined in the market (e.g., MLTV of 0.8 allows 1 ETH at $1,000 to back up to 800 USDC as debt).
2. **Selling FTs for Immediate Liquidity:**
   * **Borrower Action:** After minting, the borrower sells FTs on the open market at a discount (e.g., 20% discount, selling each FT for $0.80).
   * **Result:** Borrowers receive immediate liquidity (e.g., 800 FTs × $0.80 = $640) while committing to repay the full debt (800 USDC) at maturity.

**B. Lending Process**

1. **Purchasing FTs:**
   * **Lender Action:** Lenders buy FTs at a discounted rate (e.g., $0.80 per FT).
   * **Yield Mechanism:** At maturity, each FT can be redeemed for 1 debt token (e.g., 1 USDC), providing lenders with a fixed return (e.g., 25% gain from $0.80 to $1.00).
2. **Redemption at Maturity:**
   * **Lender Action:** Upon reaching the maturity date, lenders redeem their FTs for the full face value of debt tokens, ensuring a predictable and stable return.

## Repayment Methods

Borrowers have two options to repay their debt recorded in the GT, thereby unlocking their collateral:

1. **Repay with Debt Tokens Directly:**
   * **Action:** The borrower repays the exact amount of debt tokens owed (e.g., 800 USDC for 800 FTs).
   * **Outcome:** The GT’s debt is settled, and the collateral is automatically released back to the borrower.
2. **Repay with FTs:**
   * **Action:** The borrower purchases FTs from the open market (potentially at a discount) and repays the debt by returning these FTs to TermMax.
   * **Benefit:** This method can be more economical, as FTs are typically priced below their face value before maturity. For example, repaying 800 FTs at $0.80 each costs only $640, reducing the effective repayment amount compared to using debt tokens directly.

## Example Scenario

**Market Setup**

* **Debt Token:** USDC
* **Collateral Token:** ETH
* **Maturity Date:** 1 year from now
* **Maximum LTV (MLTV):** 0.8
* **Current Prices:** ETH = $1,000; USDC = $1

**Borrower’s Actions (Alice)**

1. **Locking Collateral and Minting GT + FT:**
   * Alice locks **1 ETH** ($1,000) as collateral in a GT.
   * Based on MLTV of 0.8, she can mint up to **800 FTs**, representing **800 USDC** debt.
2. **Selling FTs for Immediate Liquidity:**
   * Alice sells **800 FTs** at a 20% discount ($0.80 per FT), receiving **$640 USDC** immediately.
3. **Repayment Options:**
   * **Option 1:** Alice repays **800 USDC** directly at maturity to unlock her 1 ETH collateral.
   * **Option 2:** Alice buys back **800 FTs** from the market at a discounted price (e.g., $0.80 per FT), spending **$640 USDC** to settle her debt, thereby retaining more of her USDC and repaying the debt cost-effectively.

**Lender’s Actions**

1. **Purchasing FTs:**
   * The Lender deposits **640 USDC** into TermMax Market and issue **640 FT** and **640 XT**
   * The contract then swaps **640 XTs** to **160 FTs** (1 FT = 0.8 USDC)
   * The Lender get **800 FTs (640 FTs + 160 FTs)**&#x20;
2. **Redemption at Maturity:**
   * After 1 year, the lender redeems each FT for **1 USDC**, receiving a total of **$800 USDC**, netting a **25% return** on the initial investment.

## Key Advantages

* **Predictable Returns for Lenders:**\
  FTs function like zero-coupon bonds, providing fixed returns without exposure to fluctuating interest rates.
* **Flexible, Cost-Effective Repayment for Borrowers:**\
  Borrowers can choose to repay using debt tokens directly or by purchasing FTs at a discount, optimizing their repayment strategy based on market conditions.
* **Efficient Capital Deployment:**\
  By tokenizing debt and collateral, TermMax ensures transparent, on-chain tracking of loan positions, simplifying management for both borrowers and lenders.
* **Risk Mitigation through Over-Collateralization:**\
  The MLTV ensures that loans are securely backed by collateral, reducing the risk of default and protecting lenders’ investments.
* **Streamlined Token Mechanics:**\
  The relationship **`1 FT + 1 XT = 1 debt token`** ensures consistent pricing and simplifies the redemption process at maturity.

## Summary

TermMax’s fixed-rate tokenization mechanism leverages the synergy of [**Gearing Tokens (GT)**](/protocol-mechanisms/components/token#gearing-token-gt), [**Fixed-Rate Tokens (FT)**](/protocol-mechanisms/components/token#fixed-rate-token-ft), and [**X Tokens (XT)**](/protocol-mechanisms/components/token#x-token-xt) to create a robust, transparent, and efficient borrowing and lending ecosystem. By employing a zero-coupon bond model through FTs, TermMax provides lenders with predictable, stable returns while offering borrowers flexible, cost-effective borrowing options. The smart contract-driven system ensures that all transactions are secure, automated, and aligned with the predefined terms, fostering trust and reliability within the TermMax platform.

Through this innovative tokenization approach, TermMax bridges the gap between traditional fixed-rate financing and decentralized lending, delivering a seamless experience that caters to the needs of both borrowers and lenders in the dynamic DeFi landscape.


# User Roles

TermMax supports a diverse range of user roles, enabling participants to customize their strategies in the borrowing and lending markets. These roles are defined by two key aspects: whether a user is a **market maker** or a **market taker**, and whether they act as a **borrower** or a **lender**. This framework gives rise to four general roles:

1. [**Borrowing Range Order Setter**](/protocol-mechanisms/range-order-setter/borrowing-range-order-setter) – Defines their borrowing terms by placing range orders for debt tokens, matched by lending market takers.
2. [**Lending Range Order Setter**](/protocol-mechanisms/range-order-setter/lending-range-order-setter) – Defines their lending terms by placing range orders for debt tokens, matched by borrowing market takers.
3. [**Two-Way Range Order Setter**](/protocol-mechanisms/range-order-setter/two-way-range-order-setter) – Places a single range order with two pricing curves (one for borrowing and one for lending), enabling simultaneous participation on both sides of the market.
4. [**Borrowing Market Taker**](/protocol-mechanisms/market-taker/borrower) – Fills lending range orders by locking collateral in a GT, issuing FTs, and selling them for debt tokens.
5. [**Lending Market Taker**](/protocol-mechanisms/market-taker/lender) – Fills borrowing range orders by lending debt tokens directly to borrowing market makers.
6. [**Leverager**](/protocol-mechanisms/market-taker/leverager) – A specialized borrowing market taker who uses debt tokens to create a leveraged collateral position in a single atomic transaction, maximizing exposure without looping.
7. [**Curator**](/protocol-mechanisms/curator) - Manages a vault by strategically placing atomic orders (in [V2](https://blog.ts.finance/termmax-v2/)), lending or two-way range orders across multiple markets, handling deposited assets from liquidity providers and distributing profits proportionally to vault shareholders. Curators determine optimal capital allocation, configure pricing curves, and monitor performance while earning profits through performance fees. They operate within protocol-defined constraints and timelock protections.
8. [**Depositor**](/protocol-mechanisms/depositor) – Provides capital to vaults managed by expert Curators to earn passive yields without actively managing positions. Depositors receive vault shares representing their proportional ownership and entitled returns, with the flexibility to withdraw funds at any time. They benefit from Curators' market expertise while accepting the associated performance and market risks.

Through these seven roles, TermMax empowers users to adopt flexible and innovative approaches to borrowing and lending, offering both fixed-rate predictability and advanced capital optimization strategies.


# Range Order Setter

On TermMax, range order setters define their strategies by placing **range orders** with pricing curves tailored to their intentions and the current market status. These pricing setters leverage the platform's fixed-rate tokenization mechanism to optimize their financial goals. The three types of range order are:

1. [**Borrowing Range Order**](/protocol-mechanisms/range-order-setter/borrowing-range-order-setter)\
   Borrowers aim to secure debt tokens (e.g., USDC) at fixed rates by placing range orders with a **borrowing curve**. Their pricing curve typically specifies **higher borrowing rates for the initial portion matched** and **lower rates for subsequent portions** as more of the order is filled. This allows them to manage their borrowing costs effectively while maintaining flexibility for market fluctuations.
2. [**Lending Range Order**](/protocol-mechanisms/range-order-setter/lending-range-order-setter)\
   Lenders aim to earn fixed yields on their debt tokens by placing range orders with a **lending curve**. They define **lower lending rates for the initial portion matched** and **higher rates for subsequent portions**, ensuring competitive returns as the order fills. This strategy enables lenders to maximize profits while efficiently deploying their capital.
3. [**Two-Way Range Order**](/protocol-mechanisms/range-order-setter/two-way-range-order-setter)\
   Two-way range order setters combine the strategies of borrowers and lenders by placing a **single range order** with two pricing curves:

   * A **borrowing curve** with **lower rates**, minimizing borrowing costs when borrowing market takers fill the order.
   * A **lending curve** with **higher rates**, maximizing yields when lending market takers fill the order.

   By earning the spread between borrowing and lending rates, two-way range order setters dynamically adjust their roles based on market activity, optimizing both capital deployment and risk management.


# Borrowing Range Order Setter

A **borrowing range order setter** on TermMax is a user who defines the terms for borrowing debt tokens (e.g., USDC) by placing **borrowing range orders**. These range orders specify the desired borrowing rates, amounts, and collateral to be locked. The maximum borrowing amount is constrained by the specified collateral amount and the maximum Loan-to-Value (LTV) defined in the market. Borrowing order setters are matched with **lending market takers** who provide debt tokens at the specified terms. This role allows borrowing order setters to lock in predictable, fixed-rate borrowing costs while leveraging their collateral.

## **How It Works**

A borrowing range order setter follows these steps to place a borrowing range order:

1. **Choosing a Market:**\
   The borrower selects a specific fixed-rate market to operate in, which includes the following predefined parameters:
   * **Debt Token:** The asset to borrow (e.g., USDC).
   * **Collateral Token:** The asset to lock as collateral (e.g., ETH).
   * **Maturity Date:** The time by which the debt must be repaid.
   * **Maximum Loan-to-Value (MLTV):** The maximum allowable LTV ratio in the market (e.g., 80%).
   * **Liquidation Loan-to-Value (Liquidation LTV):** The LTV threshold at which the collateral will be liquidated if exceeded.
2. **Specifying Borrowing Parameters:**\
   After selecting a market, the borrower configures their borrowing range order by specifying the following details:
   * **Collateral Amount:** The amount of collateral (e.g., ETH) to lock when the range order is placed.
   * **Maximum Borrowing Amount:** The maximum amount of debt tokens they wish to borrow, constrained by the specified collateral amount and the MLTV. For example, locking 1 ETH (worth 1000 USDC) with an MLTV of 80% allows up to 800 USDC to be borrowed.
   * **Pricing Curve:** Defines the range of borrowing rates they are willing to pay. For example, they might specify an interest range of **6–8%**, with higher rates applying to the initial portion of the order and lower rates applying to subsequent portions as more of the range order is filled.
3. **Placing the Order:**\
   The borrowing range order is placed on the TermMax platform, where it remains active until fully matched or canceled. Lending market takers can fill the order, providing debt tokens at the rates specified by the pricing curve.

## **Borrowing Mechanics**

Once the borrowing range order is placed, the process proceeds as follows:

1. **Order Matching:**
   * When a lending market taker fills a portion of the borrowing range order, the following steps occur:
     1. **Minting FTs and XTs:**\
        The debt token provided by the lending market taker is used to mint an equivalent amount of **FTs** (representing the principal) and **XTs** (representing the present value of the future interest payment).
     2. **XT Exchange:**\
        The **minted XT** is sold to the borrowing range order, where it is exchanged for additional FTs. These exchanged FTs are minted from the borrowing order setter’s **Gearing Token (GT)**, increasing the debt amount recorded in the GT accordingly.
     3. **FT Allocation to the Lending Market Taker:**\
        The lending market taker receives a total amount of FTs that exceeds the amount of debt tokens they provided. This includes:
        * **Original Minted FTs:** Representing the principal (equal to the lent debt tokens).
        * **Exchanged FTs:** Representing the fixed yield earned by the lending market taker.
   * As a result, the borrowing order setter’s GT reflects both the collateral locked and the increased debt amount corresponding to the total FTs issued.
2. **Repayment Options:**\
   At or before maturity, the borrowing order setter must repay the debt recorded in their GT to unlock their collateral. This can be done in two ways:
   * **Repay with Debt Tokens Directly:** The borrower repays the exact amount of borrowed debt tokens (e.g., USDC).
   * **Repay with FTs:** The borrower buys back FTs from the market—often at a discount—and uses them to settle the debt, potentially saving on repayment costs.
3. **Liquidation Risk:**\
   If the GT’s LTV exceeds the **Liquidation LTV** due to changes in collateral or debt token prices, the collateral may be liquidated to protect lenders.

## **Example: Alice as a Borrowing Range Order Setter**

1. **Choosing a Market:**
   * **Debt Token:** USDC
   * **Collateral Token:** ETH
   * **Maturity Date:** 1 year
   * **Maximum LTV (MLTV):** 80%
   * **Liquidation LTV:** 85%
   * **ETH Price:** $1,000
2. **Specifying Borrowing Parameters:**\
   Alice decides to borrow USDC using ETH as collateral. She specifies:
   * **Collateral Amount:** 1 ETH.
   * **Maximum Borrowing Amount:** 800 USDC (calculated as 1 ETH × 80% MLTV).
   * **Pricing Curve:** 6–8% interest, with the highest rates applying to the first portion matched and progressively decreasing for subsequent matches.
3. **Order Matching Process:**
   * A lending market taker lends **500 USDC** into Alice’s range order.
   * The platform mints:
     * **500 FTs** representing the **principal**.
     * **500 XTs** representing the **interest**.
   * The minted **XTs** are exchanged within Alice’s range order for additional FTs. These **exchanged FTs** are minted from Alice’s GT and increase the **debt amount** recorded in her GT.
   * The lending market taker receives:
     * **500 Original FTs** (representing the principal).
     * **35 Exchanged FTs** (representing their fixed yield based on the specified rate 7% for example).
4. **Post-Match Status:**
   * Alice’s GT now records a total debt of **535 FTs** (500 principal + 35 exchanged FTs for the yield).
   * The lending market taker holds **535 FTs** in total, earning a fixed return on their lent debt tokens.

## **Advantages**

1. **Customizable Borrowing Terms:**\
   Borrowing order setters define their own pricing curve, collateral amount, and borrowing limits, ensuring borrowing terms align with their goals.
2. **Fixed-Rate Borrowing:**\
   Borrowers lock in predictable costs, shielding themselves from market interest rate volatility.
3. **Efficient Capital Deployment:**\
   Borrowers can immediately deploy the borrowed debt tokens into other DeFi opportunities, maximizing the utility of their collateral.
4. **Cost-Effective Repayment Options:**\
   Borrowers can strategically use FTs to repay debt at a discount, reducing their overall borrowing costs.

## **Summary**

The borrowing range order setter role is ideal for users who want control over their borrowing terms and costs. By choosing a market, specifying collateral and borrowing parameters, and placing range orders, borrowing order setters gain access to predictable fixed-rate loans, flexible repayment options, and transparent risk management. This role provides a foundation for effective liquidity management and financial optimization on TermMax.


# Lending Range Order Setter

A **lending Range Order Setter** on TermMax is a user who defines the terms for lending debt tokens (e.g., USDC) by placing **lending range orders**. These range orders specify the desired lending rates, amounts, and maturity. Lending order setters are matched with **borrowing market takers** who borrow debt tokens at the specified terms. This role allows lenders to earn fixed returns on their capital with predictable yields, while securing their risk through collateralized loans.

## **How It Works**

A lending range order setter follows these steps to place a lending range order:

1. **Choosing a Market:**\
   The lending order setter selects a specific fixed-rate market to operate in, which includes the following predefined parameters:
   * **Debt Token:** The asset to lend (e.g., USDC).
   * **Collateral Token:** The asset that borrowers will lock as collateral (e.g., ETH).
   * **Maturity Date:** The time when the loan matures and lenders can redeem their yields.
   * **Maximum Loan-to-Value (MLTV):** The maximum LTV ratio at which the lending order setter is willing to lend. This ensures that the collateral value exceeds the debt value, reducing liquidation risk.
   * **Liquidation Loan-to-Value (LLTV):** The LTV threshold at which the collateral will be liquidated to protect the lender if the borrower’s debt becomes under-collateralized.
2. **Specifying Lending Parameters:**\
   After selecting a market, the lender configures their lending range order by specifying the following details:
   * **Total Lending Amount:** The total amount of debt tokens (e.g., USDC) they are willing to lend.
   * **Pricing Curve:** Defines the range of lending rates they are willing to offer. Lower rates apply to the initial portion of the order, and higher rates apply as more of the order is filled. For example, the first portion might lend at 4%, and subsequent portions might gradually increase up to 6%.
3. **Placing the Order:**\
   The lending range order is placed on the TermMax platform, where it remains active until it is fully matched or the maturity date is reached. Borrowing market takers can fill the order, borrowing debt tokens at the rates specified by the pricing curve.

## **Lending Mechanics**

Once the lending range order is placed, the process proceeds as follows:

1. **Order Initialization:**
   * When the lending range order is placed, the system mints **principal FTs** (equal to the total debt tokens lent) and corresponding **XTs** and allocates them to the range order. These FTs represent the **principal** that will eventually be redeemed by the lending order setter at maturity.
2. **Order Matching:**
   * When a borrowing market taker fills a portion of the lending range order, the following steps occur:
     1. **Borrowing and Collateral Lock:**\
        The borrowing market taker locks collateral in a **Gearing Token (GT)** and issues **Fixed-Rate Tokens (FTs)** with debt increased accordingly.
     2. **Splitting Issued FTs:**\
        The issued FTs are split into two parts:
        * **Principal Part of FTs:** Represents the borrowed debt token amount (e.g., 5,000 USDC).
        * **Interest Part of FTs:** Represents the fixed interest portion to be earned by the lending range order setter.
     3. **Interest Part FT Exchange:**\
        The borrowing market taker sells the **interest part of the FTs** to the lending range order in exchange for **X Tokens (XTs)**.
     4. **XT and FT Redemption:**\
        The borrowing market taker combines the exchanged XTs with the **principal part of the FTs** to **redeem debt tokens** (e.g., USDC). These redeemed debt tokens are then available for the borrowing market taker to use for further investment or liquidity needs.
     5. **FT Delivery to Lending Range Order Setter:**
        * The lending range order setter only receives the **interest part of the FTs** exchanged during the order matching process.
        * The **principal part of the FTs** for the lender was minted when the lending range order was placed and remains unchanged.
   * As a result, the lending order setter holds:
     * **Principal FTs (Minted Initially):** Representing the debt token amount lent.
     * **Interest FTs (Exchanged):** Representing the fixed yield earned from lending.
3. **Yield and Redemption at Maturity:**
   * The FTs issued to the lending order setter (both principal and interest parts) can be held to maturity, at which point they can be redeemed **1:1** for debt tokens (e.g., 1 FT = 1 USDC).
   * Alternatively, the lending order setter can sell FTs on the open market before maturity to realize their returns earlier.

## **Example: Bob as a Lending Range Order Setter**

1. **Choosing a Market:**
   * **Debt Token:** USDC
   * **Collateral Token:** ETH
   * **Maturity Date:** 1 year
   * **Maximum LTV (MLTV):** 80%
   * **Liquidation LTV:** 85%
2. **Specifying Lending Parameters:**\
   Bob decides to lend USDC in a TermMax market. He specifies:
   * **Total Lending Amount:** 10,000 USDC.
   * **Pricing Curve:** 4–6% interest, with lower rates applying to the initial portion of the order (e.g., 4%) and progressively increasing to higher rates for subsequent portions (e.g., 6%).
3. **Order Matching Process:**
   * A borrowing market taker borrows **5,250 USDC** from Bob’s range order:
     * The borrowing market taker locks collateral in a GT and issues **5,000 FTs** to represent the principal.
     * The issued FTs are split into two parts:
       * **Principal Part:** 5,000 FTs representing the debt.
       * **Interest Part:** 250 FTs representing the fixed yield (assume the matched interest rate is 5% for example).
     * The borrowing market taker sells the **interest part of 250 FTs** to Bob’s range order for **XTs**.
     * The borrowing market taker combines the exchanged XTs with the **principal part of 5,000 FTs** to **redeem 5,000 USDC**, which they can use for further investment.
   * Bob receives:
     * **Principal FTs (Minted Initially):** 10,000 FTs allocated to the range order when it was placed.
     * **Interest FTs (Exchanged):** 250 FTs representing the fixed yield.
4. **Post-Match Status:**
   * Bob now holds **10,250 FTs** in total.
   * At maturity, Bob can redeem these FTs for **10,250 USDC**, earning a fixed return on the debt tokens he lent.

## **Advantages**

1. **Predictable Yields:**\
   Lending range order setters define their pricing curve, ensuring they earn fixed, predictable returns on their lent debt tokens.
2. **Secured Lending Risk:**\
   Lending order setters manage their risk by selecting acceptable maximum and liquidation LTV ratios, ensuring loans are over-collateralized and protected from market volatility.
3. **Liquidity Flexibility:**\
   Lenders can hold FTs to maturity for guaranteed returns or sell them on the open market before maturity to realize their returns earlier.
4. **Efficient Capital Deployment:**\
   Lending order setters earn competitive fixed yields without exposure to floating-rate volatility, ensuring efficient use of their capital.

## **Summary**

The lending range order setter role is ideal for users who want to deploy capital in a predictable, fixed-rate lending environment. By choosing a market, specifying lending parameters, and placing range orders, lending order setters can define their desired rates and amounts while earning fixed returns with transparent risk management. This role offers a straightforward yet effective way to grow capital on TermMax.


# Two-Way Range Order Setter

A **two-way range order setter** on TermMax is a user who places a **single range order** with two pricing curves: one for **borrowing rates** and the other for **lending rates**. This allows the two-way order setter to act as both a borrower and a lender simultaneously within the same market. By setting a **lower rate on the borrowing curve** and a **higher rate on the lending curve**, the two-way order setter earns the spread when borrowing market takers and lending market takers fill the order.

## **How It Works**

A two-way range order setter follows these steps to place the range order:

1. **Choosing a Market:**\
   The two-way range order setter selects a specific fixed-rate market, which includes the following predefined parameters:
   * **Debt Token:** The asset to borrow or lend (e.g., USDC).
   * **Collateral Token:** The asset to lock as collateral for borrowing (e.g., ETH).
   * **Maturity Date:** The time when loans mature, borrowers must repay, and lenders can redeem their yields.
   * **Maximum Loan-to-Value (MLTV):** The maximum LTV ratio for borrowing, ensuring loans are over-collateralized.
   * **Liquidation Loan-to-Value (Liquidation LTV):** The LTV threshold at which collateral will be liquidated to protect lenders.
2. **Specifying Two Pricing Curves:**\
   The two-way order setter configures two separate pricing curves for their range order:

   * **Borrowing Curve:** Specifies the rates the two-way order setter is willing to pay to borrow debt tokens, with **lower rates to minimize borrowing costs**. For example, 3–5%, with higher rates applying to the initial portion matched and lower rates applying to subsequent portions.
   * **Lending Curve:** Specifies the rates the two-way order setter is willing to offer to lend debt tokens, with **higher rates to maximize returns**. For example, 6–8%, with lower rates applying to the initial portion matched and higher rates applying to subsequent portions.

   By maintaining a spread between the borrowing and lending curves, the two-way order setter ensures a profit margin when both curves are taken by market takers.
3. **Placing the Order:**\
   The two-way range order is placed on the TermMax platform, where it remains active until fully matched or the maturity date is reached. Borrowing market takers fill the **lending curve**, and lending market takers fill the **borrowing curve**. The two-way order setter adjusts dynamically between borrowing and lending based on market activity.

## **Two-Way Mechanics**

Once the two-way range order is placed, the process proceeds as follows:

1. **Order Matching for Borrowing (Borrowing Curve):**
   * When a lending market taker fills the borrowing curve, the two-way range order setter becomes a borrower. The process proceeds as follows:
     1. **Minting FT and XT:**\
        The debt token provided by the lending market taker is used to mint an equivalent amount of **FTs** (representing the debt) and **XTs**.
     2. **XT Exchange:**\
        The **XT** is sold to the two-way range order for exchanging **additional FTs**.
     3. **FT Reserve Check:**
        * If the two-way range order has sufficient **FT reserves**, the exchanged FT is transferred from the range order.
        * If the **FT reserve is insufficient**, the additional FTs are minted from the two-way order setter’s **Gearing Token (GT)**. This increases the **debt recorded in the GT**, reflecting the additional borrowing by the two-way order setter.
   * The two-way order setter can use the borrowed debt tokens for further investment, trading, or other purposes.
2. **Order Matching for Lending (Lending Curve):**
   * When a borrowing order setter fills the lending curve, the two-way order setter becomes a lender. The process mirrors the lending mechanics:
     1. Borrowing market takers lock collateral in their GT and issue FTs to represent the debt.
     2. The **interest part of FTs** is sold to the two-way range order in exchange for XTs.
     3. The two-way order setter receives:
        * **Interest FTs** representing the fixed yield.
        * **Principal FTs**, which were minted into the lending curve when the two-way range order was placed, representing the loan principal.
3. **Dynamic Role Adjustment:**
   * The two-way order setter’s role adjusts dynamically based on which curve is matched:
     * If the borrowing curve is filled, the two-way order setter becomes a borrower and accumulates debt in their GT.
     * If the lending curve is filled, the two-way order setter becomes a lender and accumulates FTs for yield.
4. **At Maturity:**
   * **As a Borrower:** The two-way order setter must repay the debt recorded in their GT by either repaying debt tokens directly or purchasing FTs from the market and returning them.
   * **As a Lender:** The two-way order setter redeems their accumulated FTs for debt tokens at maturity.

## **Example: Alice as a Two-Way Order Setter**

1. **Choosing a Market:**
   * **Debt Token:** USDC
   * **Collateral Token:** ETH
   * **Maturity Date:** 1 year
   * **Maximum LTV (MLTV):** 80%
   * **Liquidation LTV:** 85%
2. **Specifying Two Pricing Curves:**\
   Alice places a two-way range order with the following parameters:
   * **Borrowing Curve:** 3–5%, with **higher rates (5%) for the initial portion matched** and **lower rates (3%) for subsequent portions**.
   * **Lending Curve:** 6–8%, with **lower rates (6%) for the initial portion matched** and **higher rates (8%) for subsequent portions**.
3. **Order Matching:**
   * **Borrowing:**
     * A lending market taker lends **1,000 USDC** to Alice’s borrowing curve.
     * **Minting FT and XT:** 1,000 USDC mints **1,000 FTs** and **1,000 XTs**.
     * **XT Exchange:** The 1,000 XTs are sold to Alice’s borrowing curve for additional FTs.
     * **FT Reserve Check:** If the FT reserve in Alice’s range order is insufficient, additional FTs are minted from Alice’s GT, increasing her debt recorded in the GT.
     * **Result:** Alice borrows 1,000 USDC and increases her GT debt accordingly.
   * **Lending:**
     * A borrowing market taker fills Alice’s lending curve and issues FTs.
     * Alice receives the **interest FTs** exchanged during the match and holds the **principal FTs** minted when the range order was placed.
4. **At Maturity:**
   * Alice repays the debt recorded in her GT by either returning FTs or paying 1,000 USDC directly.
   * Alice redeems the FTs accumulated through lending (which may include the earning of spread between borrowing and lending rates).

## **Advantages**

1. **Dynamic Role Flexibility:**\
   Two-way order setters can seamlessly adjust between borrowing and lending, optimizing their capital usage based on market demand.
2. **Earn the Spread:**\
   By setting a **lower borrowing rate** and a **higher lending rate**, two-way range orders earn the spread between the two, creating a predictable profit margin.
3. **Capital Efficiency:**\
   A single range order allows two-way order setters to leverage both borrowing and lending opportunities without maintaining separate orders.
4. **Risk Management:**\
   Over-collateralization and LTV constraints protect two-way order setters from excessive risk on the borrowing side, while secured loans ensure returns on the lending side.

## **Summary**

The two-way range order setter role is ideal for users seeking a dynamic, capital-efficient strategy that combines borrowing and lending in a single position. By placing a two-way range order with separate borrowing and lending curves, two-way order setters can optimize yields, control borrowing costs, and respond to market conditions without needing to manage multiple positions. This flexibility makes two-way range order a powerful tool for advanced users on TermMax.


# Market Taker

Market takers on TermMax interact with the **range orders** defined by market makers to fulfill their borrowing or lending needs. Unlike market makers who define pricing curves, market takers simply match and fill these existing orders based on their financial objectives. The three types of market takers are:

1. [**Borrowing Market Taker**](/protocol-mechanisms/market-taker/borrower)\
   Borrowing market takers aim to secure debt tokens (e.g., USDC) for their financial needs by filling the **lending range orders** created by lending market makers. They lock collateral in a **Gearing Token (GT)**, issue **Fixed-Rate Tokens (FTs)** to represent their debt, and exchange these FTs for debt tokens at the rates specified in the lending curve. Borrowing market takers benefit from predictable, fixed-rate borrowing costs.
2. [**Lending Market Taker**](/protocol-mechanisms/market-taker/lender)\
   Lending market takers provide debt tokens to earn fixed returns by filling the **borrowing range orders** created by borrowing market makers. Their lent debt tokens are used to mint **FTs** and **XTs**, and the exchanged XTs ensure their returns are reflected in the fixed-rate yield specified in the borrowing curve. Lending market takers earn predictable yields without the need to define pricing curves.
3. [**Leverager**](/protocol-mechanisms/market-taker/leverager)\
   Leveragers are a specialized type of borrowing market taker who use borrowed debt tokens to amplify their exposure to a particular asset. Instead of simply using borrowed funds for external purposes, they reinvest the borrowed debt tokens into the underlying collateral asset, locking the collateral in a **Gearing Token (GT)** and creating a leveraged position. This is done in a single transaction through **flash loans**, enabling them to maximize their market exposure without looping.


# Borrower

A **borrowing market taker** on TermMax interacts with [**lending range orders**](/protocol-mechanisms/range-order-setter/lending-range-order-setter) placed by lending market makers to borrow debt tokens (e.g., USDC). Borrowing market takers secure their loans by locking collateral in [**Gearing Tokens (GT)**](/protocol-mechanisms/components/token#gearing-token-gt) and issuing [**Fixed-Rate Tokens (FT)**](/protocol-mechanisms/components/token#fixed-rate-token-ft), which are split into principal and interest parts. The interest part of the FTs is sold to the lending range order in exchange for [**X Tokens (XT)**](/protocol-mechanisms/components/token#x-token-xt), and the exchanged XT combined with the principal part of the FT is used to redeem the debt tokens. Borrowing market takers issue FTs equal to the debt amount they are willing to pay at maturity date, allowing them to access predictable, fixed-rate borrowing terms in a decentralized and transparent environment.

## **How It Works**

A borrowing market taker follows these steps to execute a borrowing transaction:

1. **Choosing a** [**Lending Range Order**](/protocol-mechanisms/range-order-setter/lending-range-order-setter)**:**\
   Borrowing market takers identify a lending range order that matches their borrowing requirements. The lending range order specifies:
   * **Debt Token:** The token to borrow (e.g., USDC).
   * **Lending Rates (Pricing Curve):** The fixed borrowing rates at which debt tokens are available. Lower rates apply to the initial portion matched, with progressively higher rates for subsequent portions.
   * **Maturity Date:** The time by which the debt must be repaid.
   * **Collateral Requirements:** The collateral token and the maximum Loan-to-Value (MLTV) ratio.
2. **Locking Collateral:**\
   Borrowing market takers lock their collateral (e.g., ETH) into a **Gearing Token (GT)**. The amount of collateral determines the maximum amount of debt tokens they can borrow, constrained by the MLTV of the selected market.
3. **Issuing Fixed-Rate Tokens (FTs):**\
   Borrowing market takers issue FTs equal to the debt amount they are willing to repay at maturity. These FTs represent the total debt obligation, including the principal and fixed yield to be earned by the lending market maker.
4. **Splitting FTs and Exchanging XT for Debt Tokens:**\
   The issued FTs are split into two parts:
   * **Principal Part:** Represents the debt token amount to be borrowed.
   * **Interest Part:** Represents the fixed yield for the lending market maker.\
     Borrowing market takers sell the **interest part of the FTs** to the lending range order in exchange for **X Tokens (XTs)**. The **exchanged FTs** ensure that the fixed yield for the lending market maker is reflected in the system, while the XT is combined with the principal part of the FTs to redeem debt tokens.

## **Borrowing Mechanics**

The borrowing mechanism involves the following technical process:

1. **Issuing FTs and Recording Debt:**
   * When borrowing market takers lock collateral into their GT, they can issue FTs based on the maximum Loan-to-Value (MLTV) ratio of the selected market.
   * For every **1 FT issued**, an equivalent amount of **debt is added to the GT**, reflecting the borrower’s obligation.
2. **FT Splitting:**
   * Borrowing market takers split the issued FTs into two parts:
     * **Principal Part:** Represents the debt token amount to be borrowed.
     * **Interest Part:** Represents the fixed yield payable to the lending market maker.
3. **XT Exchange:**
   * Borrowing market takers sell the interest part of the FTs to the lending range order in exchange for XTs.
   * The **exchanged FTs ensure the fixed yield for the lending market maker** is accurately reflected in the system.
4. **Debt Token Redemption:**
   * The exchanged XT is combined with the principal part of the FTs to redeem debt tokens (e.g., USDC), providing the borrowing market taker with the liquidity they need.
   * The redeemed debt tokens are transferred to the borrowing market taker’s wallet for further use.
5. **Debt Recording in GT:**
   * The GT records the total debt amount, which is the full value of the issued FTs (principal + interest).
   * Borrowing market takers must monitor their GT’s Loan-to-Value (LTV) ratio to avoid liquidation risks.

## **Example: Alice as a Borrowing Market Taker**

1. **Choosing a Lending Range Order:**\
   Alice identifies a lending range order offering USDC with the following parameters:
   * **Lending Curve:** 4–6% interest, with lower rates for initial portions matched.
   * **Maturity Date:** 1 year.
   * **Collateral Requirements:** ETH as collateral, with an MLTV of 80%.
2. **Borrowing Setup:**
   * Alice locks **2 ETH** as collateral (with ETH priced at $1,000).
   * Based on the MLTV, Alice can issue up to **1,600 FTs** and increase her debt recorded in her GT by **1,600 USDC**.
3. **Issuing and Splitting FTs:**
   * Alice issues **1,600 FTs**, representing the total debt obligation she is willing to repay at maturity. These FTs are split into:
     * **Principal Part:** 1,530 FTs, representing the debt token amount.
     * **Interest Part:** 70 FTs, representing the fixed yield for the lending market maker (assuming the matched interest borrowing rate is around 4.6%).
4. **Exchanging XT and Redeeming Debt Tokens:**
   * Alice sells the **interest part of 70 FTs** to the lending range order in exchange for **1,530 XTs**.
   * Alice combines the **1,530 XTs** with the **principal part of 1,530 FTs** to redeem **1,530 USDC**.
5. **Post-Borrowing Status:**
   * Alice now has **1,530 USDC** in her wallet and **2 ETH** locked in her GT.
   * The GT records **1,600 USDC** as her debt obligation.
6. **Repayment Options:**
   * **Option 1:** Alice repays **1,600 USDC** directly to unlock her ETH collateral at maturity.
   * **Option 2:** Alice purchases **1,600 FTs** from the market at a discount (e.g., $0.95 per FT), saving $80 on repayment.

## **Advantages**

1. **Fixed-Rate Borrowing:**\
   Borrowing market takers benefit from predictable borrowing costs, shielding them from volatile market rates.
2. **Flexible Repayment Options:**\
   Borrowing market takers can repay directly with debt tokens or strategically use discounted FTs to reduce repayment costs.
3. **Efficient Liquidity Access:**\
   Borrowing market takers can leverage TermMax’s range orders to access liquidity quickly and at competitive rates.
4. **Over-Collateralization for Security:**\
   The locked collateral ensures that borrowing is secured, mitigating risks for both borrowers and lenders.

## **Summary**

Borrowing market takers play a crucial role on TermMax by interacting with lending range orders to access fixed-rate loans. Through collateralized borrowing, FT issuance, and predictable repayment options, borrowing market takers enjoy secure, efficient, and transparent borrowing experiences. This role is ideal for users seeking stable borrowing costs and capital flexibility in a decentralized environment.


# Lender

A **lending market taker** on TermMax interacts with [**borrowing range orders**](/protocol-mechanisms/range-order-setter/borrowing-range-order-setter) placed by borrowing market makers to lend debt tokens (e.g., USDC). Lending market takers provide debt tokens to earn fixed returns by filling the borrowing curve of a range order. Their lent debt tokens are used to mint [**Fixed-Rate Tokens (FT)**](/protocol-mechanisms/components/token#fixed-rate-token-ft) and [**X Tokens (XT)**](/protocol-mechanisms/components/token#x-token-xt). Lending market takers sell the minted XTs to the borrowing range order and receive **additional FTs** as interest, representing their fixed yield. This allows them to securely and predictably earn returns in a decentralized environment.

## **How It Works**

A lending market taker follows these steps to execute a lending transaction:

1. **Choosing a Borrowing Range Order:**\
   Lending market takers identify a borrowing range order that matches their lending requirements. The borrowing range order specifies:
   * **Debt Token:** The token to lend (e.g., USDC).
   * **Borrowing Rates (Pricing Curve):** The fixed lending rates available. Higher rates apply to the initial portion matched, with progressively lower rates for subsequent portions.
   * **Maturity Date:** The time at which the loan matures and the lender can redeem their returns.
2. **Providing Debt Tokens:**\
   Lending market takers provide their debt tokens (e.g., USDC) to the borrowing range order by filling portions of the borrowing curve. The amount lent depends on the **borrowing demand within the range order** and the **specific portion of the curve being matched**.
3. **Minting and Selling XTs for Additional FTs:**
   * The debt tokens provided by lending market takers are used to mint **FTs** and **XTs**.
   * Lending market takers sell the minted XTs back to the borrowing range order in exchange for **additional FTs**, which represent the fixed yield earned on their lent amount.
4. **Holding FTs for Fixed Returns:**\
   Lending market takers hold the FTs (both principal and interest parts) until maturity, when they can redeem them for their fixed returns.

## **Lending Mechanics**

The lending process involves the following key steps:

1. **Matching and Lending:**
   * Lending market takers fill portions of the borrowing curve in the range order. For example, if the borrowing curve offers rates ranging from **6–4%**, the first portion might be lent at 6%, and subsequent portions at progressively lower rates.
   * The amount lent depends on the borrowing demand at specific points along the curve and the availability of funds to meet that demand.
2. **FT and XT Dynamics:**
   * Debt tokens provided by lending market takers are used to mint **FTs** and **XTs**.
   * Lending market takers sell the minted **XTs** to the borrowing range order in exchange for **additional FTs**, which represent their fixed yield.
3. **Fixed Returns:**
   * At maturity, the lending market taker redeems the FTs (both principal and interest parts) for debt tokens, earning the fixed returns specified in the borrowing curve.

## **Example: Bob as a Lending Market Taker**

1. **Choosing a Borrowing Range Order:**\
   Bob identifies a borrowing range order with the following parameters:
   * **Borrowing Curve:** 6–4% interest, with higher rates for initial portions matched.
   * **Maturity Date:** 1 year.
2. **Lending Setup:**
   * Bob provides **1,000 USDC** to the borrowing range order.
   * This amount is matched at a rate of **5%**, based on the current position in the borrowing curve.
3. **Minting and Selling XTs for Additional FTs:**
   * Bob’s **1,000 USDC** is used to mint **1,000 FTs** (principal) and **1,000 XTs**.
   * Bob sells the **1,000 XTs** to the borrowing range order in exchange for **50 FTs** (interest), reflecting the fixed yield of 5%.
4. **Post-Lending Status:**
   * Bob now holds **1,050 FTs** in his wallet:
     * **1,000 FTs** represent the principal.
     * **50 FTs** represent the fixed interest.
5. **At Maturity:**
   * Bob redeems the **1,050 FTs** for **1,050 USDC**, earning both his principal and fixed return.

## **Advantages**

1. **Predictable Fixed Returns:**\
   Lending market takers earn predictable, fixed returns by lending their debt tokens at transparent rates defined in the borrowing curve.
2. **Low-Risk Lending:**\
   Lending is secured by the over-collateralization of borrowing market makers, minimizing risk for lenders.
3. **Passive Income Opportunity:**\
   Lending market takers can provide liquidity and earn passive income without needing to actively define pricing curves or manage range orders.
4. **Efficient Capital Deployment:**\
   Lending market takers can lend their debt tokens securely and efficiently, knowing they will earn a fixed yield at maturity.

## **Summary**

Lending market takers play a crucial role on TermMax by providing debt tokens to fill borrowing range orders and earn fixed returns. By minting XTs, selling them to the range order, and receiving FTs as both principal and interest, lending market takers enjoy predictable, secure, and efficient lending experiences. This role is ideal for users seeking stable, passive income opportunities in a decentralized environment.


# Leverager

A **leverage market taker** on TermMax is a **special type of borrower** who reinvests the borrowed debt tokens into purchasing the collateral asset, thereby amplifying their exposure to the collateral. Unlike traditional borrowers who use the borrowed debt tokens for external purposes, leverage market takers use TermMax’s efficient, fixed-rate mechanisms and **flash loans** to streamline the leveraging process. The borrowed debt tokens, combined with the initial contribution, are used to purchase collateral, which is locked into a [**Gearing Token (GT)**](/protocol-mechanisms/components/token#gearing-token-gt). This mechanism allows leverage market takers to achieve leveraged exposure efficiently, securely, and within a single transaction.

## **How It Works**

A leverage market taker follows these steps to execute a leveraging transaction:

1. **Providing Debt Tokens:**\
   Leverage market takers start by providing debt tokens (e.g., USDC) to the system as the initial input for creating the leveraged position.
2. **Flash Loan Borrowing:**\
   Using the provided debt tokens, leverage market takers take a **flash loan** to borrow additional debt tokens. The combined debt tokens (provided + borrowed) serve as the total input for purchasing collateral.
3. **Purchasing and Locking Collateral:**\
   The combined debt tokens are used to purchase the desired collateral asset (e.g., ETH). The purchased collateral is locked into a **Gearing Token (GT)**, which records the total collateral and debt amounts for the leveraged position.
4. **Issuing and Splitting FTs:**
   * The locked collateral in the GT is used to issue **Fixed-Rate Tokens (FTs)**.
   * The issued FTs are split into:
     * **Principal Part:** Represents the equivalent value of the debt tokens borrowed.
     * **Interest Part:** Represents the fixed yield payable to the lending market maker.
5. **Exchanging XTs and Repaying Flash Loan:**
   * The interest part of the FTs is sold to the lending range order in exchange for **X Tokens (XTs)**.
   * The exchanged XTs are combined with the principal part of the FTs to redeem debt tokens (e.g., USDC).
   * The redeemed debt tokens are used to **repay the flash loan**, completing the transaction.
6. **Final Leveraged Position:**\
   After the transaction is complete, the leverage market taker receives a **GT** that reflects the leveraged position. The GT tracks the locked collateral and the total debt obligation.

## **Leverage Mechanisms**

The leveraging process involves the following key steps:

1. **Debt Token Contribution:**\
   Leverage market takers begin by contributing an initial amount of debt tokens, which forms the foundation of the leveraged position.
2. **Flash Loan Borrowing:**
   * The flash loan mechanism enables leverage market takers to borrow additional debt tokens without needing upfront collateral for the borrowed amount.
   * The borrowed debt tokens, combined with the initial contribution, maximize the total input for purchasing collateral.
3. **Collateral Purchase and Locking:**
   * The combined debt tokens are used to purchase additional collateral assets (e.g., ETH).
   * The purchased collateral is locked into a **Gearing Token (GT)**, which tracks the total collateral and debt for the leveraged position.
4. **Issuing FTs:**
   * The locked collateral allows the issuance of Fixed-Rate Tokens (FTs).
   * For every **FT issued**, an equivalent amount of debt is recorded in the GT.
5. **FT Splitting and XT Exchange:**
   * The issued FTs are split into **principal** and **interest parts**:
     * **Principal Part:** Represents the borrowed debt token amount.
     * **Interest Part:** Represents the fixed yield payable to the lending market maker.
   * The interest part of the FTs is sold to the lending range order in exchange for XTs, ensuring the fixed yield is reflected in the system.
6. **Flash Loan Repayment:**
   * The exchanged XTs are combined with the principal part of the FTs to redeem debt tokens (e.g., USDC).
   * The redeemed debt tokens are used to repay the flash loan, completing the leveraging transaction.
7. **Final GT Position:**
   * The GT records the total leveraged debt and locked collateral, reflecting the leverage market taker’s position.
   * The leverage market taker is now fully leveraged on the collateral asset.

## **Example: Alice as a Leverage Market Taker**

1. **Providing Debt Tokens:**\
   Alice provides **1,000 USDC** as the initial input to create a leveraged position.
2. **Flash Loan Borrowing:**
   * Alice uses a flash loan to borrow an additional **2,000 USDC**, bringing the total available funds to **3,000 USDC**.
3. **Purchasing and Locking Collateral:**
   * Alice uses the **3,000 USDC** to purchase **3 ETH** (assuming ETH is priced at $1,000).
   * The purchased **3 ETH** is locked into a GT.
4. **Issuing and Splitting FTs:**
   * The locked **3 ETH** is used to issue **2,100 FTs**.
   * The FTs are split into:
     * **2,000 FTs:** Representing the debt token amount to be borrowed.
     * **100 FTs:** Representing the fixed yield for the lending market maker.
5. **Exchanging XTs and Repaying Flash Loan:**
   * Alice sells the **100 FTs (interest part)** to the lending range order in exchange for **2,000 XTs**.
   * The **2,000 XTs** are combined with the **2,000 FTs (principal part)** to redeem **2,000 USDC**.
   * The redeemed **2,000 USDC** is used to repay the flash loan.
6. **Post-Leverage Status:**
   * After the transaction, Alice’s GT reflects:
     * **3 ETH** locked as collateral.
     * **2,100 USDC** recorded as debt.
   * Alice successfully creates a leveraged position with amplified exposure to ETH.

## **Advantages**

1. **Efficient Leverage Creation:**\
   Leverage market takers benefit from TermMax’s single-transaction flash loan mechanism, allowing them to achieve leverage efficiently without requiring repetitive loops.
2. **Amplified Market Exposure:**\
   As a special type of borrower, leverage market takers reinvest the borrowed debt tokens into purchasing collateral, maximizing their exposure to the desired asset.
3. **Fixed-Rate Borrowing Stability:**\
   Fixed-rate borrowing ensures predictable costs, minimizing risks associated with fluctuating market rates.
4. **Secure Over-Collateralization:**\
   The locked collateral in the GT secures the leveraged position, mitigating risks for both the leverage market taker and the platform.

## ([V2](https://blog.ts.finance/termmax-v2/)) Smart Unwind

Smart Unwind enables Leveragers to set automated exit conditions on their GT positions, turning their leveraged debt into tradeable liquidity before maturity. This feature is not live **yet**.

### Setting Exit Conditions

When creating or managing a leveraged position, leverage market takers can specify:

* **Target APR**: The desired return rate that triggers position transfer
* **Target Price**: A specific collateral/debt price ratio for automatic exit

### Exit Triggers

Smart Unwind activates when market conditions meet the leverage market taker's exit criteria through two mechanisms:

1. **Collateral Price Appreciation**: \
   Arbitrageurs are willing to buy positions from leveragers at a fixed price that satisfies the APR and then sell the collateral on the market.
2. **Borrowing Rate Increase:** \
   New leveragers on TermMax are willing to take over existing positions with a premium over taking the lending orders on the market.

### Benefits&#x20;

* **Automated Profit-Taking**: Exit automatically when targets are reached and receive initial debt assets provided, plus target returns
* **Higher Effective APR**: Capture value from market movements on DEX and TermMax beyond base yields

\
Smart Unwind transforms leveraged positions on TermMax from static holdings into dynamic liquidity sources, enabling leverage market takers to maximize returns while improving overall protocol efficiency.<br>

## **Summary**

Leverage market takers on TermMax are a special type of borrower who reinvest the borrowed debt tokens into collateral assets to amplify their exposure. By combining their debt token input with flash loans and locking collateral into GTs, leverage market takers create efficient leveraged positions while benefiting from fixed-rate borrowing and over-collateralization. This role is ideal for users seeking increased exposure to collateral assets in a secure and decentralized manner.&#x20;


# Curator

A **Curator** is the primary manager of a [vault](/protocol-mechanisms/components/vault), where [depositors](/protocol-mechanisms/curator) can place digital assets to share in profits.

* **Capital Allocation**: Creating and managing orders across different markets
* **Risk Management**: Setting appropriate parameters to protect liquidity providers
* **Strategy Implementation**: Determining the optimal deployment of capital
* **Performance Optimization**: Adjusting strategies to maximize returns for vault depositors
* ([V2](https://blog.ts.finance/termmax-v2/)) **Base Yield Selection**: Select a base yield that idle assets will earn upon the vault's creation (e.g., floating rates from AAVE, Morpho).

Curators have significant authority over vault operations but are constrained by the timelock mechanism and guardian oversight.

### Curator Permissions

Curators have the following permissions:

#### **Order Management**

The curator can:

* Create new orders with whitelisted markets
* Set maximum supply limits for orders
* Configure initial reserve amounts
* Define price curve parameters for both lending and borrowing rates (in Two-Way Range Orders)
* Update existing order parameters
* Redeem orders when necessary

#### **Parameter Management**

The curator can submit (subject to timelock for acceptance):

* Timelock period changes
* Market whitelist additions
* Performance fee rate adjustments

Additionally, the curator can:

* Set vault capacity limits (maximum TVL)
* Withdraw earned performance fees
* Update supply and withdrawal queues (as curators also have ALLOCATOR privileges)

### Curator Constraints

Curators operate under several constraints:

1. **Timelock Delays**: Most significant parameter changes require a timelock period
2. **Guardian Oversight**: The vault guardian can cancel pending parameter changes
3. **Market Whitelisting**: Curators can only create orders with pre-approved markets
4. **Capacity Limits**: The amount of assets that can be deposited is capped


# Depositor

### Overview

A **Depositor** in TermMax is a user who provides digital assets to vaults managed by expert [Curators](/protocol-mechanisms/curator) in exchange for passive yield. Depositors earn proportional profits from the Curator's strategic capital allocations across different markets without needing to actively manage positions themselves.

### How It Works

Depositors access the "[Earn](https://app.termmax.ts.finance/earn)" page to view available vaults created by Curators. Each vault represents a unique strategy implemented by a Curator, who strategically places [range orders](/protocol-mechanisms/range-order-setter) across multiple markets with the same debt token. By depositing assets into a vault, depositors receive vault shares that entitle them to a proportional share of profits generated by the Curator's activities.

#### Key Benefits for Depositors

* **Passive Income**: Earn yields without actively managing borrowing, lending, or leveraging positions
* **Professional Management**: Benefit from Curators' expertise in market selection and range order placement
* **Diversification**: Gain exposure to multiple markets through a single vault deposit
* **Flexibility**: Withdraw funds at any time and receive proportional shares
* **Transparency**: View vault performance metrics before depositing

### Understanding Vault Shares

Vault shares follow the ERC-4626 tokenized vault standard:

* **Share Price Calculation**: The value of each share increases as the vault earns profits
* **Profit Distribution**: Profits are automatically reflected in the increasing value of your shares
* **Fee Application**: Performance fees are already accounted for in share value calculations

#### Passive Yield Fees

Idle assets sitting in a vault generate passive yield through [Composable Base Yield](https://blog.ts.finance/termmax-v2/), and two fees are deducted from that yield before it accrues to depositors:

* **Curator Fee**: Set by the vault's performance fee parameter and paid to the Curator managing the vault. This rewards Curators for their strategy and active management.
* **Protocol Fee**: Set by the protocol fee parameter and paid to TermMax. This is currently set at 2%.

Both fees apply only to the passive yield generated by idle assets, not to your deposited principal. The fees are automatically reflected in your share price, so no manual claiming is required.

### Risk Considerations

While vaults offer passive income opportunities, depositors should be aware of:

* **Curator Dependency**: Performance relies on the Curator's strategy and expertise
* **Market Risks**: Underlying market conditions affect vault performance
* **Withdrawal Timing**: In certain market conditions, withdrawals might be queued
* **Negative Returns Possibility**: There is no guarantee of positive returns – depositors may experience negative profits due to adverse market conditions or unsuccessful curator strategies

### Summary

As a Depositor in TermMax, you can earn passive income by providing capital to professionally managed vaults. This approach offers the benefits of fixed-rate lending and borrowing strategies without requiring technical knowledge or active management.

However, it's crucial to conduct thorough research on both the curator's track record and current market conditions before committing your funds. While the process of depositing is simple, successful investing requires due diligence in selecting the right vaults. Take time to evaluate curator performance history, understand their strategy, and assess how current market trends might affect their approach.

By selecting well-researched vaults and diversifying your deposits across multiple strategies, you can better optimize your earning potential while maintaining the flexibility to withdraw your funds at any time.


# Components

Below is an overview chart of roles and components:

<figure><img src="/files/KDjcwq5xy2ZNy2TqSrIy" alt=""><figcaption><p>Components and Roles in TermMax</p></figcaption></figure>

The main components in TermMax include:

* [Market](/protocol-mechanisms/components/market)
* [Range Order / Pricing Curve](/protocol-mechanisms/components/range-order-pricing-curve)
* [Vault](/protocol-mechanisms/components/vault)
* [Token (FT, XT, and GT)](/protocol-mechanisms/components/token)


# Market

A Market is where users can place orders for borrowing, lending, leveraging, and providing liquidity. Each Market includes the following essential elements and parameters, configured by the TermMax administrator:

* Debt Token: The token borrowers borrow and lenders lend (e.g., USDC).
* Collateral Token: The token borrowers use as collateral (e.g., PT-sUSDe-27Dec2024).
* Maturity Date: The date by which borrowers must repay the debt (e.g., December 28, 2024).
* Liquidation LTV (LLTV): The Loan-to-Value ratio at which liquidation is triggered. Liquidation occurs if the loan's LTV meets or exceeds the LLTV threshold due to a decline in collateral value or an increase in debt token value.
* Max LTV (MLTV): A more conservative LTV threshold with a built-in buffer, used to calculate the maximum amount of tokens that can be borrowed when a market maker (as a borrower) deposits collateral. The MLTV helps prevent immediate liquidation due to sudden market price fluctuations.
* Leverage Market: This is a flag indicating whether leverage is enabled for the market. Not all markets are suitable for leverage due to high risk of liquidation and other factors.

## Interest Calculation

The interest amount ($$I$$) on TermMax will be calculated based on the matched interest rate ($$r$$) and time ratio ($$\theta$$).

$$
\begin{cases}
t\_{M} := \text{maturity timestamp} \ t\_{m} := \text{matched timestamp} \ d:= \text{days from } t\_{m} \text{ to } t\_{M}
\end{cases}
$$

$$
d = \lceil \frac{t\_{M}-t\_{m}}{86400} \rceil
$$

$$
\theta = \lfloor \frac{d}{365} \rfloor
$$

$$
I = r \theta
$$

Open Time: The time at which the market opens for market makers and curators to create and activate range orders.


# Range Order / Pricing Curve

### **Definition of Range Order**

A Range Order is a series of continuous orders configured by a range order setter or curator, defining the AMM pricing curve within a Market. Borrowers, lenders, and leveragers interact with these orders.

A single Market can contain multiple Range Orders, allowing users to choose the most favorable rates under various market conditions for lending, borrowing, or leveraging.

### **Types of Range Order**

There are three types of Range Orders:

* Borrowing Range Order: Configured by a range order setter using the Market's pre-defined collateral and debt tokens. The order setter must deposit collateral before the Open Time, allowing their placed orders to be matched by lenders at a fixed rate defined by the pricing curve. Curators creating vaults cannot create Borrowing Range Orders due to technical design constraints.&#x20;
* Lending Range Order: Configured by a range order setter or curator using deposited debt tokens. These orders are expected to be matched by borrowers/leveragers at a fixed rate on the pricing curve.

Two-Way Range Order: Configured by a range order setter or curator to facilitate both borrowing and lending. These orders are expected to be matched at a fixed rate on the pricing curve by lenders or borrowers/leveragers.

### **Range Order examples**

[**Borrowing Range Order**](/protocol-mechanisms/range-order-setter/borrowing-range-order-setter)

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd2fTgxjWmAEdiFlLwGEjyHIMHePfRcF37-c4LGaDuAI0bs7f0EgYf0Hy6T0H9GoraEO6bZtjflaTkSb7z_cV3VMj9ZwY4kit-Ugy9wBXyOQlWm13ovHaQ8BIUTicaXTI5ZmOOLdA?key=flNhDWWrRjwKBSSLwQepkWF2" alt=""><figcaption><p>Borrowing Range Order</p></figcaption></figure>

The chart depicts a borrowing range order with a segmented interest rate range. This range order facilitates lending to the order setter who created the order. The order setter intends to borrow a total of 1.87M units of the debt tokens.

The interest rate structure is as follows:

* Segment 1: The first 1.5M units will be borrowed at a rate starting at 17% APR and decreasing to 15% APR as this portion of the order is filled.
* Segment 2: The next 0.2M units (from 1.5M to 1.7M) will be borrowed at a rate starting at 15% APR and decreasing towards 10% APR as this portion is filled.
* Segment 3: The final 0.17M units (from 1.7M to 1.87M) will be borrowed at a rate starting at 10% APR and decreasing towards approximately 7.5% APR as this final portion is filled.

This is a borrowing range order (from the order setter's perspective), users act as lenders.

[**Lending Range Order**](/protocol-mechanisms/range-order-setter/lending-range-order-setter)

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXexU9rGQ_cK6G6xojlT5yJmXi1vdUcJMPbtB0vFOt02AziRJV8pKLgWu5AbxC3Rnp1WPUo_tj4D9qWhpwHCiJi1ClV7Wj6W5P3QI7HRZr9Ye5V2lxsajzxZ1gEkwv2Umh6-_gFGqw?key=flNhDWWrRjwKBSSLwQepkWF2" alt=""><figcaption><p>Lending Range Order</p></figcaption></figure>

The chart depicts a lending range order. This means the range order setter is offering to lend a total of 2M units of the debt tokens (XT Reserve). Users can borrow from this range order.

The interest rate structure is as follows:

* Segment 1: The first 2M units (from 2.2M to 0.2M) will be lent at a rate increasing from 10% APR to approximately 15% APR as this portion of the order is filled by borrowers.
* Segment 2: The remaining 0.2M units (from last 0.2M to 0M) will be lent at a rate increasing from 15% APR to approximately 40% APR as this portion is filled.

This is a lending range order (from the order setter's perspective), users act as borrowers.

[**Two-way Range Order**](/protocol-mechanisms/range-order-setter/two-way-range-order-setter)

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe5394QVNi_I0uZz9YWG3p7QB3jcOajc1D0z30grugldn-179hL_gnxU90pKiUoTsb5zmIbfAbYu_KD8ozps1-9z8ww_WplBUbiLpL669j5ABI9EEvQjs5vdgIaswhKdJ6naubIGw?key=flNhDWWrRjwKBSSLwQepkWF2" alt=""><figcaption><p>Two-way Range Order</p></figcaption></figure>

The chart depicts a two-way range order, allowing for both borrowing and lending within a single pool. This means the range order setter is facilitating both sides of the market. The chart shows the relationship between the APR offered/charged and the XT Reserve (representing the amount of the debt tokens).

Here's a breakdown of how the two curves function:

* Lending Pricing Curve (Upper Curve): This curve represents the APR the order setter charges borrowers. As the amount lent increases (XT Reserve decreases), the APR generally increases. This is a common strategy to discourage borrowers and incentivize lenders.
* Borrowing Pricing Curve (Lower Curve): This curve represents the APR the order setter pays to lenders. As the amount borrowed increases (XT Reserve increased) , the APR generally decreases. This is also common, as attracting more borrowers and discouraging lenders.

### **Range Order Parameters**

* Open Time: The time at which the range order becomes active for users.
* Initial Lend Amount: The initial maximum amount that can be lent in a Lending Range Order. The order setter must deposit this amount before Open Time to activate the range order and the order setter can subsequently add or withdraw funds with updated Range Order parameters.
* Initial  Borrow Amount: The initial maximum amount that can be borrowed in a Borrowing Range Order. The order setter must deposit the corresponding collateral amount (based on the MLTV) to activate the range order and the order setter can subsequently add or withdraw collateral with updated Range Order parameters.
* Curve Segments: Define the shape of the pricing curve. Each segment consists of:
  * APR Upper Bound: The maximum APR for that segment.
  * XT Lower Bound: The threshold amount of XT (X Token) for that segment. Debt tokens deposited into the range order are converted to XT (see the Token section for more details). Multiple segments combine to form the complete range order or pricing curve.


# Vault

### Overview

In the TermMax protocol, a **Vault** is a smart contract that enables third-party fund management and profit sharing. Vaults are managed by [**Curators**](/protocol-mechanisms/curator) - specialized entities who deploy capital strategically across different markets to generate returns for liquidity providers who deposit assets into the vault.

### Vault Functionality

#### Purpose and Capabilities

A Vault in TermMax serves as a managed investment vehicle that:

* [**Deposits Capital**](/protocol-mechanisms/depositor): Aggregates funds from multiple depositors
* **Deploys Strategy**: Places range orders across different markets based on curator expertise
* **Shares Returns**: Distributes profits to liquidity providers proportionally to their contributions
* **Implements** [**ERC-4626**](https://ethereum.org/en/developers/docs/standards/tokens/erc-4626/): Follows the tokenized vault standard for interoperability

Vaults can connect to multiple markets as long as they use the same debt token, allowing for diversified strategies across different markets and risk profiles.

#### Technical Implementation

Vaults in the TermMax protocol feature:

* **ERC-4626 Compliance**: Standardized interface for deposit, withdrawal and share accounting
* **Order Management**: Capability to create and manage orders across multiple markets
* **Queuing System**: Priority-based deposit and withdrawal queues for optimal capital allocation
* **Role-Based Access**: Separate permissions for different operational aspects
* **Timelock Protection**: Enforced waiting periods for sensitive parameter changes

#### Vault Limitations

Vaults in TermMax have certain restrictions:

* Can only be associated with [Lending Range Orders](/protocol-mechanisms/range-order-setter/lending-range-order-setter) and [Two-Way Range Orders](/protocol-mechanisms/range-order-setter/two-way-range-order-setter)
* Cannot create [Borrowing Range Orders](/protocol-mechanisms/range-order-setter/borrowing-range-order-setter) (these can only be created by individual range order setters)
* In Two-Way Range Orders, curators can only lend first and then borrow by selling [FT tokens](/protocol-mechanisms/components/token#fixed-rate-token-ft); they cannot collateralize tokens to borrow directly
* Are subject to capacity limits to prevent over-concentration of capital
* Must respect timelock periods for parameter changes

### Vault Governance Structure

#### Role Definitions

1. **Curator**: Primary manager with order creation and parameter setting authority
2. **Guardian**: Safety oversight role that can block pending changes during timelock periods
3. **Allocator**: Manages capital allocation through queue prioritization

#### Access Control Structure

The access control for vault-specific roles follows these principles:

* The vault owner always has access to all roles
* The Curator also has Allocator privileges
* Multiple addresses can be assigned as Allocators
* Each role has specific permissions that cannot be accessed by other roles
* Role verification occurs before any restricted function execution

### Timelock Protection Mechanism

Many operations initiated by the Curator undergo a timelock period before they can be applied. The timelock system follows a three-step process:

1. **Submit** - A change is proposed (typically by the Curator)
2. **Wait** - The change enters a timelock period (default: 1 day)
3. **Accept** - After timelock expiration, the change can be accepted

During the timelock period, the Guardian role has the ability to review and potentially revoke the pending change.

#### Asymmetric Timelock Design

TermMax employs an innovative asymmetric timelock design, where:

1. **Risk-Reducing Changes** - Applied immediately without timelock:
   * Increasing timelock duration
   * Decreasing performance fee rate
   * Removing market whitelisting
2. **Risk-Increasing Changes** - Require full timelock period:
   * Decreasing timelock duration
   * Increasing performance fee rate
   * Adding market whitelist
   * Changing guardian

This allows for quick response to reduce risk while maintaining careful review for changes that increase risk.

### Vault Operational Flow

#### Vault Creation

1. The vault is deployed with initial parameters (asset token, name, timelock duration)
2. A curator is assigned to manage the vault
3. A guardian is assigned to provide security oversight

#### [Depositing to a Vault](/protocol-mechanisms/depositor)

1. Liquidity providers deposit the vault's asset token (e.g., USDC)
2. They receive vault shares (ERC-4626 tokens) representing their proportional ownership
3. The curator deploys the capital through range orders based on their strategy

#### Creating Orders

1. The curator identifies a favorable market opportunity
2. They create a [range order](/protocol-mechanisms/range-order-setter) with specific pricing curve parameters
3. The order is funded from the vault's capital
4. As the order is filled, the vault earns fees and spread

#### Withdrawing from a Vault

1. Liquidity providers redeem their vault shares
2. The vault processes withdrawals based on the withdrawal queue priority
3. The curator may need to adjust orders or redeem positions to fulfill large withdrawals
4. Liquidity providers receive their principal plus any earned profits

#### Performance Fee Distribution

1. The curator earns performance fees based on profits generated
2. Performance fees are calculated as a percentage of returns (set by the curator with timelock protection)
3. The curator can withdraw earned performance fees via a designated function

### Key Vault Parameters

#### Vault Configuration

* **Asset Token**: The ERC-20 token that liquidity providers deposit (e.g., USDC)
* **Capacity**: Maximum total value locked (TVL) in the vault
* **Performance Fee Rate**: Percentage of profits allocated to the curator
* **Timelock Duration**: Waiting period for sensitive parameter changes (1-30 days)

#### Order Configuration

When curators create orders, they specify:

* **Market**: The whitelisted market to interact with
* **Maximum Supply**: Total order size limit
* **Initial Reserve**: Initial amount allocated to the order
* **Curve Cuts**: Pricing curve configuration determining rates offered
* **Order Type**: Lending or Two-Way order

### Best Practices for Curators

#### Risk Management

* Maintain diversification across multiple markets to reduce concentration risk
* Set conservative LTV ratios when creating orders
* Monitor market conditions regularly to adjust strategies
* Maintain sufficient reserves for withdrawal requests

#### Parameter Setting

* Set realistic performance fee rates (typically 10-20%)
* Implement appropriate timelock durations based on strategy volatility
* Gradually adjust parameters to avoid market disruption
* Consider liquidity provider interests when configuring orders

#### Market Selection

* Thoroughly evaluate market risk before whitelisting
* Consider correlation between markets in the portfolio
* Monitor market activity after whitelisting
* Revoke whitelist if risks emerge

#### Operational Excellence

* Maintain clear communication with liquidity providers
* Document strategy changes and performance
* Regularly review order performance and adjust as needed
* Plan for contingencies in case of market disruption

### Two-Way Range Order Borrowing Limitation

In [Two-Way Range Orders](/protocol-mechanisms/range-order-setter/two-way-range-order-setter) created by vault curators, the borrowing mechanism has a specific restriction:

1. **Initial Lending Only**: The vault must first act as a lender by providing debt tokens to the market.
2. **Borrowing Through FT Sales**: The vault can only borrow by selling FT tokens it has acquired through its lending activities.
3. **No Direct Collateralization**: Unlike individual range order setters, vaults cannot directly collateralize tokens to borrow. This restriction exists because the vault itself holds user deposits, making direct collateralization complex from a risk management perspective.

This design choice ensures that vault borrowing is always backed by lending activities first, providing an added layer of security for vault depositors and maintaining a clear capital flow within the vault ecosystem.

### Summary

Vaults and Curators form the backbone of third-party fund management in the TermMax protocol. Curators leverage their expertise to manage capital efficiently across markets, while the carefully designed governance structure ensures security through timelock protection and role separation. The ERC-4626 standard provides liquidity providers with a familiar and interoperable way to participate in TermMax strategies, while earning returns proportional to their investment.

The system balances curator flexibility with appropriate constraints to protect liquidity providers, creating a sustainable ecosystem for managed fixed-rate lending and borrowing positions.<br>


# Token

### Fixed-rate Token (FT)&#x20;

*Token with fixed yield at maturity*

#### Purpose

The Fixed-Rate Token (FT) is an ERC-20 token designed to provide lenders with a fixed return at maturity.

#### Mechanism

Lenders purchase FT at a discounted price and redeem it for its face value at maturity, effectively earning a fixed yield. FTs can also be traded on the market.

#### Benefits&#x20;

FT offers predictable, fixed-rate returns over a defined term, providing certainty for lenders. In a declining interest rate environment, FT becomes more attractive than holding the underlying asset (e.g., USDC) directly.

#### Example&#x20;

110 FT-USDC will be redeemable for 110 USDC at maturity. A lender purchasing 110 FT-USDC for 100 USDC is effectively earning a 10% annual return ((110-100)/100) over a one-year term.<br>

This calculation assumes a one-year maturity. For maturities shorter or longer than one year, the annualized return is calculated proportionally. For example, if the maturity was 180 days (approximately half a year), the annualized return would be approximately 20%. The general formula for calculating the annualized return is:

Annualized Return = ((Maturity Price - Purchase Price) / Purchase Price) \* (365 / Maturity Days) \* 100<br>

Where:

Maturity Price: The value at which the FT token can be redeemed at maturity.

Purchase Price: The price paid to acquire the FT token.

Maturity Days: The number of days until the FT token matures.

### X Token (XT)&#x20;

*Interests to be paid*<br>

#### Purpose

The X Token (XT) is an ERC-20 token representing the interest obligation associated with an FT loan. It represents the present value of the interest to be paid by the borrower.<br>

XT also serves as an indicator of the leverage multiplier applied to the collateral. However, this is a derived property rather than its primary function.

#### Relationship to FT&#x20;

When a loan is created, it's represented by both FT and XT tokens. The combined present value of FT and XT equals the initial loan amount.

#### Formula

Initial Loan Value = Present Value (FT) + Present Value (XT)

#### Example

1000 USDC = PV(1000 FT-USDC) + PV(1000 XT-USDC) at anytime

### Gearing Token (GT)

*NFT with collateral and debt*<br>

#### Purpose&#x20;

The Gearing Token (GT) is an ERC-721 NFT that represents a leveraged borrowing position. It encapsulates the collateral and debt.<br>

GT simplifies complex looping strategies by representing the entire leveraged position in a single token. Standard looping requires multiple transactions across different protocols.<br>

#### Mechanism

1. Borrowers/Leveragers deposit collateral.
2. A GT NFT is minted, representing the loan (FT) and the collateral backing it.
3. When the loan is repaid, the GT is burned, and the collateral is returned.
4. Any changes to the collateral (adding or removing) update the GT's metadata and the associated health factor.

#### Relationship to FT

The GT represents the collateral and the obligation to repay the loan (represented by the corresponding FT tokens).

#### Representation

Collateral Value = GT Value (which represents Collateral - Value of Debt (FT)) + Value of Loan (FT)


# Transaction Fees

### Lending Transaction Fee

**Formula:**&#x20;

Lending transaction fee rate = APR × Lending Fee Rate × (days to maturity/365)&#x20;

Lending transaction fee = lending transaction fee rate × lend amount

Currently, the Lending Fee Rate is 2%. This rate is determined by the TermMax protocol.<br>

{% hint style="info" %}
**Example:** If the lending rate (APR) is 10% and the lend amount is 1,000 USDC with 365 days to maturity:

* Lending Fee Rate = 10% × 2% × (365/365) = 0.2%
* Fee = 0.2% × 1000 = 2 in unit of FT
  {% endhint %}

### Borrowing Transaction Fee

**Formula:**&#x20;

Borrowing transaction fee rate = \[GT Minting Reference Rate × GT Minting Fee Rate + matched borrow rate × Borrowing Fee Rate] × (days to maturity/365)&#x20;

Borrowing transaction fee = borrowing transaction fee rate × borrowed amount

Currently:

1. The Borrowing Fee Rate is 3%&#x20;
2. GT Minting Reference Rates:
   1. Stablecoins: 6% (Subject to prevailing market conditions from time to time)
   2. Non-Stablecoins: 3%
3. GT Minting Fee Rate: 10%

{% hint style="info" %}
**Example:** If the matched borrow rate is 5% and the borrowed asset is 1,000 USDC with 90 days to maturity:

* Borrowing transaction fee rate = \[6% × 10% + 5% × 3%] × (90/365) = 0.75% x 90 / 365 = 0.18493%
* Borrowing transaction fee = 0.18493% × 1,000 = 1.8493 in unit of FT
  {% endhint %}

### Leverage Transaction Fee

**Formula:** The leverage transaction fee rate is identical to the borrowing transaction fee rate.&#x20;

Total borrowing amount = input amount × (leverage multiplier - 1)&#x20;

Leverage transaction fee = total borrowing amount × borrowing transaction fee rate

{% hint style="info" %}
**Example:** With a borrowing transaction fee rate of 0.1923%, an input amount of 1,000 USDC, and a leverage multiplier of 4.8:

* Leverage transaction fee = 1,000 × (4.8 - 1) × 0.1923% = 7.3074 in unit of FT
  {% endhint %}


# FAQ

### What is TermMax, and how does it simplify leveraged yield strategies?

TermMax is a DeFi platform that makes leveraging super easy. Instead of juggling complex loops and multiple protocols, TermMax lets you amplify your yields with simple, one-click token transactions.

By using Gearing Tokens (GT), you can enter leveraged positions efficiently and securely. It takes the headache out of leveraging, so you can focus on maximizing your returns without the usual hassle.

<br>

### How does the Gearing Token (GT) work, and how can I use it to achieve leveraged yields?

The GT lets you easily enter leveraged positions without the usual complexities. By purchasing a GT, you're effectively leveraging your assets to amplify returns from yield-bearing tokens.

GT simplifies the process by bundling the necessary steps into one token. You benefit from higher potential yields while the platform manages liquidation risks for you.

<br>

### What risks do GT holders face?

As a GT holder, you're exposed to liquidation risk due to the leveraged position. If the value of your collateral drops significantly, your position could be liquidated to cover the debt.

Additionally, market volatility can affect your leveraged returns. It's important to monitor your positions and understand the risks involved with leveraging.

### What are Fixed-rate Tokens (FT), and how can they provide me with stable, predictable income?

FT are assets you buy at a discount and redeem at full value upon maturity. They offer a fixed interest rate over a set period, giving you predictable returns.

By holding FTs until maturity, you earn a stable income without worrying about fluctuating interest rates. It's a straightforward way to secure steady gains.

<br>

### What risks do FT holders face?

FT holders primarily face counterparty risk. If borrowers default or if there's a market disruption, it could impact your returns.

However, TermMax's physical delivery mechanism helps protect you. In partial liquidation events, you receive a proportional share of the collateral, mitigating potential losses.

<br>

### Do GT holders receive fixed income or variable income?

It depends on the collateral you're using! As a GT holder, if your collateral is a fixed-rate asset like PT tokens, you'll receive fixed income because the yields are fixed. If your collateral has a floating rate, then your income will be variable and fluctuate with the market.

The cool thing about TermMax is that the borrowed interest rates are always fixed, no matter what type of collateral you use. This unique feature means you have predictable borrowing costs, and your returns depend on whether your collateral's rates are fixed or floating.

<br>

### What is the X Token (XT), and what role does it play in the leveraging process within TermMax?

XT acts as an intermediary in the leveraging process. When you deposit funds, they're initially converted into XT.

XT facilitates the transition between your deposited tokens and the Gearing Token (GT). It's a crucial step in enabling the leveraged position but isn't typically held for long-term investment.

### How does TermMax's AMM-based leveraging model reduce transaction costs and enhance efficiency for users?

TermMax uses an Automated Market Maker (AMM) model to streamline leveraging within a single system. This reduces the need for multiple transactions across different platforms.

By consolidating steps, you save on gas fees and time. The efficient process makes leveraging more accessible and cost-effective for all users.

### What is the physical delivery mechanism in TermMax, and how does it protect lenders in case of collateral liquidation?

The physical delivery mechanism ensures that if a borrower defaults and liquidation is only partially successful, lenders receive a proportional share of the collateral directly.

This means your investment is protected even in adverse situations. You get actual assets instead of just a loss recovery promise, adding an extra layer of security.

<br>

### What trading strategies are recommended for FT and XT tokens?

For FT tokens: When interest rates of the underlying tokens are decreasing, consider buying (going long) to lock in higher fixed returns. If rates are increasing, selling (going short) might be advantageous since the fixed rate becomes less attractive.

For XT tokens: When interest rates of the underlying tokens are increasing, buying (going long) can capitalize on higher leveraged yields. If rates are decreasing, selling (going short) can help avoid reduced returns.

<br>

### How can borrowers leverage their idle or valuable assets on TermMax?

Borrowers can collateralize assets they don't want to sell, like yield-bearing tokens, to borrow funds at fixed rates. This unlocks liquidity without liquidating your holdings.

You can use the borrowed funds to invest further or capitalize on interest rate differences, effectively leveraging your existing assets for additional gains.

<br>

### What benefits do borrowers gain in TermMax compared to borrowers in other protocols?

TermMax offers fixed-rate borrowing, providing you with certainty over your repayment costs. This predictability is valuable for planning and managing risk.

Here's the unique advantage:

* Fixed Repayment Interest: Your interest rate is locked in at the time of borrowing, so you know the maximum amount you'll need to repay.
* Flexibility to Lower Costs: Before the due date, you have the option to purchase corresponding Fixed-rate Tokens (FT) at the current market price to repay your debt.
  * If the market interest rate is higher than your borrowing rate: You can buy FT tokens at a discount, allowing you to repay your debt at a lower cost than initially agreed.
  * If the market interest rate is lower than your borrowing rate: You can choose to pay the fixed interest rate you originally agreed upon, without any additional cost.

In other words, the fixed interest rate in TermMax represents the maximum you'll need to pay back. This flexibility means you could potentially reduce your repayment costs if market conditions are favorable—an option not typically available in other protocols.

This combination of predictability and flexibility sets TermMax apart, offering borrowers both security and the opportunity to benefit from favorable market movements.

<br>

### What benefits do lenders gain in TermMax compared to lenders in other protocols?

Lenders enjoy fixed interest rates, ensuring stable and predictable returns. The physical delivery mechanism adds extra security by protecting your investment in case of borrower default.

TermMax also reduces complexity and transaction costs, making the lending process more efficient and potentially more profitable.

<br>

### What advantages do liquidity providers gain by supplying liquidity to TermMax's AMM pools?

Liquidity providers earn a share of transaction fees, yields from the LP token lp-FT,  and platform incentives, boosting their returns. The AMM model allows for flexible exit strategies, so you can withdraw or adjust your position when you want.

By supplying liquidity, you're also supporting the platform's functionality, contributing to a healthier ecosystem.

<br>

### How do I get started with TermMax, and what are the steps to begin using its services?

To get started, visit the TermMax platform and connect your compatible wallet. Decide whether you want to be a lender, borrower, degen, farmer, or liquidity provider.

Follow the intuitive interface to deposit assets, purchase tokens like GT or FT, or provide liquidity. The platform guides you through each step, making it easy even if you're new to DeFi.

### Why is a GT's Value lower than my expectation?

Unlike money markets like Aave where interest accrues over time, TermMax finalizes all costs upfront. Therefore:

```
GT Value = Collateral - (Debt + Full Interest + Fees)
```

This means the GT's value already accounts for the full interest payment that will be due at maturity.


# Alpha Market

## What is TermMax Alpha

TermMax Alpha is an innovative financial instrument that upgrades “fixed-rate lending” into “option-based leveraged trading.” It enables users to participate in leveraged exposure with predictable costs and zero liquidation risk. TermMax Alpha bridges controllable risk with leveraged strategies, allowing users to earn yield in a simpler, safer, and more efficient way.

TermMax Alpha works closely with the Binance Alpha ecosystem: Binance focuses on discovering and listing new assets, while TermMax Alpha provides early price discovery, leverage, hedging, and yield strategies before these assets launch perpetual futures.\
\
TermMax Alpha also serves as a key derivatives infrastructure in the BNB ecosystem, enabling investors to capture early-stage volatility premium while further helping projects activate their communities and boost user engagement.

## Key Terms on the Platform

* **Long:** Refers to buying a call option in TermMax Alpha
* **Short:** Refers to buying a put option in TermMax Alpha
* **Dual Investment:** The counterparty providing liquidity to Long/Short options; effectively the option seller
* **Maturity:** The expiration date of the option
* **Strike Price:** The predetermined price at which the underlying asset can be bought or sold
* **Current Price:** The current market price of the token
* **Max Cost:** The upfront premium paid to purchase an option; also the maximum possible loss of the position (For clarity, “premium” will be used in the following text to refer to Max Cost)
* **Underlying Asset:** The asset on which the option is based
* **Quote Asset:** The asset used to denominate prices (primarily USDT in TermMax Alpha)


# Long/Short

## Long – Buy Call Option

When you believe a token’s price will rise, you can pay a premium to go Long.

**What You do:**

* Open a Long Position
* Pay the premium (in tokens)<br>

**P\&L before maturity:**

* 📈 Current Price > Strike Price → Profit is obtained through **Exercise – Net Settle or Exercise – Delivery**.
* 📉 Current Price < Strike Price → Loss limited to premium; you may “Close Position” early to stop losses (the remaining premium will be settled in tokens)

## Short – Buy Put Option

When you believe a token’s price will fall, you can pay a premium to go Short.

**What You do:**

* Open a Short Position
* Pay the premium (in USDT)<br>

**P\&L before maturity:**

* 📉 Current Price < Strike Price → Profit is obtained through **Exercise – Net Settle or Exercise – Delivery**.
* 📈 Current Price > Strike Price → Loss limited to premium; you may “Close Position” early to stop losses (the remaining premium will be settled in USDT).

**Risk Warning:**

**Market liquidity is not guaranteed.** Closing a Long/Short position early requires a counterparty. In low-liquidity conditions, you may be unable to unwind your position or may suffer significant price impact (slippage) to execute the trade. Please ensure you are comfortable with the associated risks before trading.


# Dual Investment

When you deposit USDT or tokens, you provide liquidity to option buyers — you become an option seller:

* Long (Buy Call Option) buyers need to borrow token liquidity from you to open their long positions.
* Short (Buy Put Option) buyers need to borrow USDT liquidity from you to open their short positions.
* As an LP (Liquidity Provider), you receive the premium they pay plus reward points.

### Scenario 1: Deposit USDT to provide liquidity

**What You do:** \
You deposit USDT into a Dual Investment Vault when your market view for a token is bullish or neutral (consolidating).

**Yield sources (reflected in APY):**

* Premiums paid by option buyers&#x20;
* Daily points rewards (Points rewards may vary due to official events/campaigns; please refer to the latest display on the leaderboard.)<br>

**Asset outcomes at maturity:**

* 📈 MarketPrice > Strike Price → You keep USDT + premium
* 📉 Market Price < Strike Price → Your USDT is converted into tokens at the Strike Price (Effectively, you are buying the token at the Strike Price) + premium<br>

**`Conceptual understanding:`**\
You are providing liquidity for put options. If the market price falls below the strike price, your USDT will be converted into tokens at the strike price.

**`Risk disclosure:`**\
You are exchanging the risk of “token price declining” for “guaranteed premium income.” If the token price drops significantly, you still earn premiums, but your USDT buys tokens at a price above market, bearing all downside.

However, if you are bullish on the token's long-term prospects, this is equivalent to utilizing the Dual Investment Vault’s mechanism to "buy the dip" at the Strike Price when the price falls.

### Scenario 2: Deposit Tokens to provide liquidity

**What You do:** \
You deposit the token into the Vault when your market view for a token is bearish or neutral (consolidating).

**Yield sources (reflected in APY):**

* Premiums paid by option buyers&#x20;
* Daily points rewards (Points rewards may vary due to official events/campaigns; please refer to the latest display on the leaderboard.)<br>

**Asset outcomes at maturity:**

* 📈Market Price > Strike Price → Your tokens convert into USDT at Strike Price (Effectively, you are selling the token at the Strike Price) + premium
* 📉 Market Price < Strike Price → You keep your tokens + premium<br>

**`Conceptual understanding:`**\
You are providing liquidity to call options. If the market rises, your Tokens will be converted into USDT at the strike price.

**`Risk disclosure:`**\
You lock in premium income at the cost of giving up upside beyond the Strike Price. Your risk is opportunity cost.\
\
However, if you consider the Strike Price a satisfactory exit price, you are effectively utilizing the Dual Investment Vault’s mechanism to pre-set a "Take Profit" selling price for your token.

**Warning:**

Dual Investment Vaults carry higher risk.Your assets may be converted if the vault's strike price is reached. Additionally, if the vault lacks sufficient liquidity, you may need to wait till maturity to withdraw your funds. Please review these conditions carefully and ensure you are comfortable with the associated risks before depositing.


# Asset Withdrawal & Settlement

## Withdrawal Before Maturity

**Why is early withdrawal restricted (or potentially unavailable) prior to the Dual Investment's maturity date?**

Dual Investment is not a flexible savings product. Deposits are used to underwrite option positions.

> *Whether assets can be withdrawn early depends on whether they have been allocated (“borrowed”) by option buyers.*

* Option Buyer (Long/Short User) = Borrower
* Option Seller (Dual Investment User) = Lender (Provider of Funds & Collateral)

High APY comes from premiums paid by these option buyers.

### Vault Conditions Before Maturity

#### **1. None of the assets has been borrowed**

→ You may withdraw all your deposited assets anytime.

#### **2. All assets have been borrowed**

→ Early withdrawal is unavailable; you must wait until maturity unless more users deposit.

#### **3. Only part of the assets have been borrowed**

**Case 1 – Withdraw request > Available idle liquidity**\
\
→ You can only withdraw the available portion now; the rest requires new deposits or maturity.

> **Example:**\
> You deposited 1,000 USDT, but the Vault now only has 500 USDT idle → You can withdraw 500 USDT now. To withdraw the remaining funds, you must either wait for additional user deposits to replenish the Vault or wait until the maturity date for final settlement.&#x20;

**Case 2 – Withdraw request ≤ Available idle liquidity**\
\
→ You can withdraw your full balance.

> **Example:**\
> You deposited 300 USDT, and the Vault now has 500 USDT idle → You can withdraw all your 300 USDT immediately.

**`Important notes:`**

* **Asset Type:** When a user chooses to withdraw assets before maturity, they can only apply to withdraw the original deposited asset type (i.e., deposit USDT, withdraw USDT; deposit token, withdraw token).
* **Value Fluctuation:** When withdrawing assets early, your withdrawal amount is calculated based on the market fair value of the option contract at that time. Consequently, the total value of the final withdrawn assets may be higher or lower than your initial deposited principal.<br>

## After Maturity: Settlement & Withdrawal

At maturity, the system executes settlement, determining the Vault’s final asset composition.

### 1. Vault ends with a single asset type

| **Scenario Category**               | **Asset Deposited** | **Market Outcome / Settlement Action**                                                                                 | **Final Asset Withdrawn (Settlement Asset)** |
| ----------------------------------- | ------------------- | ---------------------------------------------------------------------------------------------------------------------- | -------------------------------------------- |
| I. No Exercise (Non-Conversion)     | Token               | Original Token retained.                                                                                               | Token + Premium Income (Settled in Token)    |
| I. No Exercise (Non-Conversion)     | USDT                | Original USDT retained.                                                                                                | USDT + Premium Income (Settled in USDT)      |
| II. Full Exercise (Full Conversion) | Token               | Token is converted to USDT at the Strike Price. (Effectively, you are selling the token at the Strike Price)           | USDT + Premium Income (Settled in USDT)      |
| II. Full Exercise (Full Conversion) | USDT                | <p>USDT is converted to Tokens at the Strike Price.<br>(Effectively, you are buying the token at the Strike Price)</p> | Token + Premium Income (Settled in Token)    |

### 2. Vault ends with two asset types

When partial exercise or price-protection mechanisms are triggered, the Vault may contain mixed assets:

* Unexercised original assets
* Exercised, converted assets

At this point, the user may choose to withdraw the assets as either USDT or the token. However, it must be noted that the actual withdrawable asset type still depends on the remaining liquidity of the corresponding assets in the Vault.

**For example**, if the USDT in the Vault has been fully withdrawn early by other users, you will only be able to withdraw the remaining converted tokens, which may carry the risk of a floating loss.

Therefore, in a scenario of partial exercise, the final assets withdrawn by the user might be USDT, the token, or a hybrid form of both, depending on the Vault's real-time asset composition and liquidity status.


# Fees and Costs

To provide users with a clear understanding of the fees and costs incurred when trading Long/Short Options on the Alpha Market, we have compiled the applicable rules below. This doc covers Transaction Fees, Option Financing Costs, and Trading Execution Losses.

### Option Trading Fees and Costs

1. #### Option Opening and Closing Fees (Transaction Fees)

| Trading Action     | Fee Description    | Notes                                                                     |
| ------------------ | ------------------ | ------------------------------------------------------------------------- |
| Buy / Sell Options | 7% of premium paid | Includes opening and closing Long / Short positions (when not exercised). |

2. #### Exercise Fee (Take Profit Fee)

When an option position is profitable (i.e., reaches the exercisable range), users can realize gains by clicking “Take Profit” to close the position. A fee is charged on the current Notional Value at the time of exercise.

* Initial Fee Rate: 1.9% (on Day 1 of the contract)
* The fee linearly decreases as the contract approaches maturity<br>

**Fee Calculation:**\
Fee = Option Notional Value × Daily Rate\
Daily Rate = 1.9% × (Remaining Term / Total Contract Days)

**Example:**\
Assume you purchase a 16-day option contract and close the position on Day 10. If the option's Notional Value is 10,000 USDT at that time, with 4 days remaining, the fee you pay is:  **`10,000 × 1.9% × (4/16) = 47.5 USDT`**

3. #### Option Financing Cost (Interest Cost)

When purchasing an option, the user must pay a borrowing interest based on the option's Notional Value, calculated as follows:

**Interest = Option Notional Value × AMM Rate Pricing × Holding Days / 365**

This interest is collected by the Dual Investment Depositors (LPs), who effectively act as option sellers and provide trading liquidity to the option buyer. The platform may deduct a certain percentage as a commission from this interest (currently 10%).

> **Note on Calculation Precision:** Although the formula uses the 'day' unit for conceptual clarity, the system performs calculation and accrual in real-time on-chain, measured per second (i.e. per block).Therefore, the system converts the AMM Annualized Rate into a per-second rate and calculates the interest expense based on the precise number of seconds held.

**Example:**\
Assume you purchase an option with an 100% Annualized Rate, a Notional Value of 100 USDT, and hold it for 1 day. The interest cost is calculated as: 100 × 100% × 1 / 365 ≈ 1.37 USDT

Please Note:

* The Annual Rate adjusts dynamically based on AMM pricing.
* Interest accrues linearly with the holding period.<br>

For more details on the Alpha Market, please visit\
<https://docs.ts.finance/protocol-mechanisms/alpha-market>\
\
For TermMax AMM mechanism details, please refer to\
<https://docs.ts.finance/strategies/borrow-lend-strategies>&#x20;

### Trading Execution Losses (Execution Costs)

These are objectively existing market costs, primarily determined by market volatility and asset liquidity.

| Loss Type      | Description                                                                                                                                      | Bearer     |
| -------------- | ------------------------------------------------------------------------------------------------------------------------------------------------ | ---------- |
| Slippage       | The difference between the expected execution price and the actual executed price (can be positive or negative).                                 | The Trader |
| Bid-Ask Spread | The difference between the highest bid and lowest ask price. (The Alpha Market has almost negligible spread, which users can largely disregard). | The Trader |

### User Trading Fees and Cost Summary

Users trading on the Alpha Market may incur the following costs:

* Option Transaction Fees (fee-free during the alpha boosting program)
* Take Profit Fee
* Option Financing Cost
* Trading Execution Losses (Slippage, Spread)


# Trading Volume for Alpha Markets on TermMax

## Calculation Logic

In practice, the trading volume is captured from the transaction events, specifically the **`SwapTokenToExactToken`** event. The calculation is as follows:

* Trading Volume = `tradingAmts` - `actualTokenIn/Out`
* Trading Value = `Trading Volume` \* `SNAPSHOT_PRICE` (of the respective token)

## Definitions

* tradingAmts: The total units of assets involved in the trade.
* actualTokenIn/Out: The actual net amount of assets transferred from/to the user (representing the Premium or Trading Cost).
* Trading Volume: The net amount swapped in the trade.
* SNAPSHOT\_PRICE: The USD market price of the respective token at the time the transaction was executed.

> **For Long positions:** This refers to the price of the Underlying Token (e.g., ESPORTS).&#x20;
>
> **For Short positions:** This refers to the price of USDT.

## Scenarios

#### BUY LONG

Market: ESPORTS/USDT\@14JAN2026-0.5C

Tx: <https://bscscan.com/tx/0xa9571899297e084397a8f68ddb58095bb25f3494c235a0d798125c6110926e01>

Event: SwapTokenToExactToken

* caller : 0xF1b319ebbc2C234F0b2DDd862308ED4c50d22311
* recipient : 0xF1b319ebbc2C234F0b2DDd862308ED4c50d22311
* orders :0x80A884A7E002613214801698713Ea91Bfd63fFe4
* tradingAmts : 520.000000000000000000
* actualTokenIn : 23.103672587352781553

trading volume: 520.000000000000000000 - 23.103672587352781553 = 496.896327412647218447 (ESPORTS)

trading value: 496.896327412647218447 \* ESPORTS\_SNAPSHOT\_PRICE

#### CLOSE LONG POSITION

Market: ESPORTS/USDT\@14JAN2026-0.5C

Tx: <https://bscscan.com/tx/0xb8c96f0cacaf8b1acb36d0fa2c8de4afa550a4c617d17d90a8883d07803d6278>

Event: SwapExactTokenToToken

* caller: 0x46358eAE5F8aB316C7a6E419cDE4d4BaE582b2eB
* recipient: 0x46358eAE5F8aB316C7a6E419cDE4d4BaE582b2eB
* orders: 0x80A884A7E002613214801698713Ea91Bfd63fFe4
* tradingAmts: 510.000000000000000000
* actualTokenOut: 19.728902493279607424

trading volume: 510.000000000000000000 - 19.728902493279607424 = 490.271097506720392576 (ESPORTS)

trading value: 490.271097506720392576 \* ESPORTS\_SNAPSHOT\_PRICE

#### BUY SHORT

Market: GAIX/USDT\@14JAN2026-0.05P

Tx: <https://bscscan.com/tx/0x887e8d4603fbc411af109de6d3cc5a4607eccb598eecfc0b850a6bb453905316>

Event: SwapTokenToExactToken

* caller : 0xF1b319ebbc2C234F0b2DDd862308ED4c50d22311
* recipient : 0xF1b319ebbc2C234F0b2DDd862308ED4c50d22311
* orders : 0xA7f8e641D4aF747a4Ae1a73F159365Cac5eb9D11
* tradingAmts : 200.000004000000000000
* actualTokenIn : 10.248935735810809929

trading volume: 200.000004000000000000 - 10.248935735810809929 = 189.751068264189190071 (USDT)

trading value: 189.751068264189190071 \* USDT\_SNAPSHOT\_PRICE

#### CLOSE SHOT POSITION

Market: GAIX/USDT\@14JAN2026-0.05P

Tx: <https://bscscan.com/tx/0x261cab71a68cc7db3228d367c3707229d7697524418848ea4bfc0bda6d562d3f>

Event: SwapExactTokenToToken

* caller : 0xF1b319ebbc2C234F0b2DDd862308ED4c50d22311
* recipient : 0xF1b319ebbc2C234F0b2DDd862308ED4c50d22311
* orders : 0xA7f8e641D4aF747a4Ae1a73F159365Cac5eb9D11
* tradingAmts : 150.000003000000000000
* actualTokenOut : 6.753557347820835244

trading volume: 150.000003000000000000 - 6.753557347820835244 = 143.246445652179164756 (USDT)

trading value: 143.246445652179164756 \* USDT\_SNAPSHOT\_PRICE


# New Feature: Exercise - Delivery

TermMax Alpha has upgraded its take profit options, giving users more flexibility and better execution.

## What's Changed

Previously, there was only one way to take profit. Now, you have two options:

1. Exercise - Net Settle (previously "Take Profit")
2. Exercise - Delivery (new feature)

<figure><img src="/files/dtfUAnrdc726oxTUq9vo" alt=""><figcaption></figcaption></figure>

### 1. Exercise - Net Settle (Cash/Token Settlement)

* Profit is automatically calculated, and you can claim it in your preferred asset (USDT or the underlying token)
* **Partial or Full Settlement**:
  * Partial settlement: only a portion of your position is settled, remaining position stays open
  * Full settlement: entire position is settled, no remaining exposure
* Quick and easy to execute
* Most effective when on-chain liquidity is sufficient

<figure><img src="/files/frj3D14jqn5hfrsNz1kr" alt=""><figcaption></figcaption></figure>

### 2. Exercise - Delivery (Physical Delivery)

When DEX liquidity is insufficient, using Net Settle may incur slippage or be exposed to MEV attacks, especially for large positions. Profits in such cases may be lower than Delivery. Users can choose Delivery in this scenario.

* **Long Position (Long):** Users buy the underlying asset at the strike price using USDT.
  * Users can sell the underlying asset at a better price in markets with higher liquidity (e.g., centralized exchanges)
  * Profit = Proceeds from selling the underlying asset in other markets − USDT paid at the strike price<br>
* **Short Position (Short):** Users sell the underlying asset at the strike price.
  * Users can buy the underlying asset at a better price in markets with higher liquidity (e.g., centralized exchanges)
  * Profit = Proceeds from selling the underlying asset at the strike price − Cost of buying the underlying asset in other markets<br>
* **Partial or Full Delivery**
  * Partial Delivery: Exercise and deliver only a portion of the position, keeping the remaining position open.
  * Full Delivery: Exercise and deliver the entire position, closing the position.

<figure><img src="/files/57rypHdcs3KV1C8BgyjK" alt=""><figcaption></figcaption></figure>

### 3. Summary

When DEX liquidity is insufficient, using Net Settle may result in slippage or be exposed to MEV attacks, especially for large positions. In such cases, profits may be lower than Delivery, and you can choose Delivery instead.

When on-chain liquidity is sufficient, the outcomes of Net Settle and Delivery are usually similar. In this case, users can freely choose based on personal preference, convenience, or strategy.

**Note:**\
After execution (via Net Settle or Delivery), users will receive their realized profit upfront, along with a GT position. This position does not impact your earnings and requires no action. While it can be ignored, users may optionally manage it to capture additional yield opportunities, depending on market conditions.


# Leverage Strategies

Leveraging allows you to amplify your investment returns by using borrowed funds or by reinvesting your gains. TermMax offers efficient and user-friendly ways to leverage your positions, catering to both novice and experienced DeFi users. Below are the main leverage strategies available on TermMax.

### One-Click Leveraging with Gearing Tokens (GT)

TermMax simplifies the process of leveraging by offering **Gearing Tokens (GT)**. With just one click, you can purchase GT, which represents a leveraged position in yield-bearing assets. This method automates the traditional looping strategy, saving you time and reducing transaction costs.

How It Works:

* Purchase GT: Buy Gearing Tokens directly on TermMax. This action automatically leverages your position by looping your assets within the platform.
* Automated Looping: The smart contract handles the process of borrowing and reinvesting, effectively increasing your exposure to the underlying yield-bearing asset.
* Manage Liquidation Risk: TermMax manages the liquidation parameters, but it's important to monitor your leveraged positions, as market volatility can affect your risk of liquidation.

Benefits:

* Ease of Use: No need to perform multiple transactions or interact with different protocols.
* Cost Efficiency: Reduced gas fees due to fewer transactions.
* Time-Saving: Automates complex leveraging processes.

### Borrow at Low Fixed Rates for External Leveraging

Another strategy involves collateralizing your assets on TermMax to borrow funds at a low fixed interest rate. You can then use these borrowed funds to invest in higher-yield opportunities elsewhere, effectively leveraging your initial capital.

How It Works:

* Collateralize Assets: Deposit your assets (e.g., stablecoins, yield-bearing tokens) as collateral on TermMax.
* Borrow Funds: Borrow funds at a low fixed interest rate, providing you with a predictable borrowing cost.
* Invest Externally: Use the borrowed funds to invest in other DeFi protocols or assets that offer higher yields.
* Fixed Borrowing Costs: The fixed-rate borrowing on TermMax ensures that your repayment costs are known upfront, aiding in risk management.

Benefits:

* Predictable Costs: Fixed borrowing rates help you plan your investment strategy with certainty.
* Flexible Investment Opportunities: You're not limited to leveraging within TermMax; you can explore higher-yield options across the DeFi ecosystem.
* Risk Management: By knowing your maximum borrowing costs, you can better assess the potential returns versus risks.

### Combined Leveraging and Yield Farming on TermMax

Leverage your assets within TermMax by combining borrowing and lending activities. You can borrow funds at a low fixed rate and simultaneously invest in fixed-rate tokens (FT) or Gearing Tokens (GT) to maximize your returns.

How It Works:

* Borrow Funds: Collateralize your assets and borrow at a fixed rate on TermMax.
* Invest Internally:
  * Option A: Purchase Fixed-rate Tokens (FT) to earn stable, predictable income.
  * Option B: Buy Gearing Tokens (GT) to enter leveraged positions within TermMax.
* Optimize Returns: By leveraging within the same platform, you can benefit from streamlined processes and reduced transaction costs.

Benefits:

* Platform Efficiency: Keep all activities within TermMax for ease of management.
* Cost Savings: Reduce gas fees and transaction costs associated with moving funds between platforms.
* Flexible Strategies: Choose between stable returns (FT) or higher potential yields (GT) based on your risk tolerance.

### Leveraging Yield-Bearing Collateral

Use yield-bearing tokens as collateral to borrow funds, effectively earning yields on your collateral while leveraging your position. This strategy enhances capital efficiency by allowing you to earn returns on both your collateral and borrowed funds.

How It Works:

* Deposit Yield-Bearing Assets: Use assets like staked tokens or interest-bearing tokens as collateral on TermMax.
* Borrow Funds: Obtain a loan at a fixed rate, using the collateralized assets.
* Earn Dual Yields:
  * Collateral Yields: Continue earning yields from your collateralized assets.
  * Invest Borrowed Funds: Deploy the borrowed funds into additional investments for extra returns.

Benefits:

* Enhanced Capital Efficiency: Maximize the utility of your assets by earning returns in multiple ways.
* Fixed Borrowing Costs: Fixed rates help in planning and reduce uncertainty.
* Diversification: Spread your investments across different assets or protocols.

### Recursive Leveraging within TermMax

For advanced users, recursive leveraging involves repeatedly borrowing and reinvesting within TermMax to amplify returns. This strategy magnifies both potential gains and risks.

How It Works:

* Initial Investment: Deposit assets as collateral and borrow funds on TermMax.
* Reinvest Borrowed Funds: Use the borrowed funds to purchase more of the collateral asset.
* Repeat Process: Continue the cycle multiple times to increase leverage.

Benefits:

* Maximum Leverage: Significantly amplify your exposure to the desired asset.
* Potential for High Returns: If the asset appreciates, gains are magnified due to the leveraged position.

### Strategy Overview

A variety of leveraging strategies are available on TermMax to suit different investment goals and risk appetites:

* **One-Click GT Purchase:** Simplifies leveraging for users seeking ease and efficiency.
* **Fixed-Rate Borrowing for External Investment:** Offers predictable costs for leveraging opportunities outside TermMax.
* **Combined Internal Strategies:** Leverage and invest within TermMax for streamlined management.
* **Leveraging Yield-Bearing Collateral:** Enhances capital efficiency by earning on both collateral and borrowed funds.
* **Recursive Leveraging:** Allows advanced users to maximize leverage but requires careful risk management.

### Important Considerations

* **Risk Management:** Leveraging amplifies both gains and losses. Understand the risks involved, including market volatility and liquidation.
* **Due Diligence:** Assess the security and reliability of any external platforms, the underlying tokens and collateral tokens when investing borrowed funds outside TermMax.
* **Monitoring Positions:** Regularly check your leveraged positions to manage risks effectively.


# Borrow/Lend Strategies

TermMax provides fixed borrowing and lending rates, which contrasts with other protocols that typically offer floating rates. This difference enables users to employ various strategies to optimize their investments and manage risks.&#x20;

### The Uncertainty of Floating Borrowing and Lending Rates in DeFi

In traditional DeFi platforms without TermMax, borrowing and lending are often conducted at floating interest rates that fluctuate with market conditions. This volatility introduces significant unpredictability, making it difficult for users to forecast profits or losses accurately. Borrowers may face unexpected increases in repayment costs, while lenders might experience diminishing returns as rates change. This lack of stability exposes both parties to financial risks, undermining investment strategies and overall financial planning.

<figure><img src="/files/2eVvKlo4NpIdm9JuZJhn" alt=""><figcaption><p>Unpredictable Margin in Floating Borrowing/Lending Rates</p></figcaption></figure>

TermMax addresses this issue by offering fixed interest rates for both borrowing and lending. This ensures that borrowers have certainty over their repayment costs and lenders receive stable, predictable returns. By fixing both rates, TermMax eliminates the financial risks associated with fluctuating interest rates, providing a more secure and reliable environment for borrowing and lending activities.

### **Strategy 1: Borrow Fixed on TermMax, Lend Floating Elsewhere**

How It Works:

* Borrowin&#x67;**:**
  * Platfor&#x6D;**:** TermMax
  * Rate Typ&#x65;**:** Fixed (Low Rate)
* Lending:
  * Platform: Other DeFi Protocol
  * Rate Type: Floating (High Rate)

Benefits:

* Fixed Borrowing Costs: Predictable expenses.
* Potential High Return&#x73;**:** Benefit from high floating lending rates.

<figure><img src="/files/fGkXFQkwcDYhFy5UwEMw" alt=""><figcaption><p>Possible Margin Zone under Fixed Borrowing Rate and Floating Lending Rate</p></figcaption></figure>

### **Strategy 2: Borrow Floating Elsewhere, Lend Fixed on TermMax**

How It Works:

* Borrowing:
  * Platform: Other DeFi Protocol
  * Rate Type: Floating (Low Rate)
* Lending:
  * Platform: TermMax
  * Rate Type: Fixed (High Rate)

Benefits:

* Fixed Lending Returns: Stable and predictable income.
* Initial Low Borrowing Costs: Benefit if borrowing rates remain low.

<figure><img src="/files/hcJOV6QKmzujrxAYtoZ9" alt=""><figcaption><p>Possible Margin Zone under Floating Borrowing Rate and Fixed Lending Rate</p></figcaption></figure>

### **Strategy 3: Borrow Fixed on TermMax, Lend Fixed on TermMax**

How It Works:

* Borrowing:
  * Platform: TermMax (Market A)
  * Rate Type: Fixed (Low Rate)
* Lending:
  * Platform: TermMax (Market B)
  * Rate Type: Fixed (High Rate)

Benefits:

* Predictable Profit Margin: Both costs and returns are fixed.
* Simplified Management: All within TermMax.

<figure><img src="/files/Xu31UuqktU1KXXqGS73A" alt=""><figcaption><p>Fixed Margin under TermMax's Fixed Borrowing Rate and Fixed Lending Rate</p></figcaption></figure>

### Strategy Overview

<table data-header-hidden><thead><tr><th width="140"></th><th></th><th></th><th></th><th></th><th></th></tr></thead><tbody><tr><td><strong>Strategy</strong></td><td><strong>Borrowing Platform</strong></td><td><strong>Borrowing Rate Type</strong></td><td><strong>Lending Platform</strong></td><td><strong>Lending Rate Type</strong></td><td><strong>Profit Stability</strong></td></tr><tr><td><strong>1. Borrow Fixed on TermMax, Lend Floating Elsewhere</strong></td><td>TermMax</td><td>Fixed (Low Rate)</td><td>Other Protocol</td><td>Floating (High Rate)</td><td>Stable Costs, Variable Income</td></tr><tr><td><strong>2. Borrow Floating Elsewhere, Lend Fixed on TermMax</strong></td><td>Other Protocol</td><td>Floating (Low Rate)</td><td>TermMax</td><td>Fixed (High Rate)</td><td>Variable Costs, Stable Income</td></tr><tr><td><strong>3. Borrow Fixed on TermMax, Lend Fixed on TermMax</strong></td><td>TermMax (Market A)</td><td>Fixed (Low Rate)</td><td>TermMax (Market B)</td><td>Fixed (High Rate)</td><td>Stable Costs and Income</td></tr></tbody></table>

### Important Considerations

* **Risk Management:** Each strategy carries its own risks, including interest rate risk, liquidity risk, and platform risk. Users should carefully assess these risks before engaging in any strategy.
* **Market Research:** Stay informed about current interest rates on both TermMax and other protocols to identify optimal opportunities.
* **Due Diligence:** Evaluate the security and reliability of any external protocols involved in these strategies.


# Trading Strategies

The following table outlines recommended trading strategies for FT and XT in response to the interest rate movements of the borrowed tokens:

| <p><br></p>     | FT Strategy  | XT STrategy  |
| --------------- | ------------ | ------------ |
| Rate Increasing | Sell (short) | Buy (long)   |
| Rate Decreasing | Buy (long)   | Sell (short) |

### Strategy Overview

* When Interest Rates are Increasing:
  * FT (Fixed-rate Token): Sell (Short): As market interest rates rise, the fixed rate offered by FT becomes less attractive compared to new rates. Selling FT allows investors to lock in gains before the token's value potentially decreases due to higher prevailing rates.
  * XT (X Token): Buy (Long): Rising interest rates can increase the potential returns from leveraged positions represented by XT. Buying XT enables investors to capitalize on the higher interest rates, potentially enhancing leveraged yields.
* When Interest Rates are Decreasing:
  * FT (Fixed-rate Token): Buy (Long): Lower market interest rates make the fixed rate of FT more attractive. Purchasing FT allows investors to secure higher fixed returns relative to the declining market rates.
  * XT (X Token): Sell (Short): Decreasing interest rates may reduce the benefits of leveraged positions associated with XT. Selling XT can help investors avoid potential decreases in leveraged yields.

### Important Considerations

* **Risk Tolerance:**
  * **FT Tokens:** Offer more predictable returns with lower risk, making them suitable for conservative investors seeking stability.
  * **XT Tokens:** Carry higher risk due to their leveraged nature and potential for variable returns, appealing to investors with a higher risk appetite looking for amplified gains.
* **Transaction Costs and Fees:**
  * Be aware of the gas fees and platform charges associated with buying, selling, shorting, or longing XT and FT tokens. High transaction costs can erode potential profits, especially for frequent traders.


# Alpha Pick League User Guide

All times are in UTC. “Weekly” refers to the calendar week (Monday 00:00 to Sunday 23:59 UTC). All event data will only be counted after the official start of the event.

**Event Entry:** [Leaderboard](https://leaderboard.termmax.ts.finance/picks)&#x20;

**End Date:** The final end date will be announced separately through official channels.\
**Reward Distribution:** Daily results will be updated and rewards will be distributed within <mark style="color:$warning;">**24–48 hours**</mark> after the voting deadline. Updates may be delayed in exceptional cases.&#x20;

## Event Overview

<figure><img src="/files/gcyb8lYx3dAlkM3dLLJe" alt=""><figcaption></figcaption></figure>

## Daily Draw

### How It Works

Every day at UTC 00:00, three prediction cards will be released. Each card displays a reference price (the official closing price from the previous trading day).

Users can select one card and make a price prediction (Call / Put). Trading is not required to participate.

### Price Movement Determination

For US stock assets, the system will compare:

Official closing price of the day vs. the previous trading day’s official closing price (reference price)

<kbd><mark style="color:$warning;">**Results:**<mark style="color:$warning;"></kbd>

* <kbd>Closing price > reference price → Users who selected Call win</kbd>
* <kbd>Closing price ≤ reference price → Users who selected Put win</kbd>

Users who predict correctly will share the reward pool of the corresponding card.

If no user correctly predicts a card, that card’s reward pool will be evenly distributed among the other two cards.

Since the result is determined based on the daily closing price, users must complete their prediction before the US market opens that day. The exact deadline is displayed on the event page.

<details>

<summary><mark style="color:$warning;"><strong>Note:</strong></mark><br>During US market holidays and weekends, Crypto assets (such as BTC / ETH) will be used instead.</summary>

<mark style="color:$warning;">**For Crypto assets:**</mark>\
**The** reference price is calculated based on the average price during the 30 minutes before the card release time (UTC 00:00).\
**The** settlement price is calculated based on the average price during the 30 minutes before UTC 00:00 on the following day.

</details>

### Reward Calculation

#### 1. Base Reward Share

Base Reward Share = 200,000 AP ÷ Number of Correct Predictors

#### 2. Final Reward Calculation

At each settlement, the system will check the user’s Alpha Market trading activity during the current week:

<table data-header-hidden><thead><tr><th width="403.5"></th><th></th></tr></thead><tbody><tr><td><strong>Weekly Cumulative Notional Trading Volume</strong></td><td><strong>Reward Multiplier</strong></td></tr><tr><td>≥ $50</td><td>Base Reward Share ×2</td></tr><tr><td>&#x3C; $50</td><td>Base Reward Share ×0.5</td></tr></tbody></table>

**Additional notes:**

* No minimum single-trade amount is required. Users can trade any Alpha asset in any direction and accumulate a weekly notional trading volume of ≥ $50 through multiple trades.&#x20;
* Once the requirement is met, all future Daily Draw rewards for correct predictions settled within that week will receive the AP ×2 multiplier.
* Rewards that have already been settled before meeting the requirement will not be retroactively adjusted.

### Example

Assume a user selects TSLAon and chooses Call.

* Reference price: $380
* Daily closing price: $395.20

Since $395.20 > $380, the prediction is correct.

Assume 800 users correctly predicted the outcome.

Each user’s base reward share: <mark style="color:$warning;">`200,000 ÷ 800 = 250 AP`</mark>

Users who reach the weekly cumulative notional trading volume requirement of $50 will receive: <mark style="color:$warning;">`250 × 2 = 500 AP`</mark>

Users who do not meet the requirement will receive: <mark style="color:$warning;">`250 × 0.5 = 125 AP`</mark>

### Streak Rewards

Users can build streaks through consecutive participation:&#x20;

* Correct predictions are not required.
* Missing one day of participation will reset the streak.
* If no prediction cards are released on a given day, the streak will not be interrupted.

| **Consecutive Participation** | **Reward**                   |
| ----------------------------- | ---------------------------- |
| 7 days                        | 50,000 AP                    |
| 14 days                       | 120,000 AP                   |
| 30 days                       | 300,000 AP + Exclusive Badge |

## Weekly Challenge

### How It Works

Three prediction cards will be released every Thursday at 00:00 UTC. Users must select one card to make a price prediction and trade the corresponding asset on Alpha Market before Thursday 23:59 UTC, with a cumulative notional trading volume of ≥ $50.&#x20;

The actual trading direction does not need to match the prediction direction. Trade verification status will be updated within 24 hours.&#x20;

### Price Movement Determination

The system will compare:

Friday’s official closing price vs. Thursday’s official closing price (reference price)

<kbd><mark style="color:$warning;">**Results:**<mark style="color:$warning;"></kbd>

* <kbd>Friday’s Closing price > reference price → Users who selected Call win</kbd>
* <kbd>Friday’s Closing price ≤ reference price → Users who selected Put win</kbd>

### Reward Rules

Each card has a 1,000,000 AP reward pool. Users who **pass trade verification and correctly predict the outcome** will equally share the reward pool.

If no user correctly predicts a card, that card’s reward pool will be evenly distributed among the other two cards.

### Example

Assume a user selects NVDAon, chooses Put, and completes an Alpha trade with a notional volume of $60.

Price comparison:

* Thursday closing price (reference price): $918.40
* Friday closing price: $890.10

Since $890.10 < $918.40, the user’s prediction is correct.

If 600 users complete the trading requirement and make the correct prediction, each eligible user will receive: <mark style="color:$warning;">`1,000,000 ÷ 600 ≈ 1,667 AP`</mark>


# TermMax Leaderboard

The TermMax Rewards Leaderboard showcases the top performers in our ecosystem, tracking both individual achievements and community‑building efforts through our comprehensive reward system.

### Overview

* **Real‑time rankings** of participants by **Total TMX rewards**.
* Rewards come from two primary channels:
  1. **Position Rewards** – TMX earned via lending, vault deposits, and range‑order making.
  2. **Referral Rewards** – TMX earned by growing an active user community.
  3. **Mindshare Rewards** – TMX earned by sharing TermMax‑related content on X (formerly Twitter)  (Coming soon)
* All rewards are distributed from the **TMX Token Pre‑mine** allocation of **40 million TMX** (4 % of total supply).

### Leaderboard Structure

#### Ranking Columns

The leaderboard displays the following key metrics for each participant:

| Column           | Description                                 |
| ---------------- | ------------------------------------------- |
| Rank             | Position based on Total TMX Reward          |
| Wallet           | Participant's wallet address                |
| Referral Reward  | TMX earned from referee activity            |
| Position Reward  | TMX earned from personal mining and trading |
| Total TMX Reward | Combined Referral + Position rewards        |
| Mindshare        | Social impact score (coming soon)           |

### Referral System

#### How It Works

The referral system rewards users for building active communities within the TermMax ecosystem. Referrers earn a percentage of their referees' Position-Pool rewards based on the number of active users they bring to the platform.

#### Referral Boost Structure

Referral Boost rates are tiered based on the number of active referees:

| Active Referees | Referral Boost |
| --------------- | -------------- |
| < 10 referees   | 3%             |
| 10-49 referees  | 5%             |
| 50-99 referees  | 8%             |
| ≥ 100 referees  | 10%            |

#### Active User Definition

An Active User is defined as any referee who performs qualifying actions with a minimum notional value of $100, including:

* Lend: Buy FT tokens
* Vault: Deposit assets into Earn Vaults

```
Referral Reward = Σ(Position‑Pool Rewards earned by your referees) × Referral Boost Rate
```

*Example*

> 25 active referees ⇒ **5 % tier**
>
> Referees collectively earn **10 000 TMX** from Position‑Pool rewards
>
> **Your reward:** `10 000 × 5 % = 500 TMX`

*Sybil-prevention clause: If any "Sybil" activity is detected, TermMax reserves the right to retroactively revoke all corresponding TMX rewards and entitlements.*

### Reward Distribution

#### TMX Token Pre‑mine Integration

* **Source:** Rewards are funded from the 40 million TMX pre‑mine pool.
* **Distribution cadence:** Monthly campaigns with *daily* accrual snapshots.

#### Reward Accrual

* **Near‑real‑time updates:** The leaderboard refreshes multiple times per day.
* **Automatic accrual:** No manual actions needed during campaigns.

### Building Referral Networks

1. **Share** your unique referral link widely.
2. **Prioritise quality users** who will stay active.
3. **Support your referees** to maximise their Position‑Pool earnings.
4. **Climb tiers** to unlock higher Referral Boost rates.

### Important Notes

#### Program Flexibility

TermMax reserves the right to:

* Adjust reward rates and eligibility requirements.
* Modify Referral Boost structures.
* Terminate campaigns early if necessary.
* Implement other changes to protect long‑term ecosystem health.

#### Transparency

Wallet addresses and X(Twitter) handles are displayed publicly for transparency&#x20;

***

### Further Reading

For in‑depth details on TMX tokenomics, claim procedures, and monthly campaign mechanics, see the [**TMX Token Pre‑mine documentation**.](/incentives/tmx-token-pre-mine)


# TMX Token Pre-mine

The TMX Token Pre-mine is designed to incentivize early participation and reward users engaging with our platform, aligning with our mission to revolutionize fixed-income strategies in DeFi through innovative features like one-click looping, range orders, and fixed-rate products.

This document provides information about the TMX Token Pre-mine, including its purpose, structure, and participation details.

## Overview

The TMX Token Pre-mine will commence on Day 1 of the TermMax Mainnet launch. The pre-mine serves as an incentive mechanism for early adopters, rewarding their participation in the TermMax ecosystem through structured monthly campaigns.<br>

TermMax will host campaigns with specific allocations of TMX tokens from time to time. These rewards will be distributed across all markets on the supported chain, ensuring broad participation opportunities for eligible users. During each campaign period, eligible users will continuously accumulate pre-mined TMX tokens, which can later be claimed soon after the Token Generation Event (TGE).

## Pre-mine Structure and Token Distribution

The TMX Token Pre-mine will operate through monthly campaigns, each with a predefined allocation of TMX tokens. Below is the detailed structure of the pre-mine:

* Total Allocation: A total of 1 billion $TMX tokens will be issued, with 4 million $TMX allocated to incentivizing early users through token pre-mine.
* Monthly Campaigns: Each month, a new campaign will be launched with a specific amount of TMX allocated for distribution. The rewards will be distributed across all markets on the supported chain, ensuring equitable access for participants.
* Eligibility: There are two types of users eligible to participate in the TMX Pre-mine: &#x20;
  * FT Holders: Users who hold Fixed-Rate Tokens (FT) by purchasing them through the Lend page or by depositing into Vaults in the Earn page. &#x20;
  * Order Makers: Contributors to matched orders, primarily Range Order Makers and Curators (with rewards for Curators distributed directly to Depositors of the corresponding Vault).
* Reward Accumulation: During the campaign period, eligible users will continuously accumulate pre-mined TMX tokens:&#x20;
  * FT Holders will pre-mine TMX daily throughout the campaign based on their FT balance. &#x20;
  * Order Makers will earn TMX based on their trading volume of matched orders in the respective markets.
* TMX APY: The TMX APY is calculated based on a $60 million Fully Diluted Valuation (FDV), following the valuation of our ongoing funding round.
  * TMX APY in Lend Market: (USD value of TMX distributed to FT Holders in that market on the previous day) / (USD value of capital deposited in that market on the same day) \* 100% \* days in a year
  * TMX APY in Earn Vault: (USD value of TMX distributed to FT Holders of the vault on the previous day) / (USD value of capital deposited in that vault on the same day) \* 100% \* days in a year
* Token Claiming: Pre-mined TMX tokens will be non-transferable during the campaign period and can be claimed at a 1:1 ratio after the Token Generation Event (TGE).
* Information about how Term Structure protocol points (Kudos) will transition to TermMax’s reward system, including points or pre-mining tokens, will be provided in a future announcement.

## Disclaimer

TermMax reserves the right to adjust the campaign or terminate it prematurely if it is deemed ineffective at our sole discretion. We may modify the campaign's structure, reward distribution, or eligibility criteria to ensure the program's success and alignment with our ecosystem goals. &#x20;

## Progress update:

The request (ticket number: 1293975) to add TermMax token $TMX on [CoinMarketCap](https://coinmarketcap.com/) was sent on 2025 November.

The request (Request ID: CL3103260008) to add TermMax token $TMX on [Coingecko](https://www.coingecko.com/) was sent on 2026 March.

The request to modify $TMX token information (about the project) on [Coingecko](https://www.coingecko.com/) was sent on 2026 April 1st.<br>


# 🚀 TERM⏳MAXIS AMBASSADOR PROGRAM

We’re thrilled to launch the TermMaxis Program — a dynamic initiative to bring on passionate builders, creators, and DeFi storytellers who believe in fixed rates, certainty, and capital efficiency.

As we continue developing TermMax into the go-to platform for structured yield and lending strategies, we’re looking for exceptional content creators, DeFi educators, and true TermMax believers to join us.

#### 🎥 Do you create compelling content or run creative campaigns that get people to stop scrolling?

Then it’s time to become a TermMaxi.

### Why Join the TermMax Ambassador Program?

* 📡 Be a DeFi Trailblazer: Help grow the leading fixed-rate lending and structured products protocol on-chain.
* 🔗 Spread the Word: Educate the market on fixed maturities, one-click leverage, and yield certainty.
* 📚 Sharpen Your Edge: Develop skills in DeFi marketing, structured product design, and community leadership.
* 🤝 Connect with Visionaries: Work alongside TermMax builders, partners, and passionate users.
* 💰 Get Rewarded: Earn exclusive perks, financial incentives, and early access opportunities.

### What We’re Looking For

* Proven experience in content creation (writing, design, video, etc.)
  * Bonus if you’ve already published content about TermMax!
* Passion for DeFi and belief in fixed-rate infrastructure
* Knowledge of social media growth and community engagement
* Self-starters with strong communication skills
* Active presence across DeFi communities

***

### Perks & Benefits (While We Grow Together)

* Early access to Alpha features and UX testing
* Direct line to the TermMax core team
* Eligible for monthly financial rewards and bonuses
* Priority placement as the program expands
* Recognition as a TermMaxi in the broader DeFi space

### Apply Now to Join the First Cohort of TermMaxis:

<https://forms.gle/rykEpFTLMJNiwnxh7>

***

### ✅ Eligibility Criteria

To join or stay in the program, you must:

* ✅ Have a[ TweetScout](https://app.tweetscout.io/) score of 40 or higher
* ✅ Have a public post about TermMax
* ✅ Complete at least 2 qualifying actions per month
* ❌ Inactivity for 2 consecutive months = removal from the program

***

### 📊 Point System & Activities

We've categorized activities to reward various contributions to the TermMax ecosystem.

**Content Creation (Writing & Video) - Total Prize Pool: $1,000 in FT Tokens**

<table data-header-hidden><thead><tr><th width="122.954833984375"></th><th></th><th width="106.66583251953125"></th><th></th></tr></thead><tbody><tr><td>Category</td><td>Activity</td><td>Points</td><td>Notes</td></tr><tr><td>🎥 Video</td><td>YouTube/TikTok/IG video/post about TermMax</td><td>30 pts</td><td>Must be relevant &#x26; visible. Points awarded based on impressions, view count, engagement, and content quality.</td></tr><tr><td>📚 Writing</td><td>Blog post or Twitter thread (≥150 words)</td><td>30 pts</td><td>Must be relevant &#x26; visible. Points awarded based on impressions, view count, engagement, and content quality.</td></tr></tbody></table>

* Note: Content in this category will be manually reviewed. Completion does not guarantee full points; scores will be assigned based on the overall impact and quality of the content, including impressions, view count, and engagement.<br>

**Community Engagement & Amplification - Total Prize Pool: $500 in FT Tokens**

<table data-header-hidden><thead><tr><th width="184.05731201171875"></th><th></th><th width="120.33856201171875"></th><th></th></tr></thead><tbody><tr><td>Category</td><td>Activity</td><td>Points</td><td>Notes</td></tr><tr><td>📢 Amplify</td><td>Comment in KOL posts mentioning TermMax/fixed yield</td><td>2 pts</td><td>Only authentic, value-adding comments are rewarded</td></tr><tr><td>✍️ Support</td><td>Quote tweet w/ insights on TermMax or team posts</td><td>10 pts</td><td>Must contain original thoughts</td></tr><tr><td><br></td><td>Simple retweet on TermMax or team posts</td><td>5 pts</td><td>Max 15/month.Retweet any post from TermMax</td></tr><tr><td>💬 Community</td><td>Host or support Discord/Telegram event</td><td>20 pts</td><td>Screenshot required</td></tr><tr><td>🧪 Weekly Challenge</td><td>Tweet on weekly prompt</td><td>20 pts</td><td>Adds to base score</td></tr></tbody></table>

Notes:

1. Weekly challenges are posted every Tuesday in the private ambassador chat.
2. Submit content via the private Submission Channel on Discord.
3. All content is reviewed—low-quality or off-brand posts may earn reduced/no points.

***

### 💰 Monthly Rewards

* Total prize pool: $1,500 in FT Tokens that accrue $TMX before maturity. Dual Rewards!
* Distributed within 7 business days post-month
* Rewards for top performers (Top 50%, max 10 winners) — if there are more than 10 qualified ambassadors.
* If fewer than 10 qualified, the total prize pool will still be adjusted depending on the number of qualified ambassadors.
* TermMax team may adjust the number of rewarded spots based on performance and engagement.

Rewards are distributed proportionally based on point share among the top 10. Example: If you earn 20% of the top 10's points, you get 20% of the prize pool.

***

### 🧾 Program Rules & Disqualification

#### 📥 Submit Your Posts

All posts should be submitted in the #submissions channel on Discord:

* Tweets, quote tweets
* Threads, blog articles
* YouTube videos
* Onboarding screenshots
* Weekly challenge entries
* Comments on KOL posts

#### ✅ General Guidelines

* Content must be original and on-brand
* No misleading or spammy content
* Cross-posting is fine—copy-pasting the same post is not

#### 🚫 Disqualification Triggers

| Violation                             | Penalty              |
| ------------------------------------- | -------------------- |
| Spam or repeated copy-paste           | -20 pts + warning    |
| Bot-like engagement (e.g. paid likes) | -25 pts + warning    |
| Off-topic tagging/content             | -10 pts              |
| Misuse of challenge themes            | -10 pts              |
| Inactivity 2 months in a row          | Removal from program |
| Multiple warnings or abuse            | Permanent expulsion  |
| Ranked in bottom 10%                  | May be disqualified  |

⚠️ The TermMax team reserves final judgment on edge cases, disqualifications, and adjustments.

### ❓ FAQ

1\. How do I apply? Submit the application form with your TweetScout score and a public TermMax post.

2\. How do I find my TweetScout score? Visit[ https://app.tweetscout.io/](https://app.tweetscout.io/) and search your handle.

3\. How do I check my rank or points? A weekly leaderboard is published in the #TermMaxi Discord channel.

4\. Where do I submit long-form content? Via #submission Discord channel. All submissions will be reviewed.

6\. What if I’m inactive for a month? No problem—just don’t go 2 months in a row without qualifying actions.

7\. Where do I get campaign updates? Join our private #TermMaxi Discord channel.

***

<br>


# TermMax Puzzle Challenge Guide

Collect all puzzle pieces to complete the challenge and earn rewards!

> **Note:** Task verification and reward distribution may take up to 24 hours — if your progress isn’t updated immediately, please check back the next day.

### Go to Campaign

Please visit <https://leaderboard.termmax.ts.finance/> and check the campaign card.

<figure><img src="/files/MrEnngxOvR1yC6YXX6CF" alt=""><figcaption></figcaption></figure>

### HOW IT WORKS

There are 4 tasks running in parallel. Complete them in any order, at any time while the campaign is live.&#x20;

Each task you complete earns you a badge and rewards — each badge is a puzzle piece. Collect all 4 badges to complete the puzzle and unlock the **Puzzle Master Badge**, which comes with a bonus reward equal to the sum of all 4 task rewards — doubling your total earnings.

### TASKS

#### 🧩 Piece 1 — Check-in

<mark style="color:blue;">**Requirement:**</mark> Check in for at least 10 days during the campaign (no streak required).

* Reach 10 check-in days to earn the badge and XP.
* Keep checking in after day 10 to unlock additional XP milestones.

| **Total Check-in Days** | **Rewards**    |
| ----------------------- | -------------- |
| 10 days                 | Badge + 80K XP |
| 20 days                 | +160K XP       |
| 30 days                 | +300K XP       |

#### 🧩 Piece 2 — Post

<mark style="color:blue;">**Requirement:**</mark> Publish a post on X about TermMax using the hashtag #TermMaxPuzzleChallenge.

**How to complete:**

1. Write a post related to the TermMax Puzzle Challenge — this can include how the campaign works, a walkthrough or tutorial, your progress, or the rewards you've earned.
2. Include the hashtag <mark style="color:$success;">#TermMaxPuzzleChallenge</mark> in your post and publish.
3. Return to the Leaderboard page and submit your post link.
4. Verification takes approximately 1 day.

**Rewards:** Badge + 2K MP

#### 🧩 Piece 3 — Borrow

<mark style="color:blue;">**Requirement:**</mark> Maintain an active borrow position of ≥ $50 for a cumulative duration of ≥ 15 days&#x20;

**How to complete:**

* Open a borrow position of ≥ $50 in any market.
* Keep the position active for at least 15 cumulative days.

**Rewards:** Badge + 500K XP

> **Note:** If the market matures before the 15-day requirement is met, you can roll to a later market or repay and open a new ≥ $50 borrow position. Cumulative duration continues as long as an active borrow position ≥ $50 is maintained.

#### 🧩 Piece 4 — Earn

<mark style="color:blue;">**Requirement:**</mark> Deposit ≥ $80 into a single Vault and maintain the deposit for ≥ 15 consecutive days.

**How to complete:**

* Deposit ≥ $80 into any single Vault.
* Keep the deposit in the same Vault for at least 15 consecutive days.
* If the deposit is withdrawn before 15 days, the timer resets.

**Rewards:** Badge + 300K XP

#### 🏆 PUZZLE MASTER BADGE

Once all 4 badges are collected, the Puzzle Master Badge will be unlocked, granting a one-time bonus equivalent to completing all four tasks again.

<table data-header-hidden><thead><tr><th width="237"></th><th></th></tr></thead><tbody><tr><td><strong>Eligibility</strong></td><td><strong>Rewards</strong></td></tr><tr><td>All 4 badges collected</td><td>Puzzle Master Badge + 880K XP + 2K MP</td></tr></tbody></table>

### REWARDS SUMMARY

| **Task**                                 | **Badge**   | **Reward**                                       |
| ---------------------------------------- | ----------- | ------------------------------------------------ |
| Check-in (10 days min)                   | ✔           | 80K XP                                           |
| Post                                     | ✔           | 2K MP                                            |
| Borrow                                   | ✔           | 500K XP                                          |
| Earn                                     | ✔           | 300K XP                                          |
| <mark style="color:red;">Subtotal</mark> | <p><br></p> | <mark style="color:red;">880K XP + 2K MP</mark>  |
| Puzzle Master Badge                      | ✔           | 880K XP + 2K MP                                  |
| <mark style="color:red;">TOTAL</mark>    | <p><br></p> | <mark style="color:red;">1.76M XP + 4K MP</mark> |

> Check-in milestone rewards are additional and not included in the total above.


# TermMax Badge System is Live: Complete Tasks to Unlock Badge Achievements and Earn Points!

To make every action on TermMax more engaging and rewarding, we are launching the Badge System. By completing specific tasks, users can earn corresponding point rewards and unlock exclusive badges.

**Below are the current badge types and their reward rules:**

<table data-header-hidden><thead><tr><th></th><th width="319.5"></th><th></th></tr></thead><tbody><tr><td><strong>Badge Type</strong></td><td><strong>Task Requirement</strong></td><td><strong>Point Reward/Note</strong></td></tr><tr><td><strong>Alpha Initiate</strong></td><td>Complete a single Buy Long/Buy Short trade with a cost > 10 USDT</td><td>1,000 AP</td></tr><tr><td><strong>Volume Titan</strong></td><td>Accumulated trading volume > 10,000 USDT (Buy + Sell of Long/Short trades)</td><td>20,000 AP</td></tr><tr><td><strong>Vault Pioneer</strong></td><td>Deposit $100+ in a single Dual Investment Vault and hold for 7 days.</td><td>3,000 AP</td></tr><tr><td><strong>Dual Master</strong></td><td>Deposit $1k+ in a single Dual Investment Vault and hold for 7 days.</td><td>50,000 AP</td></tr><tr><td><strong>Streak Chaser</strong> </td><td>Check in for 5 consecutive days</td><td>50,000 XP</td></tr><tr><td><strong>On Fire</strong> </td><td>Check in  for 10 consecutive days</td><td>100,000 XP</td></tr><tr><td><strong>Habit Hero</strong></td><td>Check in for 20 consecutive days</td><td>200,000 XP</td></tr><tr><td><strong>Community Catalyst</strong></td><td>Bring 10+ valuable users to TermMax</td><td>Valuable users are defined as those who generated $10+ in protocol activity, including Alpha trading, vault deposits, lending, and borrowing.</td></tr><tr><td><strong>Community Architect</strong></td><td>Bring 50+ valuable users to TermMax</td><td>Same as above</td></tr><tr><td><strong>Community Titan</strong></td><td>Bring 100+ valuable users to TermMax</td><td>Same as above</td></tr></tbody></table>

<mark style="color:orange;">**`For options trading (Long/Short), please visit:`**</mark>\
<https://app.termmax.ts.finance/alpha/call-put?chain=bnb>

<mark style="color:orange;">**`For Dual Investment vault deposits, please visit:`**</mark>\
<https://app.termmax.ts.finance/alpha/dual-investment?chain=bnb>

<mark style="color:orange;">**`For more information, please visit our leaderboard page:`**</mark>\
<https://leaderboard.termmax.ts.finance/>

#### ✨ Notes

* Each badge and its points can be claimed only once per user after meeting the requirement.
* After completing a task, users will receive the corresponding badge and points by the following day at the latest.
* For users who have already completed the corresponding tasks before the Badge System launch, we will distribute the rewards retrospectively.
* The Badge System will continue to expand with more tasks and rewards. Please stay tuned to our official announcements.

Complete tasks, unlock badge achievements, and earn high rewards!


# 【Tutorial】Binance Wallet Campaign Round 2: Complete 7 Days of Check-ins to Unlock 200K XP!

> <mark style="color:$warning;">**Note:**</mark> \ <mark style="color:$info;">Badges and XP rewards will be distributed after the campaign ends.</mark>\
> For any general inquiries or project/campaign details, please join [**our official Discord**](https://discord.gg/8rKj2DZ59k)**.** If you encounter any campaign-related issues, please open a support ticket in the server.

## Campaign Period

March 4, 08:00 UTC – March 18, 07:59 UTC

## What to Do & What You’ll Get

### Requirements

* Connect your Binance Wallet on the Leaderboard page via the [**Binance Wallet Browser Extension**](https://chromewebstore.google.com/detail/binance-wallet/cadiboklkpojfamcoggejbbdjcoiljjk?utm_medium=sdk\&utm_source=leaderboard.termmax.ts.finance) **(desktop)** or [**Binance App**](https://app.binance.com/uni-qr/web3-onchain-opportunities?utm_campaign=termmax) **(mobile)**.&#x20;
* Check in on any 7 days (not necessarily consecutive) on BNB Chain during the campaign using the Binance Wallet.
* Make sure your wallet holds ≥10 USDC/USDT, or ≥0.01 BNB on BNB Chain during the campaign period.

### Rewards

* **For every eligible user:** In addition to 300 XP for each check-in (2,100 XP total for 7 days), an exclusive Binance W3W Adopter Badge and 200,000 XP will be unlocked within approximately one day after the campaign ends upon meeting the requirements.

{% tabs %}
{% tab title="Warm reminder" %}

1. Even if you complete the check-in, your Binance Wallet check-in count won’t update if any of the requirements above are not met.
2. The Binance Wallet check-in count may take 15–30 minutes to update due to on-chain processing. Kindly check back shortly.
   {% endtab %}
   {% endtabs %}

<mark style="color:$warning;">**To learn more about XP, see:**</mark>\
<https://x.com/TermMaxFi/status/1998320208755515614?s=20>&#x20;

## Step by step guide

### Mobile (Binance App)

Make sure you’ve downloaded the [Binance App](https://app.binance.com/uni-qr/web3-onchain-opportunities?utm_campaign=termmax).

#### Step 1: Open the Binance App and go to the Binance Wallet tab

#### Step 2: Add your wallet address&#x20;

Create a keyless wallet or import an existing wallet. If you already have a Binance Wallet address, you can skip this step.&#x20;

<figure><img src="/files/QSeI4Li2duzquB5eAVCc" alt=""><figcaption></figcaption></figure>

#### Step 3: Go to the Discover tab and find TermMax

Find the **campaign banner** at the top of the Discover main page and click on it, or go to the **On-chain Opportunities** section to access TermMax.

<figure><img src="/files/1NEL6Yab4FXSzGKt7e8M" alt=""><figcaption></figcaption></figure>

#### Step 4: Connect to the leaderboard page

<figure><img src="/files/xN3rae0dPqhNPiyU36ty" alt=""><figcaption></figcaption></figure>

#### Step 5: Begin your daily check-ins and earn XP!

After successfully signing in to the Leaderboard page, scroll down to the **Daily Check-in** section to complete your check-in.\
\
Please note that the Binance Wallet check-in count may take 15–30 minutes to update due to on-chain processing. Kindly check back shortly.\
\
If your Binance Wallet check-in count isn’t updating, it may be because you haven’t met all the requirements listed above. Please make sure you meet them.

<figure><img src="/files/pSMfqi2rlqhLN3vqynmk" alt=""><figcaption></figcaption></figure>

### Desktop (Browser Extension)

#### Step 1: Visit the website[ https://leaderboard.termmax.ts.finance/](https://leaderboard.termmax.ts.finance/)

#### Step 2: Click “Sign in”

<figure><img src="/files/tkzuMiCk8PyR1LF8hUhY" alt=""><figcaption></figcaption></figure>

#### Step 3: Connect Wallet

<figure><img src="/files/5CBQaLOs9CPc97I6NGRB" alt=""><figcaption></figcaption></figure>

#### Step 4: Choose Binance Wallet and Install the Extension

Install the [Binance Wallet extension](https://chromewebstore.google.com/detail/binance-wallet/cadiboklkpojfamcoggejbbdjcoiljjk?utm_medium=sdk\&utm_source=leaderboard.termmax.ts.finance), set up your wallet (you can import any wallet using keyless, seed phrase, or private key), and then connect.&#x20;

<figure><img src="/files/QbBWxtkxZl5miOiEbmfo" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/h2gh3vH0glbH6KI91hPG" alt=""><figcaption></figcaption></figure>

#### Step 5: Wallet connected!

<figure><img src="/files/9ixPh1bvojFalkLgyqKy" alt=""><figcaption></figcaption></figure>

#### Step 6: Begin your daily check-ins and earn XP!

Scroll down the campaign page to find the check-in section and select **BNB Chain** to check in. \
\
Please note that the Binance Wallet check-in count may take 15–30 minutes to update due to on-chain processing. Kindly check back shortly.\
\
If your Binance Wallet check-in count isn’t updating, it may be because you haven’t met all the requirements listed above. Please make sure you meet them.

<figure><img src="/files/hpRK23uhf0XpbJwzRkuC" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/kA1DGJZkVIH3ayinb8gq" alt=""><figcaption></figcaption></figure>

### &#x20;Check your XP and Badge

You can check your XP in the section shown in the screenshot. Please note that the 300 XP for each check-in may take some time to sync after completing a check-in.\
\
Once the requirements are met, the corresponding rewards will be distributed within approximately one day after the campaign ends.\
\
You can see your badge in the Badge Collection section.

<figure><img src="/files/us4HMSa0TSSEgxsyu9yI" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/gRmjzofanWCbuPvgCYqg" alt=""><figcaption></figcaption></figure>


# 【Tutorial】Complete a 5-Day consecutive Binance Wallet Check-in to unlock exclusive rewards!

Unlock an exclusive badge and a one-time XP bonus - 200K for Binance Wallet Users + 50K for Newbies.

### Campaign ends

2026/02/12 15:59 UTC+8

### What to Do & What You’ll Get

#### Requirements

* Connect your Binance Wallet via the [Binance Wallet extension](https://chromewebstore.google.com/detail/binance-wallet/cadiboklkpojfamcoggejbbdjcoiljjk?utm_medium=sdk\&utm_source=leaderboard.termmax.ts.finance)
* Check in with the Binance Wallet extension for 5 consecutive days on BNB Chain
* Make sure you hold ≥10 USDC, ≥10 USDT, or ≥0.01 BNB in your wallet on BNB Chain throughout the 5-day check-in period.&#x20;

#### Rewards

* **All users:** In addition to 300 XP for each check-in (1,500 XP total for 5 days), an exclusive Binance W3W Early Adopter Badge and 200,000 XP are unlocked upon meeting the requirements.
* **Newbie Bonus:** If you're completely new to TermMax, checking in with Binance Wallet for 5 consecutive days will also unlock the Streak Chaser Badge and 50,000 XP — a little extra treat for first-timers! That brings your total to 251,500 XP.

{% tabs %}
{% tab title="Warm reminder" %}

1. The Binance Wallet check-in must be completed on <mark style="color:$warning;">**desktop**</mark> via the **Binance Wallet browser extension**. If you see **“Unavailable”** after clicking in, it may be due to regional restrictions. You can try switching to a different VPN node.
2. The points and check-in status <mark style="color:$warning;">**may take some time to sync**</mark> after each check-in. After completing the check-in, make sure the status shows '**Already checked in today'.**
3. Even if you complete the check-in, your <mark style="color:$warning;">**Binance Wallet Streak will not increase**</mark> if your **wallet balance does not meet the requirements** above or if you **did not use the Binance Wallet desktop browser extension**.
   {% endtab %}
   {% endtabs %}

<mark style="color:$warning;">**To learn more about XP, see:**</mark>\
<https://x.com/TermMaxFi/status/1998320208755515614?s=20>&#x20;

### Step by step guide

#### Step 1: Visit the website[ https://leaderboard.termmax.ts.finance/](https://leaderboard.termmax.ts.finance/)

#### Step 2: Click “Sign in”

<figure><img src="/files/tkzuMiCk8PyR1LF8hUhY" alt=""><figcaption></figcaption></figure>

#### Step 3: Connect Wallet

<figure><img src="/files/5CBQaLOs9CPc97I6NGRB" alt=""><figcaption></figcaption></figure>

#### Step 4: Choose Binance Wallet

Install the [Binance Wallet extension](https://chromewebstore.google.com/detail/binance-wallet/cadiboklkpojfamcoggejbbdjcoiljjk?utm_medium=sdk\&utm_source=leaderboard.termmax.ts.finance), set up your wallet, and then connect.\
\
Please note that you MUST use the Binance Wallet browser extension to meet the requirements, logging in by scanning the QR code via the Binance app is not eligible.

<figure><img src="/files/QbBWxtkxZl5miOiEbmfo" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/h2gh3vH0glbH6KI91hPG" alt=""><figcaption></figcaption></figure>

#### Step 5: Wallet connected!

<figure><img src="/files/9ixPh1bvojFalkLgyqKy" alt=""><figcaption></figcaption></figure>

#### Step 6: Begin your daily check-ins and earn XP!

Scroll down the campaign page to find the check-in section, and <mark style="color:$warning;">**select BNB Chain**</mark> to check in. It may take a moment for your status to update, so please make sure it shows “<mark style="color:$warning;">**Already checked in today**</mark>”. This indicates that your check-in was successful.

<figure><img src="/files/M3sfnUHPMhIxn4GFFCnX" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/yqdBg3wcI6LQp7r8cGM6" alt=""><figcaption></figcaption></figure>

#### Step 7: Check your XP and Badge

You can check your XP in the section shown in the screenshot. Please note that the 300 XP for each check-in may take some time to sync after completing a check-in.\
\
Once the requirements are met, the corresponding rewards will be distributed within approximately one day after the campaign ends.\
\
You can see your badge in the Badge Collection section.

<figure><img src="/files/us4HMSa0TSSEgxsyu9yI" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/gRmjzofanWCbuPvgCYqg" alt=""><figcaption></figcaption></figure>


# TermMax Alpha Limited-Time Boosting Program

Supercharge Your Alpha Points!

**TermMax Alpha’s First Limited-Time Boosting Program is Officially Launched!**

This program is designed to provide fair rewards to every user while helping them efficiently accumulate substantial AP (Alpha Points) through Alpha Market activities.

AP (Alpha Points) is a core metric for measuring user participation in the TermMax ecosystem and serves as an important reference for future token airdrops and other ecosystem rewards. The more actively you participate and accumulate, the more substantial your future rewards can be.

During this boosting program, **buying or selling options is fee-free**. Whether you are a beginner trying derivatives for the first time or an experienced trader, you can earn AP steadily at your own pace through Alpha Market, enhancing your future rights and benefits within the ecosystem. Start accumulating your AP immediately!&#x20;

Below are the detailed rules and rewards for this program.

### Alpha Market Boosting Program Overview

By participating in this Boosting Program, you can easily earn multiple AP rewards within the 7-day event period through buying or selling call/put options(Long/Short), depositing into Dual Investment Vault, and other qualifying tasks.

#### Event Period

November 27, 2025, 00:00:00 UTC – December 3, 2025, 23:59:59 UTC

#### Base Multiplier Doubled

To encourage more active participation in Alpha Market, the original base multiplier is now doubled, making every trade and deposit even more rewarding. This is one of the most direct incentives of this program.

The base multiplier for all Alpha Market activities is as follows:

* **Long/Short: Base multiplier increases from 10x AP → 20x AP**\
  \
  AP Earned = Notional Trading Volume × Base AP Multiplier

> **Example:**\
> If you buy a call option (Long) with a notional value of 1,000 USDT, during the program, you will earn 20,000 AP, compared to the usual 10,000 AP.

* **Dual Investment: Daily multiplier increases from 60x AP → 120x AP**\
  \
  For Dual Investment, your AP is calculated based on the current market value of the USDT or tokens deposited into the Vault.

> **Example:**\
> If you deposit 1,000 USDT, you can earn 120,000 AP per day during the program(compared to 60,000 AP normally).\
> If you maintain your deposit for 10 consecutive days, the total AP earned would reach 1,200,000 AP.

#### One-Time Bonus Rewards

Users can unlock multiple one-time AP rewards while completing trading and deposit tasks.\
Please note that each user can only receive each reward once. \
\
**`If you’ve completed these tasks before the program started, you will still be eligible for the corresponding AP rewards.`**

<table data-header-hidden><thead><tr><th></th><th width="343.5"></th><th></th></tr></thead><tbody><tr><td><strong>Task Type</strong></td><td><strong>Condition</strong></td><td><strong>One-Time AP Reward</strong></td></tr><tr><td><strong>Single Option Trade</strong></td><td>Buy or sell a single option with cost ≥ 10 USDT</td><td>1,000 AP</td></tr><tr><td><strong>Single Dual Investment Deposit</strong></td><td>Deposit ≥ 100 USDT in a single Dual Investment Vault</td><td>3,000 AP</td></tr><tr><td><strong>First Option Notional Trading Volume Milestone</strong></td><td>Cumulative option notional trading volume (Buy + Sell) ≥ 10,000 USDT</td><td>20,000 AP</td></tr><tr><td><strong>First Deposit Milestone</strong></td><td>Cumulative Dual Investment Vault deposit value ≥ 1,000 USDT</td><td>50,000 AP</td></tr></tbody></table>

### Summary

This Boosting Program offers multiple ways to earn Alpha Points: doubled base multiplier and bonus one-time rewards—a dual incentive structure!

TermMax will continue launching AP incentive campaigns. Follow our [official X account](https://x.com/TermMaxFi) or join our [Discord](https://discord.ts.finance)/[Telegram](https://t.me/TermMaxFi) to stay informed.

For more details on Alpha Market, please visit:[ https://docs.ts.finance/termmax-doc-cn/xie-yi-ji-zhi/alpha-market](https://docs.ts.finance/termmax-doc-cn/xie-yi-ji-zhi/alpha-market)


# One-Time Tasks — Earn Bonus Rewards Upon Completion

Note: the campaign has ended.

TermMax has prepared a variety of one-time tasks for you. Complete them to claim generous rewards! These bonuses are added on top of the base points you normally earn for completing specific actions. Once you meet the requirements, your one-time point reward will be unlocked. Start your tasks now and claim the rewards that are exclusively yours!

> 💡 One-time tasks may include **Alpha Market activities, fixed-rate lending activities, basic social tasks**, and more. After completing a task, you may receive XP or AP—please refer to each task’s details for the exact reward.

Alpha Market–related one-time tasks are now live, and many more exciting tasks will be rolled out over time to help you accumulate points faster and earn even more rewards.

<table data-header-hidden><thead><tr><th></th><th width="355.5"></th><th></th></tr></thead><tbody><tr><td><strong>Task Type</strong></td><td><strong>Condition</strong></td><td><strong>One-Time Reward</strong></td></tr><tr><td>Single Option Trade</td><td>Buy or sell a single option with cost ≥ 10 USDT</td><td>1,000 AP</td></tr><tr><td>Single Dual Investment Deposit</td><td>Deposit ≥ 100 USDT in a single Dual Investment Vault</td><td>3,000 AP</td></tr><tr><td>First Option Notional Trading Volume Milestone</td><td>Cumulative option notional trading volume (Buy + Sell) ≥ 10,000 USDT</td><td>20,000 AP</td></tr><tr><td>First Deposit Milestone</td><td>Cumulative Dual Investment Vault deposit value ≥ 1,000 USDT</td><td>50,000 AP</td></tr></tbody></table>

<mark style="color:orange;">**`For options trading (Long/Short), please visit:`**</mark>\
<https://app.termmax.ts.finance/alpha/call-put?chain=bnb>

<mark style="color:orange;">**`For Dual Investment vault deposits, please visit:`**</mark>\
<https://app.termmax.ts.finance/alpha/dual-investment?chain=bnb>

**Reward Distribution:**\
• Rewards will be credited the next day after you complete the task.\
• For users who completed the relevant actions before the incentive program was introduced, we will retroactively grant the points. The exact crediting time may vary depending on the specific system processing required for your account.


# TermMax Mindshare Exclusive Creator Incentive Program

To further encourage more users to participate in the TermMax Mindshare Campaign, generate meaningful discussions, and increase community engagement, we are launching this **Exclusive Creator Incentive Program**, targeting high-quality creators willing to contribute valuable content.&#x20;

Upon joining, your content will be counted both in the official TermMax Mindshare Leaderboard and in this program’s independent leaderboard, allowing you to enjoy dual incentives, increasing both exposure and rewards.

**Notes:**

* This program leaderboard is independent from the official TermMax Mindshare Leaderboard. \
  The official leaderboard is open to all users and is an ongoing campaign; **this program is a limited-time activity exclusively for qualified creators**.
* Only creators who have successfully registered and meet the minimum participation requirements during the activity period will be eligible for this leaderboard. Those who fail to meet the minimum requirements will not be eligible for any rewards, including the guaranteed base reward.
* Before formally joining this incentive program, please carefully read the following information. If you meet the participation criteria, you are welcome to [**register**](https://forms.gle/zwhqrC9YXmWTDVEdA)**.**\
  Submission of the registration form does not automatically enroll you in the program. Successful applicants will be contacted by the official team **within three days** after the registration deadline.

### Registration Period

From the announcement date until Dec 4, 23:59 UTC.

### Participation Eligibility

#### 1. Registration Requirements:

* X followers ≥ 1,500
* At least one tweet in the past 30 days with ≥ 5,000 views

#### **2. Content Requirements:**

Creators who successfully register for this program must meet the following minimum requirements to be eligible for leaderboard ranking; otherwise, ranking will be invalid.

**Interaction with Official Account:**\
During the program, creators must interact with the official project X <mark style="color:orange;">at least three times</mark> (including comments, retweets, or quote tweets; interaction type is flexible) to help amplify key messages. \
The official team may specify which tweets require interaction.

**Content Quantity:**\
Creators must publish <mark style="color:orange;">at least three pieces of content</mark> on X during the activity period.

**Content Focus:**

* Content format is flexible (long tweets, image + text, short videos, etc.) and length is unrestricted.
* Content MUST cover the following points:\
  → Mention TermMax Mindshare Campaign and MP (Mindshare Points)\
  → Include project introduction, such as project highlights, Alpha Market mechanics, how to participate in airdrops, official updates, etc.\
  → Tag @TermMaxFi

**Content Quality:**\
Content should show clear effort. Plagiarism, low-quality posts, or spam will be considered invalid and will not count toward ranking.

### Incentive Structure

<mark style="color:orange;">**We offer multiple incentive layers:**</mark> in addition to the rewards available on the official Mindshare Leaderboard, this program’s independent leaderboard provides a guaranteed base reward and additional advanced rewards, ensuring that your contributions are fully recognized.\
\
(All rewards from this creator leaderboard will be distributed within 10 business days after the program ends, based on the final confirmed rankings.)

#### 1. Base Reward (Guaranteed)

All creators who meet the minimum participation requirements will receive a guaranteed reward of <mark style="color:orange;">100 USDT</mark>.

#### 2. Core Advanced Incentives

Creators who rank in the <mark style="color:orange;">top 10</mark> of this program’s leaderboard will receive advanced rewards.

| **Ranking** | **Reward**                                                                                                                                         |
| ----------- | -------------------------------------------------------------------------------------------------------------------------------------------------- |
| 1st         | 500 USDT                                                                                                                                           |
| 2nd         | 350 USDT                                                                                                                                           |
| 3rd         | 250 USDT                                                                                                                                           |
| 4th–10th    | One-time Mindshare Points (MP) ranging from 3,000 MP to 500 MP, awarded in descending order according to rank. Higher ranks receive higher points. |

### Ranking and Scoring Mechanism

Content will be evaluated using a weighted formula to ensure fair scoring as much as possible.

#### Data Collection and Scope

Because creators post content at different times during the program, all content views and interactions are <mark style="color:orange;">counted within 72 hours after posting</mark>. Data is automatically collected by the system via API.

#### Scoring Explanation

To ensure fairness and impartiality, the exact weighted formula will not be disclosed. The official team will use an automated evaluation mechanism for preliminary ranking and combine it with manual review for final ranking.


# Round 2 · TermMax Mindshare Exclusive Creator Incentive Program

The first round of the TermMax Mindshare Exclusive Creator Program has successfully concluded, with community engagement and content quality exceeding expectations. We sincerely thank all creators for your active participation and support.

Based on community feedback and the continued growth of TermMax Mindshare, we are launching Round 2 of the Creator Incentive Program, with upgraded entry requirements, evaluation criteria, and reward structure to further focus on high-quality content creators.

#### Important Notes

**Independent Rankings:** This program’s leaderboard is independent from the official TermMax Mindshare Leaderboard. Once you join this program, your content will be counted towards both the official Mindshare Leaderboard and this program’s exclusive leaderboard, allowing you to enjoy dual incentives.

* Official Leaderboard: A long-term leaderboard open to all users that ranks participants based on the MP (Mindshare Points) they earn.
* This Program: A time-limited incentive leaderboard exclusively for eligible creators.

**Eligibility:** Only creators who have successfully registered and fulfilled the participation requirements during the campaign period are eligible for the program’s rewards (including the guaranteed rewards).

**Selection Process:** Registration does not guarantee automatic enrollment. The official team will reach out to approved creators within 3 business days once registration is closed.

### I. Registration Period

Registration opens from the announcement date. Spots are limited, and enrollment will close once full. The official team will flexibly decide the final closing time based on how registrations progress.

Register: <https://forms.gle/8utfxAhXxU1ebbmM9>

### II. Eligibility

#### 1. Application Requirements

* X  followers ≥ 5,000
* At least one tweet in the past 30 days with ≥ 5,000 views

#### 2. Content & Participation Requirements (Minimum Threshold)

Creators who are approved into the program must complete the following within the designated one-week campaign period.\
\
Those who fail to meet the minimum requirements during this period will not be eligible for ranking or any rewards.

**Official Account Engagement**

* At least 3 interactions with @TermMaxFi (comments, retweets, or quote tweets; any type of interaction counts). TermMax may specify certain posts for interaction.

**Original Content**

* At least 3 pieces of TermMax-related original content published during the campaign period
* Content formats: Threads / images / videos / etc.

**Your content must include:**

* At least one post related to TermMax Mindshare and MP (Mindshare Points)
* Tag @TermMaxFi
* Content can cover (but is not limited to):

<kbd>**>> Product mechanics / key features**</kbd>

<kbd>**>> User experience or tutorials**</kbd>

<kbd>**>> Points system / airdrop participation**</kbd>

<kbd>**>> Official updates or personal insights**</kbd><br>

**Content Quality Requirements**

* Content must show real effort and originality
* Plagiarism, spam, or low-quality posts will be disqualified from ranking

### III. Reward Structure

In addition to the rewards from the official Mindshare Leaderboard, this program provides guaranteed rewards + extra ranking incentives.

All rewards (USDC / MP) will be distributed within 10 business days after the program ends, based on the final confirmed rankings.

#### 1. Guaranteed Base Reward

All creators who meet the minimum participation requirements: 100 USDC

#### 2. Advanced Incentives

| **Rank**   | **Reward**                                                                                                                                         |
| ---------- | -------------------------------------------------------------------------------------------------------------------------------------------------- |
| 1st        | 500 USDC                                                                                                                                           |
| 2nd        | 350 USDC                                                                                                                                           |
| 3rd        | 250 USDC                                                                                                                                           |
| 4th – 10th | One-time Mindshare Points (MP) ranging from 3,000 MP to 500 MP, awarded in descending order according to rank. Higher ranks receive higher points. |

#### 3. Bonus Incentive

Creators who add the official Name Tag【🐬TermMax】to their X username during the campaign will receive: One-time bonus of 500 MP

### IV. Ranking & Evaluation&#x20;

The ranking will be based on a unified data snapshot, combined with weighted scoring and manual review. To ensure the fairness and integrity of the selection process, the specific weighting formula will remain confidential.

#### Data Collection Rules

* Only the first three posts published during the campaign period will be counted\
  (Any additional posts will not be scored)
* Metrics for all content will be based on the final data captured at a unified timestamp three days after the campaign ends (UTC+8).


# Alpha Trading Volume Tiered Multiplier Challenge Is Here! Boost Your AP Faster

To provide all traders in the Alpha Market with more intuitive and accumulative rewards, we are introducing the new Tier-Up Challenge: unlock higher AP multipliers simply by increasing your cumulative trading volume.

In the TermMax ecosystem, AP (Alpha Points) is a key metric for TGE airdrop allocation. This tiered system ensures that every trade contributes to your long-term growth: as your cumulative notional trading volume increases, you will unlock higher AP multiplier tiers, allowing your rewards to scale steadily with your activity.

Join the challenge, push for higher tiers, and enjoy accelerated AP growth!

## Event Period

2025/12/08 12:00:00 - 2025/12/21 11:59:59 UTC

## Trading Volume Calculation Rules

The trading volume counted for this challenge is based on Notional Volume, which is not the same as your actual opening cost (Max Cost).

A user’s trading volume is calculated as the cumulative notional trading volume, including all notional Buy and Sell volumes for Long and Short options.

**User Cumulative Trading Volume**\
**= Notional Buy Volume (Long/Short) + Notional Sell Volume (Long/Short)**

> **Example:**\
> If you open a Long position with a notional trading volume of 100 USDT, your actual cost may be only 10 USDT. When you close the position by selling the option, it also counts as 100 USDT in notional volume. Your cumulative trading volume becomes: 100 USDT + 100 USDT = 200 USDT.

## AP Multiplier Tier Unlocks

| **Cumulative Notional Volume** | **AP Multiplier** |
| ------------------------------ | ----------------- |
| 500K                           | 1.05x             |
| 1M                             | 1.1x              |
| 3M                             | 1.15x             |
| 5M                             | 1.2x              |

### Important Notes

* When your account's cumulative trading volume first reaches 500K, your trading tier will be upgraded during the next settlement cycle (system settlement usually takes 3 to 5 hours). Following the upgrade, every subsequent trade will multiply your existing AP base multiplier (currently 10x) by 1.05.<br>
* This multiplier will not be upgraded to the next level's multiplier (e.g., 1.1x) until your cumulative trading volume hits the next tier threshold of 1M, and so forth.<br>
* The tiered multiplier only applies to trades executed after the tier threshold is triggered AND the system settlement is complete, and it remains unchanged until the next tier is unlocked.

### Example

The base multiplier for each Alpha trade is 10x. When your cumulative trading volume reaches 500K and the system completes the settlement, the 1.05x multiplier is activated, meaning all subsequent trades will earn points based on 10 × 1.05 = 10.5x.\
\
When your cumulative trading volume reaches 1M and the system completes the settlement, the multiplier is upgraded to 1.1x, and all subsequent trades will be calculated at 10 × 1.1 = 11x.


# TermMax Graduates from YZi Labs (Binance Labs) EASY Residency Season 3

TermMax, a DeFi fixed-rate lending and borrowing protocol, has officially graduated from YZi Labs (formerly Binance Labs) EASY Residency Season 3, joining a select group of early-stage builders across Web3, AI, and frontier tech. The program concluded with a Demo Day at the Computer History Museum in Mountain View, California.

This season focused on areas including on-chain financial market structure, AI agents, tokenized real-world assets(RWA), prediction markets, privacy, and programmable infrastructure — themes that reflect the next phase of on-chain finance.

As a fixed-rate lending and borrowing protocol rebuilding on-chain financial markets, TermMax was selected and graduated as part of this cohort — reflecting broader ecosystem recognition of TermMax's long-term vision and technical depth in DeFi.

🔗 [YZi Labs announcement](https://x.com/yzilabs/status/2054383465030897713)


# Spearbit Competitions

### Spearbit's Cantina Competitions

To achieve the highest level of security, we are partnering with[ Spearbit](https://cantina.xyz/competitions/205f8ca3-27fc-4da2-a2e6-0d43e1c60a41), a renowned security auditing firm specializing in blockchain protocols. Specifically, we are utilizing their innovative Cantina Competitions to conduct comprehensive security reviews of our smart contracts.

Cantina Competitions are crowdsourced security audits designed to be efficient, high-signal, and thorough. They bring together some of the best security researchers in the blockchain ecosystem to perform extensive code reviews. This approach ensures maximum code coverage and leverages diverse expertise to identify potential vulnerabilities that might be missed in traditional audits.

* Efficient and Comprehensive: The competition format encourages rapid yet thorough examination of the codebase.
* High-Signal Findings: By engaging top security talent, Cantina Competitions focus on uncovering critical issues with minimal noise.
* Community Engagement: This model fosters a collaborative environment where multiple experts contribute to enhancing the security of the protocol.

We are organizing a two-week Cantina Competition dedicated to TermMax. During this period:

* Extensive Code Review: Security researchers will rigorously analyze our smart contracts and underlying protocols.
* Vulnerability Identification: The goal is to uncover any potential security flaws, from critical vulnerabilities to minor issues.
* Feedback and Improvement: Findings from the competition will be used to strengthen our platform before mainnet deployment.


# Hypernative 24/7 On-Chain Security Analysis

### 24/7 On-Chain Security Analysis

To proactively monitor and safeguard our platform, we partner with the top-tier security service provider Hypernative to implement 24/7 on-chain security analysis:

* Real-Time Monitoring: Continuous surveillance of our smart contracts and wallets detects any unusual or risky activities immediately.
* Immediate Response: Our team is alerted to potential threats as they occur, allowing us to take swift action to mitigate risks.&#x20;
* Advanced Tools: Utilizing state-of-the-art security tools and analytics, we stay ahead of potential vulnerabilities and attacks.
* Auto-Pause Mechanism: We have implemented an auto-pause mechanism that automatically pauses the system whenever a potential attack is detected. This proactive feature prevents the protocol from being exploited in real time, minimizing the risk of loss and allowing our team to investigate and respond effectively.


# Immunefi Bug Bounty Program

### Ongoing Immunefi Bug Bounty Program

In addition to the Cantina Competition, we are going to launch an ongoing Bug Bounty Program through[ Immunefi](https://immunefi.com/bug-bounty/termstructurelabs/information/). Our Term Structure zkTrue-up contract is already listed on Immunefi, inviting whitehat hackers to diligently examine its security. This program allows whitehat hackers and security researchers to report vulnerabilities at any time, ensuring continuous security assessment.

* Continuous Vigilance: The program is always active, encouraging timely reporting of any discovered issues.
* Incentivizing Security Research: We offer rewards to individuals who identify and responsibly disclose valid security vulnerabilities.
* Community Collaboration: By involving the broader security community, we enhance the robustness of our platform.


# DeFiSafety PQR Score: 93%

### DeFiSafety PQR Score

TermMax has achieved a **93% Process Quality Review (PQR) score** from [DeFiSafety](https://defisafety.com/app/pqrs/613), earning a PASS rating that significantly exceeds the passing standard of 70%.

<figure><img src="/files/MsJ4PVubZgAluWADVJYC" alt=""><figcaption></figcaption></figure>

### About DeFiSafety PQR

DeFiSafety is an independent quality and ratings organization that evaluates DeFi products to attribute security scores based on a transparent quality standard. PQRs are computed from the weighted average of a protocol's score across 6 categories: Code & Team, Code Documentation, Testing, Security, Admin controls, and Oracles.

High scores indicate that a protocol follows best practice in terms of development, documentation, testing, security and transparency, and can be considered trustworthy and safe because the potential risk vectors are being accounted for and guarded against.

### TermMax PQR Performance

**Overall Score: 93% PASS**

Our comprehensive evaluation demonstrates TermMax's commitment to security excellence across all critical areas:

1. Code & Team: 100%
2. Code Documentation: 70%
3. Testing: 89%
4. Security: 94%
5. Admin Controls: 97%
6. Oracles: 100%

View Full Report: [DeFiSafety TermMax Review](https://defisafety.com/app/pqrs/613)


# Comprehensive Smart Contract Testing

### Comprehensive Smart Contract Testing

To ensure the highest level of security for our protocol, we've implemented a multi-layered testing approach:

* **Security Reviews from Senior Researchers at Spearbit**: Our contracts have undergone thorough code reviews by experienced security professionals from Spearbit, known for their expertise in blockchain security. These reviews help identify potential vulnerabilities and design flaws before deployment.
* **Audit Competitions on Spearbit Cantina**: We've leveraged the power of crowd-sourced security through Spearbit's Cantina Competitions, where multiple security researchers compete to find vulnerabilities in our code, providing diverse perspectives and maximizing coverage.
* **Fuzzing Tests**: We employ fuzzing tools to systematically test our contracts with random, unexpected inputs, helping identify edge cases that might not be discovered through conventional testing methods.
* **Integration Tests**: Our comprehensive integration test suite verifies that all contract components work together correctly, validating end-to-end functionality across the entire protocol.
* **Unit Tests**: Each individual function and component has been rigorously tested in isolation to verify correct behavior under various conditions, ensuring the integrity of our protocol's building blocks.
* **Mutation Testing**: We've implemented mutation testing to verify the quality and effectiveness of our test suite, systematically modifying our code to ensure our tests can detect potential issues.
* **End-to-End Browser Testing**: We utilize Playwright to regularly test transaction behaviors initiated from browsers, simulating real user interactions with our platform. This ensures that the functionality of our smart contracts works properly in production environments and validates the complete user experience from interface to blockchain.


# Timelock Protection

TermMax implements a sophisticated timelock protection system for sensitive operations. This mechanism ensures that critical parameter changes undergo a waiting period before being implemented, allowing for review and potential revocation of harmful changes.

### Vault Timelock Mechanism

The TermMax vault contract implements a comprehensive timelock protection system for sensitive operations. This mechanism ensures that critical parameter changes undergo a mandatory waiting period before implementation, allowing for thorough review and potential revocation of harmful changes.

The timelock system follows a three-step process:

1. **Submit** - A change is proposed (typically by the CURATOR)
2. **Wait** - The change enters a timelock period (default: 1 day)
3. **Accept** - After timelock expiration, the change can be accepted

During the timelock period, the GUARDIAN role has the ability to review and potentially revoke the pending change.

#### **Role-Based Access**

* **CURATOR**: Submits parameter changes (e.g., performance fee rate)
* **GUARDIAN**: Reviews and can revoke pending changes during the timelock period
* **Vault Owner**: Has oversight capabilities for the timelock system

#### **Timelock Duration Bounds**

Vault timelock duration is configurable within safety limits:

* Minimum: 1 day (86,400 seconds)
* Maximum: 30 days (2,592,000 seconds)

### Oracle Timelock Mechanism

The Oracle system includes a specialized timelock mechanism to protect against malicious or erroneous price feed updates. Given that oracles provide critical price data for collateral valuation and liquidation decisions, changes to oracle sources are protected by a mandatory waiting period.

#### Oracle Timelock Security Features

* **DEFAULT ADMIN ROLE Restriction**: Only accounts with the DEFAULT ADMIN ROLE can submit or accept oracle changes
* **Asset-Specific Updates**: Timelock is applied independently for each asset's oracle, allowing for targeted updates
* **Validation Period**: Proposed oracle changes must pass through the full timelock period before acceptance
* **Multiple Oracle Support**: The system maintains backup oracle mechanisms, allowing immediate failover if a primary oracle fails

#### **Importance for Risk Management**

The oracle timelock is particularly critical because:

1. Price manipulation is a common attack vector in DeFi protocols
2. False oracle data could trigger incorrect liquidations or allow unhealthy borrowing
3. Oracle failures during market volatility can amplify systemic risks

By enforcing a timelock on oracle updates, TermMax provides:

* Time for community oversight of oracle changes
* Protection against flash attacks targeting oracle infrastructure
* Enhanced stability during market turbulence

This multi-layered approach to securing both vault operations and oracle updates creates a robust protection system that guards against both malicious actions and operator errors, enhancing overall protocol security.


# Frontend Security

TermMax implements comprehensive frontend security measures to protect users from supply chain attacks, unauthorized modifications, and malicious code injection. Our multi-layered approach ensures the integrity and authenticity of the user interface.

### Build Authentication System

#### SHA Verification Process

TermMax uses build-attestation with a unique SHA for every frontend release. The current build SHA is shown in the application UI for transparency, while the authoritative reference is maintained internally. We perform frequent automated integrity checks to compare the deployed SHA against the expected value; any detected drift triggers immediate alerts to the security team for investigation and remediation.

#### ECS SHA Drift Detection&#x20;

Our monitoring system continuously tracks the SHA values to detect any unauthorized changes or drift from the expected build version. This real-time monitoring ensures that only verified, authentic versions of the frontend are served to users.

#### Docker Image Validation

For each container build, the pushed image is automatically scanned for known vulnerabilities, malware indicators, and base-image policy compliance. Only images with no disqualifying findings are approved for release, and only approved images are eligible for deployment.<br>

### Content Integrity Protection

#### Content Security Policy (CSP)&#x20;

Strict Content Security Policy headers prevent unauthorized script execution and protect against cross-site scripting (XSS) attacks. The CSP configuration limits resource loading to trusted sources only.<br>

### Continuous Monitoring

#### Automated Security Scanning&#x20;

The frontend undergoes regular automated security scans integrated into our CI/CD pipeline. These scans identify potential vulnerabilities before deployment.

#### Real-Time Integrity Checks&#x20;

Our monitoring systems perform continuous integrity verification, immediately alerting the security team if any unauthorized modifications are detected.

#### Content Security Policy (CSP)

We enforce a restrictive, allowlist-based CSP that blocks inline scripts/styles and limits external sources to trusted origins. Policy violations are monitored, and actionable reports inform rapid remediation.

#### Cross-Site Scripting (XSS) Prevention

We prevent XSS through context-aware output encoding and strict input handling at all trust boundaries, complemented by secure cookies and a hardened CSP. These controls reduce the risk of script injection and data exposure.

<br>


# DNS Security

TermMax implements robust DNS security measures to protect users from domain-based attacks and ensure secure access to our platform. Our DNS infrastructure is designed to prevent spoofing, cache poisoning, and man-in-the-middle attacks.<br>

### DNSSEC Implementation

#### DNS Security Extensions (DNSSEC)

TermMax domains are signed with DNSSEC, enabling cryptographic validation of DNS records by resolvers. This helps prevent DNS spoofing and cache-poisoning attacks that could redirect users to malicious sites.

#### Digital Signature Validation

All DNS records are DNSSEC-signed, enabling validating resolvers to cryptographically verify the authenticity and integrity of DNS responses. This helps ensure users are directed to the legitimate TermMax platform and reduces the risk of DNS spoofing and cache-poisoning.<br>

### Domain Protection Measures

#### Domain Monitoring&#x20;

We proactively monitor for suspicious or look-alike domain registrations (including typosquatting) and phishing sites targeting TermMax. When identifying the unknown registrations, the team will immediately survey and respond.

#### Secure DNS Resolvers

We are using DNS resolvers that perform DNSSEC validation. This helps protect against DNS spoofing and cache-poisoning attacks.


# Best Security Practices

At TermMax, the security of our platform and the safety of our users' assets are our top priorities. In the rapidly evolving world of Decentralized Finance (DeFi), we recognize that robust security measures are essential to maintain trust and ensure the integrity of our services.

### Best Security Practices

Beyond these measures, we adhere to industry-leading security practices:

* **Rigorous Testing:** All smart contracts undergo extensive unit and integration testing before deployment to identify and fix any potential issues.
* **Open Source Transparency:** Our codebase will be publicly available for community examination and contributions, promoting transparency and fostering collective trust.
* **Non-Upgradeable Smart Contracts:** Our smart contracts are designed to be non-upgradeable, except for the routers. This approach prevents any unauthorized or malicious upgrades that could compromise user assets.
* **Emergency Stop Functionality:** Our smart contracts include an emergency stop mechanism. In the event of a security breach or attack, the admin can halt contract operations to prevent further loss and allow the team to address the issue promptly.
* **Multi-Sig Governance:** Critical administrative functions, such as authorizing curator and market maker addresses, permissions, and parameter updates, are governed by a 4-of-6 multi-signature (multi-sig) wallet. This process significantly mitigating the risk of private key compromise and unauthorized control.
* **Assets Segregation**: Each market contract operates in isolation, creating a robust compartmentalization of risk throughout the protocol. This design ensures that issues in one market cannot affect other markets, protecting users' assets across the platform even if some assets are exploited or price manipulated. This siloed approach significantly enhances the overall security posture of TermMax.

Our proactive approach to security, exemplified by partnering with Spearbit's [Cantina Competitions](https://cantina.xyz/competitions/205f8ca3-27fc-4da2-a2e6-0d43e1c60a41) and [Immunefi Bug Bounty Program](https://immunefi.com/bug-bounty/termstructurelabs/information/), and conducting [Hypernative](https://www.hypernative.io/) 24/7 on-chain security analysis, underscores our dedication to providing a secure and reliable platform. The audit reports are published in <https://github.com/term-structure/audits/>. We believe that engaging the wider security community and employing continuous monitoring are crucial in building trust and ensuring the long-term success of TermMax.

By prioritizing security at every step, we aim to offer our users peace of mind as they engage with our innovative DeFi solutions.

<br>


# Audit Reports

### Audit Reports

TermMax has undergone rigorous security reviews by top security researchers, focusing on:

* Smart contract vulnerabilities
* Economic attack vectors
* Parameter validation
* Access control mechanisms
* Oracle security
* ...and more

All critical and high-severity issues identified during these audits have been addressed in the production codebase to ensure the highest level of security for our users' funds.

[View the full audit reports](https://github.com/term-structure/audits/tree/main/TermMax)


# Risks

### Leveragers (Buying GT)

* **Liquidation Risk**: As a GT holder in a leveraged position, you're exposed to the risk of liquidation. If the value of your collateral declines significantly, your position could be liquidated to cover the debt, resulting in the loss of your collateralized assets.
* **Market Volatility**: Leveraged positions amplify both gains and losses. Sudden adverse market movements can lead to substantial losses.
* **Interest Rate Risk**: While borrowing rates are fixed, if the yields on your collateral (especially those with floating rates) decrease, your overall returns may be negatively affected.
* **DEX Liquidity Risk**: The leveraging process relies on third-party decentralized exchanges (DEXs) for swapping between debt tokens and collateral tokens. Limited liquidity, technical issues, or market disruptions on these DEXs could affect the efficiency of leverage creation, liquidation processes, and redemptions. This may result in higher slippage, failed transactions, or suboptimal execution prices during critical operations.

### Lenders (Buying FT)

* **Liquidation Risk**: If the liquidation process isn't fully executed due to dramatic market price changes or other issues, the value of the liquidated assets may not fully cover the lender's principal plus interest. However, TermMax's physical delivery mechanism mitigates this risk by providing a proportional share of the collateral, thereby minimizing potential losses.
* **Interest Rate Risk**: If market interest rates rise above the fixed rate you're receiving and you decide to sell your FT tokens before the maturity date, they may become less valuable compared to new offerings with higher rates.

### Borrowers (with Collaterals)

* **Collateral Liquidation Risk**: If the value of your collateral falls below a certain threshold, it may be liquidated to repay your loan, resulting in the loss of your collateral assets.
* **Market Risk**: If the market value of your collateral decreases significantly, you might incur losses upon liquidation beyond what you anticipated.

### Depositors (Earn from Vaults)

* **Negative Returns Possibility**: There is no guarantee of positive returns – depositors may experience losses due to adverse market conditions or unsuccessful curator strategies.
* **Curator Dependency**: Performance relies entirely on the curator's expertise in managing the vault's strategy.
* **Withdrawal Risk**: Under certain market conditions, withdrawals might be queued, and you might receive less value upon withdrawal than you initially deposited due to market movements and fees.
* **Market Volatility**: High volatility can affect the performance of the vault's strategy and the total value of your deposited assets.
* **Physical Delivery Risk:** If the physical delivery mechanism is triggered after the maturity dates of those markets associated with the vault, the collateral will be delivered to the vault. If the available liquidity of the vault is not enough for depositors to withdraw, they can wait for the incoming liquidity to withdraw their assets or burn their vault share to claim the delivered collateral. This may result in receiving assets different from those initially deposited, potentially affecting value and requiring additional transactions to convert back to the desired assets.

### Curators (Managing Vaults)

* **Strategy Performance Risk**: Your strategy performance directly impacts both your reputation and earnings. Underperforming strategies may lead to depositor withdrawals, reducing assets under management and performance fees.
* **Market Timing Risk**: Incorrectly timed range order placements may result in suboptimal rates or insufficient utilization, affecting overall vault performance.
* **Reputation Risk**: Poor performance or operational mistakes can damage your reputation as a curator, making it difficult to attract depositors for future vaults.
* **Timelock Constraints**: The timelock mechanism on parameter changes may prevent quick strategy adjustments during volatile market conditions, potentially leading to missed opportunities or increased risk exposure.
* **Guardian Intervention Risk**: Proposed parameter changes can be revoked by the Guardian role during the timelock period, potentially limiting your ability to implement desired strategy changes.
* **Vault Capacity Management**: Incorrect capacity limit settings may lead to capital inefficiency (if too low) or diluted returns (if too high), affecting overall vault performance.
* **Multi-Market Coordination Risk**: Managing strategies across multiple markets increases complexity and the risk of overlooking important market-specific factors that could impact performance.
* **Fee Competition Risk**: Setting performance fees too high may discourage depositors from choosing your vault over competitors with lower fees.

### Range Order Setters (Creating Range Orders)

* **Pricing Curve Design Risk**: Poorly configured pricing curves may result in unfavorable execution rates, leading to suboptimal returns or failure to attract market takers.
* **Unutilized Capital Risk**: If range orders are not filled, capital remains idle and fails to generate returns, resulting in opportunity cost.
* **Market Mispricing Risk**: Setting incorrect rates relative to broader market conditions may lead to adverse selection, where your orders are only filled when they offer unfavorable terms.
* **Position Concentration Risk**: Large orders in specific markets may be difficult to fill completely, leading to partial utilization and reduced overall returns.
* **Collateral Value Fluctuation**: For borrowing range orders, significant collateral value decreases may trigger liquidations, resulting in potential losses beyond anticipated costs.
* **Counterparty Matching Risk**: Range orders may not find suitable market takers, especially in less liquid markets or during periods of low activity.
* **Rate Arbitrage Risk**: Sophisticated market participants may exploit inefficiencies in your pricing curves, resulting in transactions that favor the counterparty at your expense.
* **Maturity Mismatch Risk**: Setting orders with inappropriate maturities relative to your liquidity needs may create cash flow challenges if funds are locked longer than anticipated.
* **Fee Structure Impact**: Transaction and protocol fees may erode expected returns, especially for range orders with tight spreads or small transaction sizes.

### General Risks for All Users

* **Smart Contract and Technical Risks**: Bugs, coding errors, or hacks can lead to losses. Network congestion or failures might delay transactions.
* **Platform Risk**: Reliance on TermMax's infrastructure means that any platform-specific issues could affect user experience and the functioning of the system.
* **Oracle Risk**: TermMax relies on external price feeds from oracles like [Chainlink](https://chain.link/) and [RedStone](https://redstone.finance/) to determine the current prices of assets involved in loans. While these oracles are designed to be secure and reliable, they are potential points of failure. If an oracle is compromised or provides incorrect data, it could lead to inaccurate valuations of collateral and underlying assets. This might result in wrongful liquidations or under-collateralized loans.
* **Transaction Ordering Manipulation**: Users are exposed to the risk of MEV extraction, where validators or specialized entities may manipulate transaction ordering to their advantage. This can result in frontrunning, backrunning, or sandwich attacks on your transactions. While TermMax implements protective measures to minimize MEV extraction through careful design and transaction flow optimization, this risk still exists as it is inherent to public blockchain networks.
* **Price Fluctuations**: Due to the time delay between transaction submission and execution, the actual execution price may differ from the expected price. This slippage can be especially significant during periods of high market volatility or for transactions involving assets with limited liquidity.
* **AMM Curve Dynamics:** When interacting with TermMax's custom AMM, slippage may occur as your transaction moves along the pricing curve. Larger transactions typically experience higher slippage as they consume more liquidity from the range order.
* **Order Size Impact:** Substantial borrowing or lending positions may experience more significant slippage than smaller positions due to their larger impact on the available liquidity in the range order.
* #### Mitigation Strategies
  * **Consider transaction timing**: During periods of high volatility, slippage and MEV risks may be elevated.
  * **Use appropriate slippage tolerance**: Setting a reasonable slippage tolerance when interacting with range orders can help protect against unexpected price movements.
  * **Transaction size management**: Breaking larger transactions into smaller ones may reduce slippage and MEV exposure, though this should be balanced against increased gas costs.

### Conclusion

While TermMax provides innovative tools to enhance your DeFi experience, it's essential to understand the associated risks with each role. Always perform thorough research and consider your risk tolerance before participating. Diversifying your investments and staying informed about market conditions can help mitigate some of these risks.

<br>


# Disclaimer

### Disclaimer of Liability

* None of Term Structure and TermMax Persons is liable for any damages, losses, expenses, demands, or claims, whether direct or indirect, including but not limited to those in contract, tort, equity, or otherwise (“Losses”) arising from your use of the protocol.
* You are solely responsible for your actions and any potential Losses incurred. Understanding the risks, rewards, market volatility, and secure usage practices is crucial before making any interactions on the protocol.
* You explicitly acknowledge and understand that Term Structure including TermMax is a technology-agnostic platform that consists of a code-based platform built on blockchain, and that therefore, the smart contracts are immutable and irreversible.
* You understand the consequences of your actions resulting from the use of the Term Structure platform including TermMax in this specific technological environment.
* You understand that none of Term Structure and TermMax Persons will be responsible or liable to you for any Losses and take any responsibility for, nor will be liable to you for, any use of the services, including but not limited to any Losses arising from (i) incorrectly constructed transactions, or mistyped wallet addresses; (ii) server failure or data loss; (iii) cryptocurrency wallets or corrupt files; (iv) unauthorized access to services; or (v) any third party activities, including without limitation the use of viruses, phishing, brute forcing or other means of attack against any blockchain network underlying the protocol.


# System Architecture

TermMax is a decentralized fixed-rate lending protocol which composed of frontend, backend, and smart contracts.

#### Key Functionalities

* Frontend: Provide a user-friendly UI for users to interact with TermMax to place order, lend, borrow, and leverage.
* Backend: Fetch and organize contract state data and provide APIs for frontend to query.
* Contract: The core functionalities of TermMax include lend, borrow, order placement, liquidation, and physical delivery.

<figure><img src="/files/Fs8R1KnZSb59rEBNsZXP" alt=""><figcaption></figcaption></figure>


# Contract

The TermMax contract is published in <https://github.com/term-structure/termmax-contract>.


# TermMax Roles

This document outlines the various roles defined in the TermMax protocol, their responsibilities, and the specific functions each role controls.

## Core Roles for Access Control

### 1. Default Admin (`DEFAULT_ADMIN_ROLE`)

Description: The highest administrative role with privileges to manage other roles and system-critical operations.Controlled Functions:

#### Gearing Token (GT)&#x20;

* **Set Gearing Token Implementation**

  ```solidity
  // AccessManager.sol
  function setGtImplement(ITermMaxFactory factory, string memory gtImplementName, address gtImplement)
          external
          onlyRole(DEFAULT_ADMIN_ROLE)
  ```

  * Updates the Gearing Token implementation reference in the factory.

#### **Market**

* **Create and deploy new markets**

  ```solidity
  // AccessManager.sol
  function createMarket(
          ITermMaxFactory factory,
          bytes32 gtKey,
          MarketInitialParams calldata deployParams,
          uint256 salt
      ) external onlyRole(DEFAULT_ADMIN_ROLE) returns (address market)
  ```

  * Deploys new markets

#### **Ownership**

* **Transfer ownership of an contract**

  ```solidity
  // AccessManager.sol
  function transferOwnership(IOwnable entity, address to) external onlyRole(DEFAULT_ADMIN_ROLE)
  ```

  * Transfers ownership of ownable contracts
* **Accept ownership of an contract**

  ```solidity
  // AccessManager.sol
  function acceptOwnership(IOwnable entity) external onlyRole(DEFAULT_ADMIN_ROLE)
  ```

  * Accepts ownership of contracts

#### **Upgradability**

* **Upgrade contracts**

  ```solidity
  // AccessManager.sol
  function upgradeSubContract(UUPSUpgradeable proxy, address newImplementation, bytes memory data)
          external
          onlyRole(DEFAULT_ADMIN_ROLE)
  ```

  * Upgrades proxies using UUPS pattern

#### **Contract Integration**

* **Whitelist external adapters for contract integrations**

  ```solidity
  // AccessManager.sol
  function setAdapterWhitelist(ITermMaxRouter router, address adapter, bool isWhitelist)
          external
          onlyRole(DEFAULT_ADMIN_ROLE)
  ```

  * Controls which swap adapters are allowed

#### **Oracles**

* **Update oracle source for an asset**

  ```solidity
  // AccessManager.sol
  function submitPendingOracle(IOracle aggregator, address asset, IOracle.Oracle memory oracle)
          external
          onlyRole(DEFAULT_ADMIN_ROLE)
  ```

  * Submits new oracles
* **Accept new submitted oracle source for an asset**

  ```solidity
  // AccessManager.sol
  function acceptPendingOracle(IOracle aggregator, address asset) external onlyRole(DEFAULT_ADMIN_ROLE)
  ```

  * Accepts pending oracles

### 2. Pauser (`PAUSER_ROLE`)

Description: Role with permissions to pause/unpause contracts as a safety measure during emergencies.Controlled Functions:

* **Pause or Unpause a pausable contract**

  ```solidity
  // AccessManager.sol
  function setSwitch(IPausable entity, bool state) external onlyRole(PAUSER_ROLE)
  ```

  * Pauses or unpauses protocol functionalities

### 3. Configurator (`CONFIGURATOR_ROLE`)

Description: Role with permissions to configure aspects of the system such as market parameters and fee settings.Controlled Functions:

* **Update market config including treasury address and fee configs**

  ```solidity
  // AccessManager.sol
  function updateMarketConfig(ITermMaxMarket market, MarketConfig calldata newConfig)
          external
          onlyRole(CONFIGURATOR_ROLE)
  ```

  * Updates market configuration
* **Update Gearing Token (GT) config to set collateral capacity**

  ```solidity
  // AccessManager.sol
  function updateGtConfig(ITermMaxMarket market, bytes memory configData) external onlyRole(CONFIGURATOR_ROLE)
  ```

  * Updates Gearing Token configuration
* **Update fee rate of an specific order**

  ```solidity
  // AccessManager.sol
  function updateOrderFeeRate(ITermMaxMarket market, ITermMaxOrder order, FeeConfig memory feeConfig)
          external
          onlyRole(CONFIGURATOR_ROLE)
  ```

  * Updates fee rates for orders

### 4. Vault Admin (`VAULT_ROLE`)

Description: Role with specific permissions to manage vaults.Controlled Functions:

* **Submit a new guaridan to a vault for apending apprvoval**&#x20;

  ```solidity
  // AccessManager.sol
  function submitVaultGuardian(ITermMaxVault vault, address newGuardian) external onlyRole(VAULT_ROLE)
  ```
* **Revoke the pending guradian of a vault**

  ```solidity
  // AccessManager.sol
  function revokeVaultPendingGuardian(ITermMaxVault vault) external onlyRole(VAULT_ROLE)
  ```
* **Revoke the pending timelock settings of a vault**

  ```solidity
  // AccessManager.sol
  function revokeVaultPendingTimelock(ITermMaxVault vault) external onlyRole(VAULT_ROLE)
  ```
* **Revoke the pending market to be whitelisted of a vault**

  ```solidity
  // AccessManager.sol
  function revokeVaultPendingMarket(ITermMaxVault vault, address market) external onlyRole(VAULT_ROLE)
  ```
* **Set and update curator to a vault**

  ```solidity
  // AccessManager.sol
  function setCuratorForVault(ITermMaxVault vault, address newCurator) external onlyRole(VAULT_ROLE)
  ```
* **Set and whitelist allocators of a vault**

  ```solidity
  // AccessManager.sol
  function setIsAllocatorForVault(ITermMaxVault vault, address allocator, bool isAllocator)
          external
          onlyRole(VAULT_ROLE)
  ```

## Vault-Specific Roles

### Curator

Description: Role responsible for managing vault market relationships and parameters.Controlled Functions:

* **Create an order under the vault**

  ```solidity
  // TermMaxVault.sol
  function createOrder(ITermMaxMarket market, uint256 maxSupply, uint256 initialReserve, CurveCuts memory curveCuts)
          external
          onlyCuratorRole
          marketIsWhitelisted(address(market))
          whenNotPaused
          returns (ITermMaxOrder order)
  ```
* **Update multiple orders including the rates and supplies**

  ```solidity
  // TermMaxVault.sol
  function updateOrders(
          ITermMaxOrder[] memory orders,
          int256[] memory changes,
          uint256[] memory maxSupplies,
          CurveCuts[] memory curveCuts
      ) external onlyCuratorRole whenNotPaused
  ```
* **Redeem Fixed-Rate Tokens (FT) of the order after maturity**

  ```solidity
  function redeemOrder(ITermMaxOrder order) external onlyCuratorRole
  ```
* **Withdraw the performance fee**

  ```solidity
  // TermMaxVault.sol
  function withdrawPerformanceFee(address recipient, uint256 amount)
          external
          nonReentrant
          whenNotPaused
          onlyCuratorRole
  ```
* **Submit a new timelock to be accepted after the original timelock**

  ```solidity
  // TermMaxVault.sol
  function submitTimelock(uint256 newTimelock) external onlyCuratorRole
  ```
* **Set and update the capacity of the vault**

  ```solidity
  // TermMaxVault.sol
  function setCapacity(uint256 newCapacity) external onlyCuratorRole
  ```
* **Submit the new performance fee rate to be accepted after timelock**

  ```solidity
  // TermMaxVault.sol
  function submitPerformanceFeeRate(uint184 newPerformanceFeeRate) external onlyCuratorRole
  ```
* **Submit and whitelist a new market to be accepted after timelock**

  ```solidity
  // TermMaxVault.sol
  function submitMarket(address market, bool isWhitelisted) external onlyCuratorRole
  ```
* All allocator functions (acts as a super-allocator)

### Guardian

Description: A protective role for vaults with permissions to approve or prevent sensitive operations.Controlled Functions:

* **Revoke the new submitted timelock**

  ```solidity
  // TermMaxVault.sol
  function revokePendingTimelock() external onlyGuardianRole
  ```
* **Revoke the new submitted guradian**

  ```solidity
  // TermMaxVault.sol
  function revokePendingGuardian() external onlyGuardianRole
  ```
* **Revoke the new submitted market to be whitelisted**

  ```solidity
  // TermMaxVault.sol
  function revokePendingMarket(address market) external onlyGuardianRole
  ```
* **Revoke the new submitted performance fee**

  ```solidity
  // TermMaxVault.sol
  function revokePendingPerformanceFeeRate() external onlyGuardianRole
  ```

### Allocator

Description: Role responsible for managing funds allocation within vaults.Controlled Functions:

* **Update the order of supply queue**

  ```solidity
  // TermMaxVault.sol
  function updateSupplyQueue(uint256[] memory indexes) external onlyAllocatorRole
  ```
* **Update the order of withdraw queue**

  ```solidity
  // TermMaxVault.sol
  function updateWithdrawQueue(uint256[] memory indexes) external onlyAllocatorRole
  ```

## Architecture

<figure><img src="/files/fAaKqxLmMmo5nqHtEj4o" alt=""><figcaption></figcaption></figure>


# Contract Upgrade

## Overview

TermMax employs a strategic mixed approach to contract upgradeability, balancing flexibility with security. Only critical infrastructure components are upgradeable, while core protocol logic remains immutable to ensure user trust and system stability.

## Upgradable Contracts

TermMax implements the Universal Upgradeable Proxy Standard (UUPS) pattern for the following contracts:

1\. AccessManager Contract

* Purpose: Controls the permission system for the entire protocol
* Upgrade Authority: DEFAULT\_ADMIN\_ROLE
* Critical Functions: Role management, permission controls, system-wide access control

2\. TermMaxRouter Contract

* Purpose: Handles routing logic between protocol components
* Upgrade Authority: DEFAULT\_ADMIN\_ROLE
* Critical Functions: User interaction routing, protocol integration management

## Upgrade Process

1. Multisig Preparation
   1. Technical team prepares upgrade transaction data
   2. Admin multisig wallet initiates upgrade proposal
   3. Upgrade parameters and new implementation address verified
2. Signature Collection
   1. Threshold Required: 4 out of 6 signatures
   2. Security Features:
      1. Gnosis Safe multisig wallet implementation
      2. Hypernative Guardian service provides additional transaction security
3. Post-Upgrade Verification
   1. Check the upgraded contract status on Etherscan and/or other networks' explorers&#x20;
   2. Confirm all state correctly preserved during upgrade
   3. Validate new functionality works as expected
   4. Ensure permissions and access controls maintained
      * Check external integrations remain functional
      * Monitor for any issues post-upgrade
   5. All upgrades monitored by Immunefi bug bounty hunters


# Liquidation & Physical Delivery

Liquidation in TermMax is designed to ensure protocol stability by maintaining the required Loan-To-Value (LTV) of loans while rewarding liquidators who help secure the protocol. TermMax uses a structured formula to calculate the amount of collateral to be liquidated, ensuring fair incentives for liquidators while minimizing borrower penalties.

## Liquidation Triggers

#### **LLTV Breach:**&#x20;

Liquidation is triggered if the loan’s LTV meets or exceeds the LLTV threshold due to a decline in collateral value or a rise in debt token value.

#### Missed Maturity Repayment:

If a borrower fails to repay the loan by the fixed maturity date, the loan is flagged for liquidation and becomes open for liquidation for a two-hour window.&#x20;

## Liquidator Incentives

Liquidators receive a portion of the liquidated debt value (5%) from the borrower’s collateral as a reward, incentivizing prompt liquidation and supporting protocol stability.

## Borrower Penalties

10% Protocol Penalty: A 10% penalty based on the liquidated debt value is applied, with 5% allocated to liquidators and 5% to the protocol reserve.

## Liquidation Mechanism

#### **Partial Liquidations:**&#x20;

If the loan’s outstanding debt exceeds $10,000 USD, liquidators can only liquidate up to 50% of the total debt value. This rule minimizes penalties and reduces losses for the borrower while decreasing the LTV of unhealthy loans.

#### **Full Liquidations:**

If a loan is fully liquidated, (meaning the debt amount is reduced to zero) any remaining collateral will  automatically be transferred back to the borrower.

#### **10% Penalty on Liquidated Debt Value:**&#x20;

When liquidation is triggered, an additional 10% penalty that is calculated based on the liquidated debt value will be charged to the borrower’s total collateral. This penalty is divided as follows:

* 5% for Liquidation Rewards: Half of the penalty is allocated to liquidators as a reward.
* 5% for Protocol Penalty: The other half is directed to the protocol’s reserve vault to support protocol liquidity and security.

#### **Liquidated Collateral Calculation and Distribution:**&#x20;

To determine the total collateral to be liquidated, TermMax applies a formula. This formula ensures that the liquidated collateral amount first covers the reward to liquidators, with any remaining amount applied to the protocol penalty, while capping liquidation to the borrower’s position. The formula is as follows:

$$
\begin{align\*}
liquidatedCollateralAmt= & \\
& min(liquidatedCollateralAmt\_{liquidator}+liquidatedCollateralAmt\_{protocol}, \\
& maxLiquidatedCollateralAmount)
\end{align\*}
$$

where

* $$liquidatedCollateralAmt\_{liquidator}$$: The portion of collateral allocated first to liquidators with liquidated debt amount and reward

$$
liquidatedCollateralAmt\_{liquidator}= \frac{liquidatedDebtAmt \times debtTokenPrice \times (1+liquidationReward)}{collateralTokenPrice}
$$

* $$liquidatedCollateralAmt\_{protocol}$$: The portion of collateral allocated to the protocol as a penalty, which is fulfilled only after $$liquidatedCollateralAmt\_{liquidator}$$ is covered

$$
liquidatedCollateralAmt\_{protocol}=\frac{liquidatedDebtAmt \times debtTokenPrice \times protocolPenalty}{collateralTokenPrice}
$$

* $$maxLiquidatedCollateralAmt$$: The maximum allowable collateral amount based on the borrower’s overall position. This factor ensures that the LTV of a loan will always become healthier (smaller) after the liquidation.

$$
maxLiquidatedCollateralAmt=\frac{totalCollateralAmt \times liquidatedDebtAmt}{totalDebtAmt}
$$

## Physical Delivery

In accordance with the above liquidation mechanism, if any loans remain unpaid or only partially liquidated after the liquidation window, the physical delivery process will automatically commence. In this process, the redemption pool will consist of both underlying tokens and collateral tokens. When FT holders redeem their FT through the pool, they will receive a proportional distribution of underlying and collateral tokens based on their FT shares relative to the total outstanding FT in the market.


# Oracles

RedStone Oracles

[RedStone](https://www.redstone.finance/) is a Modular Oracle that delivers frequently updated, reliable, and diverse data feeds, including yield-bearing assets like LSTs, LRTs, Bitcoin LSTs and yield-accruing stablecoins.

Termmax integrated RedStone price feeds as our primary source of data for assets, we leverage RedStone oracles for main pools including USDC, wstETH & WETH.

<br>

## Ethereum

<table><thead><tr><th width="118.01953125">Asset</th><th width="399.34765625">Oracle Address</th><th width="393.30859375">Backup Oracle Address</th><th width="130.0390625" data-type="number">Heartbeat (s)</th><th>Note</th></tr></thead><tbody><tr><td>USDC</td><td><pre class="language-solidity" data-title="Redstone USDC/USD" data-full-width="true"><code class="lang-solidity">0xeeF31c7d9F2E82e8A497b140cc60cc082Be4b94e
</code></pre></td><td><pre class="language-solidity" data-title="Chainlink USDC/USD"><code class="lang-solidity">0x8fFfFfd4AfB6115b954Bd326cbe7B4BA576818f6
</code></pre></td><td>86400</td><td></td></tr><tr><td>sUSDe</td><td><pre class="language-solidity" data-title="Redstone sUSDe/USD" data-full-width="false"><code class="lang-solidity">0xb99D174ED06c83588Af997c8859F93E83dD4733f
</code></pre></td><td><pre class="language-solidity" data-title="Chainlink sUSDe/USD"><code class="lang-solidity">0xFF3BC18cCBd5999CE63E788A1c250a88626aD099
</code></pre></td><td>86400</td><td></td></tr><tr><td>WETH</td><td><pre class="language-solidity" data-title="Chinalink ETH/USD"><code class="lang-solidity">0x5f4eC3Df9cbd43714FE2740f5E3616155c5b8419
</code></pre></td><td><pre class="language-solidity" data-title="Redstone ETH/USD"><code class="lang-solidity">0x67F6838e58859d612E4ddF04dA396d6DABB66Dc4
</code></pre></td><td>86400</td><td></td></tr><tr><td>pufETH</td><td><pre class="language-solidity" data-title="Chainlink pufETH/ETH + chainlink ETH/USD"><code class="lang-solidity">0xB3ae8A16CF827d193Ae51a92fd2630e6839F5761
</code></pre></td><td><pre class="language-solidity" data-title="Redstone pufETH/ETH + redstone ETH/USD"><code class="lang-solidity">0x5F08C227deAe74D8e5Ec0d743FB0744AB1B6c984
</code></pre></td><td>86400</td><td></td></tr><tr><td>wstETH</td><td><pre class="language-solidity" data-title="Redstone wstETH/USD"><code class="lang-solidity">0xe4aE88743c3834d0c492eAbC47384c84BcADC6a6
</code></pre></td><td><pre class="language-solidity" data-title=""><code class="lang-solidity">
</code></pre></td><td>86400</td><td></td></tr><tr><td>PT-sUSDE-29MAY2025</td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + chinlink sUSDe/USD"><code class="lang-solidity">0x8f29Df42c617C222Bc2B416AC8a022E85e853276
</code></pre></td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + redstone sUSDe/USD"><code class="lang-solidity">0x333651c5710Fc8C4fe65E5D15E5639348F267D7c
</code></pre></td><td>86400</td><td></td></tr><tr><td>USUALUSDC+</td><td><pre class="language-solidity" data-title="ERC4626 convertToAssets + chinlink USDC/USD"><code class="lang-solidity">0xF8f79b5b527e2cb3900956eB0D17A4D4aA6ae220
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>MCwETH</td><td><pre class="language-solidity" data-title="ERC4626 convertToAssets + chinlink ETH/USD"><code class="lang-solidity">0xF1D1c1e387820c2eFDB9B863960FaA5d035C2006
</code></pre></td><td><pre class="language-solidity" data-title="ERC4626 convertToAssets + redstone ETH/USD"><code class="lang-solidity">0x3b82860EC8815Fc2A1dcC53580bd647b0042C93e
</code></pre></td><td>86400</td><td></td></tr><tr><td>PT-pufETH-26JUN2025</td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + chainlink pufETH/ETH + chainlink ETH/USD"><code class="lang-solidity">0x5a27314e6D35B6fFCBaE6B3eb030e7Faf7EF34F1
</code></pre></td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + redstone pufETH/ETH + redstone ETH/USD"><code class="lang-solidity">0x5D18F4cB3c95568F315cb1C1eF48261a5A4D6053
</code></pre></td><td>86400</td><td></td></tr><tr><td>eUSDe</td><td><pre class="language-solidity" data-title="ERC4626 convertToAssets + chainlink USDe/USD"><code class="lang-solidity">0xB6549635409Ae9c0eeBB71B3F904cB004F2D97D3
</code></pre></td><td><pre class="language-solidity" data-title="ERC4626 convertToAssets + redstone USDe/USD"><code class="lang-solidity">0x6B09d473dB784D840E307Cb3Da63CbA79D300CAc
</code></pre></td><td>86400</td><td></td></tr><tr><td>WBTC</td><td><pre class="language-solidity" data-title="Chainlink BTC/USD"><code class="lang-solidity">0xF4030086522a5bEEa4988F8cA5B36dbC97BeE88c
</code></pre></td><td><pre class="language-solidity" data-title="Redstone BTC/USD"><code class="lang-solidity">0xAB7f623fb2F6fea6601D4350FA0E2290663C28Fc
</code></pre></td><td>86400</td><td></td></tr><tr><td>cbBTC</td><td><pre class="language-solidity" data-title="Chainlink cbBTC/USD"><code class="lang-solidity">0x2665701293fCbEB223D11A08D826563EDcCE423A
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>gtWETH</td><td><pre class="language-solidity" data-title="ERC4626 convertToAssets + chainlink WETH/USD"><code class="lang-solidity">0xdc0115fe09600FeDa15D317cCa3D2f21F389036d
</code></pre></td><td><pre class="language-solidity" data-title="ERC4626 convertToAssets + redstone ETH/USD"><code class="lang-solidity">0x3A44454F173b082F1dbbA9587b046Dc90B2F0AE7
</code></pre></td><td>86400</td><td></td></tr><tr><td>lvlUSD</td><td><pre class="language-solidity" data-title="Chainlink USDC/USD"><code class="lang-solidity">0x8fFfFfd4AfB6115b954Bd326cbe7B4BA576818f6
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>slvlUSD</td><td><pre class="language-solidity" data-title="ERC4626 convertToAssets + chainlink USDC/USD"><code class="lang-solidity">0x3Bc7dD457901A41509fc0Bd47Dc3Da42D45Ce030
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>PT-lvlUSD-29MAY2025</td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + chainlink USDC/USD"><code class="lang-solidity">0x57eAfDF2c9B47425042Be735ff47dea7Ef965726
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>GTUSDCF</td><td><pre class="language-solidity" data-title="ERC4626 convertToAssets + chainlink USDC/USD"><code class="lang-solidity">0x81195F8A79f6553A4078f89eF87b21a7d3C2855A
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>MC_USDCP</td><td><pre class="language-solidity" data-title="ERC4626 convertToAssets + chainlink USDC/USD"><code class="lang-solidity">0x4cF5F12c6c0D48F0d335DdB25e11cd526EAfD322
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>mhyETH</td><td><pre class="language-solidity" data-title="ERC4626 convertToAssets + chainlink ETH/USD"><code class="lang-solidity">0x0221cd3fA8B1Bea16293fb0cD6B60977d531c931
</code></pre></td><td><pre class="language-solidity" data-title="ERC4626 convertToAssets + redstone ETH/USD"><code class="lang-solidity">0x00B96F0eBf39158cb4E3F801073966bD6Db7959C
</code></pre></td><td>86400</td><td></td></tr><tr><td>inwstETHs</td><td><pre class="language-solidity" data-title="RedStone wstETH/USD"><code class="lang-solidity">0xe4aE88743c3834d0c492eAbC47384c84BcADC6a6
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>PT-sUSDe-31JUL2025</td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + chinlink sUSDe/USD"><code class="lang-solidity">0x53399c17DbB2Ba67BB3B6E5bf692251267A3F861
</code></pre></td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + redstone sUSDe/USD"><code class="lang-solidity">0x53399c17DbB2Ba67BB3B6E5bf692251267A3F861
</code></pre></td><td>86400</td><td></td></tr><tr><td>PT-lvlUSD-25SEP2025</td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + chainlink USDC/USD"><code class="lang-solidity">0x32401387EDCB60CD74E2FCae50B3C542E03B1ec5
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>cUSDO</td><td><pre class="language-solidity" data-title="ERC4626 convertToAssets + chainlink USDC/USD"><code class="lang-solidity">0xf158000de86899b5EB5E6fA3BB78F32A072bD14b
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>PT-cUSDO-19JUN2025</td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + cUSDO price feed"><code class="lang-solidity">0x1B4A4208d6AfD76332206F2Aefd977aeEf108575
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>wstUSR</td><td><pre class="language-solidity" data-title="ERC4626 convertToAssets + chainlink USR/USD"><code class="lang-solidity">0xD14a49eDF484ce994C3dD61c4eF36CC33C96179A
</code></pre></td><td><pre class="language-solidity" data-title="ERC4626 convertToAssets + Redstone USR/USD"><code class="lang-solidity">0xc7c005753d649a432EbC858f82B7bDd4338Fa333
</code></pre></td><td>86400</td><td></td></tr><tr><td>PT-wstUSR-25SEP2025</td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + wstUSR Chainlink price feed"><code class="lang-solidity">0xB94D176656220Ee22CAEA8e5827BE5854cB42035
</code></pre></td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + wstUSR Redstone price feed"><code class="lang-solidity">0xBA06F387B245aE60289f16FE208867C1eE38934D
</code></pre></td><td>86400</td><td></td></tr><tr><td>PT-sUSDE-31JUL2025</td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + Chainlink sUSDe/USD"><code class="lang-solidity">0x53399c17DbB2Ba67BB3B6E5bf692251267A3F861
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>PT-lvlUSD-25SEP2025</td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + Chainlink USDC/USD"><code class="lang-solidity">0x32401387EDCB60CD74E2FCae50B3C542E03B1ec5
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>PT-mMEV-31JUL2025</td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + mMEV price feed"><code class="lang-solidity">0x0A48b114758a47F8df113adeab5e43b2129fa3b8
</code></pre></td><td></td><td>432000</td><td></td></tr><tr><td>mMEV</td><td><pre class="language-solidity" data-title="mMEV price feed"><code class="lang-solidity">0x5f09Aff8B9b1f488B7d1bbaD4D89648579e55d61
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>PT-slvlUSD-25SEP2025</td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + ERC4626 convertToAssets"><code class="lang-solidity">0x5042768E83E2b5F9A7251A41C4E66855DD65fe31
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>XAUm</td><td><pre class="language-solidity" data-title="Chainlink XAU / USD"><code class="lang-solidity">0x214eD9Da11D2fbe465a6fc601a91E62EbEc1a0D6
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>PT-eUSDE-14AUG2025</td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + eUSDE primary price feed"><code class="lang-solidity">0x1db66D3BAc8d405643716BF6605D1a045a4AC56C
</code></pre></td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + eUSDE secondary price feed"><code class="lang-solidity">0x00d14fD4D4525bBe8D6C7d67535df0FAf348f405
</code></pre></td><td>86400</td><td></td></tr><tr><td>LBTC</td><td><pre class="language-solidity" data-title="Chainlink LBTC/BTC + BTC/USD"><code class="lang-solidity">0x68D619f8a4E21c4CC0EAb3c4572ec0c9FeD78D3C
</code></pre></td><td><pre class="language-solidity" data-title="RedStone LBTC/BTC + BTC/USD"><code class="lang-solidity">0xf338eA0349a717F665842752FabA755B741ee9CA
</code></pre></td><td>86400</td><td></td></tr><tr><td>PT-LBTC-26JUN2025</td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + LBTC primary price feed"><code class="lang-solidity">0x592a2ef26E70663359514da51F9E2DA62Cfa65e9
</code></pre></td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + LBTC secondary price feed"><code class="lang-solidity">0xEf3E4F385BeB78be528b67560e9E72f96B2Eee99
</code></pre></td><td>86400</td><td></td></tr><tr><td>ynEthx</td><td><pre class="language-solidity" data-title="ERC4626 convertToAssets + Chainlink ETH/USD"><code class="lang-solidity">0x5FDaa369D623d86191105435c7DA03F25417753a
</code></pre></td><td><pre class="language-solidity" data-title="ERC4626 convertToAssets + RedStone ETH/USD"><code class="lang-solidity">0x2D9f82CcF2068686B46218B7A5Ad47177aF2ef7a
</code></pre></td><td>86400</td><td></td></tr><tr><td>PT-USDS-14AUG2025</td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + Chainlink USDS/USD"><code class="lang-solidity">0x4599f532E03458017Fa55F7DCF7A296267637B74
</code></pre></td><td></td><td>86400</td><td></td></tr></tbody></table>

**MC\_PTs**\
Token Address: `0xd41830d88dfD08678b0B886E0122193d54b02Acc`\
Price Feed: `0xe594f0E0013d304c63012F3C14fCf523Fd98613D`\
Backup Price Feed:  None\
Heartbeat: 86400

**ETH+**\
Token Address: `0xE72B141DF173b999AE7c1aDcbF60Cc9833Ce56a8`\
Price Feed: `0x1d309F2E29b0b30dbB536a8100fCCCe3bd90F776`\
Backup Price Feed:  `0xA9A785BE67e831fF0c9e589c2798833a282374Fa`\
Heartbeat: 86400

**xUSD**\
Token Address: `0xE2Fc85BfB48C4cF147921fBE110cf92Ef9f26F94`\
Price Feed: `0x91F37A3058A7fD3f4f66ED87d715CF05bB4fbfBd`\
Heartbeat: 86400

**PT-cUSDO-20NOV2025**\
Token address: `0xb10da2f9147f9cf2b8826877cd0c95c18a0f42dc`\
Price Feed: `0x1039F090392798Be2FeA222D6468676cB2F07699`\
heartbeat: 86400

**yUSD (YieldFi yUSD)**\
Token address: `0x19Ebd191f7A24ECE672ba13A302212b5eF7F35cb`\
Price Feed: `0x2da05F177485264D432878D4A17d722bc64Db0EF`\
heartbeat: 86400

**SPK**\
Oracle Provider: Chronicle\
Token Address: `0xc20059e0317DE91738d13af027DfC4a50781b066`\
Price Feed: `0x552116E747a5b386B2E7EEd4371002359cf2A574`\
heartbeat: 43200

**rUSD**\
Token Address: `0x09D4214C03D01F49544C0448DBE3A27f768F2b34`\
Price Feed: `0x8fFfFfd4AfB6115b954Bd326cbe7B4BA576818f6`\
heartbeat: 86400

**srUSD**\
Token Address: `0x738d1115B90efa71AE468F1287fc864775e23a31`\
Price Feed: `0x277F78F39b9Dc73dF3723BAcD40f8658f8a1A633`\
heartbeat: 86400

**wsrUSD**\
Token Address: `0xd3fd63209fa2d55b07a0f6db36c2f43900be3094`\
Price Feed: `0x0b4Cb11faC24707F3F0F89E441A4Cdf6EF01d215`\
heartbeat: 86400

**ysUSDC**\
Token Address: `0xF7DE3c70F2db39a188A81052d2f3C8e3e217822a`\
Price Feed: `0x3E8FdD705a6FF3a53FbC81A5FAFAc80Cb274b908`\
heartbeat: 86400

**PT-pufETH-25JUN2026**\
Token Address: `0x84013D1a574515b6a05a0e2392584d445D39D1DF`\
Primary Price Feed: `0xE764558e50B7d13e9ab5Ed5D4e7e7fAbb2A8f7AB`\
Backup Feed: `0x138A15fdA9408B39AfE586EAEaD30c4f9E2E42ff`\
heartbeat: 86400

**PT-RUSD-31JUL2025**\
Token Address: `0xf736acf34ff7cd9b3565b73a1f15e652859bf322`\
Primary Price Feed: `0xF1038ce76CA2D77ffF3929B0f73Bb537d49257b4`\
Heartbeat: 86400

**USDe**\
Token Address: `0x4c9EDD5852cd905f086C759E8383e09bff1E68B3`\
Primary Price Feed: `0xa569d910839Ae8865Da8F8e70FfFb0cBA869F961`\
Primary Price Feed Provider: Chainlink\
Backup Price Feed: `0xbC5FBcf58CeAEa19D523aBc76515b9AEFb5cfd58`\
Backup Price Feed Provider: RedStone\
Heartbeat: 86400

**USDO**\
Token Address: `0x8238884Ec9668Ef77B90C6dfF4D1a9F4F4823BFe`\
Primary Price Feed: `0x8fFfFfd4AfB6115b954Bd326cbe7B4BA576818f6`\
Primary Price Feed Provider: ChainLink\
Heartbeat: 86400

**USDS**\
Token Address: `0xdC035D45d973E3EC169d2276DDab16f1e407384F`\
Primary Price Feed: `0xfF30586cD0F29eD462364C7e81375FC0C71219b1`\
Primary Price Feed Provider: Chainlink\
Backup Price Feed: `0x74661a9ea74fD04975c6eBc6B155Abf8f885636c`\
Backup Price Feed Provider: Chronicle Protocol\
Heartbeat: 86400

**PT-sUSDE-25SEP2025**\
Token Address: `0x9F56094C450763769BA0EA9Fe2876070c0fD5F77`\
Primary Price Feed: `0xAA7F162b56f889fE9938CEe00D68f353e1f48d8E`\
Primary Price Feed Provider: RedStone\
Backup Price Feed: `0x65A27eb176a0B6D6fc53C8Ac64C04Bf3Fe627C8C`\
Backup Price Feed Provider: Chainlink\
Heartbeat: 86400

**PT-yUSD-7AUG2025**\
Token Address: `0xD1d0fF7BB555f57A9604CE06bca704ab97A0049A`\
Primary Price Feed: `0x792D0990d3a414d32687656AFa4b8ac2C427b346`\
Primary Price Feed Provider: Chainlink, TermMax\
Heartbeat: 86400

**tETH (Treehouse)**\
Token Address: `0xD11c452fc99cF405034ee446803b6F6c1F6d5ED8`\
Primary Price Feed: `0x71DFf31Be0182174dceAbdF60BE5ccE37D897f75`\
Primary Price Feed Provider: Chainlink, TermMax\
Heartbeat: 86400

**PT-yUSD-7AUG2025**\
Token Address: `0xD1d0fF7BB555f57A9604CE06bca704ab97A0049A`\
Primary Price Feed: `0x792D0990d3a414d32687656AFa4b8ac2C427b346`\
Primary Price Feed Provider: TermMax\
Heartbeat: 86400

**tETH (Terminal)**

Token Address: `0xa1150cd4A014e06F5E0A6ec9453fE0208dA5adAb`\
Primary Price Feed: `0x5f4eC3Df9cbd43714FE2740f5E3616155c5b8419`\
Primary Price Feed Provider: Chainlink\
Backup Price Feed: `0x67F6838e58859d612E4ddF04dA396d6DABB66Dc4`\
Backup Price Feed Provider: RedStone\
Heartbeat: 86400

**tUSDe (Terminal)**\
Token Address: `0xA01227A26A7710bc75071286539E47AdB6DEa417`\
Primary Price Feed: `0xa569d910839Ae8865Da8F8e70FfFb0cBA869F961`\
Primary Price Feed Provider: Chainlink\
Backup Price Feed: `0xbC5FBcf58CeAEa19D523aBc76515b9AEFb5cfd58`\
Backup Price Feed Provider: RedStone\
Heartbeat: 86400

## Arbitrum

<table><thead><tr><th width="113.42578125">Asset</th><th width="404.10546875">Oracle Address</th><th width="404.609375">Backup Oracle Address</th><th width="83.15625" data-type="number">Heartbeat (s)</th><th>Note</th></tr></thead><tbody><tr><td>WETH</td><td><pre class="language-solidity" data-title="Chainlink ETH/USD" data-full-width="true"><code class="lang-solidity">0x639Fe6ab55C921f74e7fac1ee960C0B6293ba612
</code></pre></td><td><pre class="language-solidity" data-title="eOracle ETH/USD"><code class="lang-solidity">0xd68AeF8Ab6D86CeC502e08Faa376297d836FdfA6
</code></pre></td><td>86400</td><td></td></tr><tr><td>USDC</td><td><pre class="language-solidity" data-title="Chainlink USDC/USD"><code class="lang-solidity">0x50834F3163758fcC1Df9973b6e91f0F0F0434aD3
</code></pre></td><td><pre class="language-solidity" data-title="eOracle USDC/USD"><code class="lang-solidity">0x399A965083E512011c82AAEB6A86036463010C95
</code></pre></td><td>86400</td><td></td></tr><tr><td>wstETH</td><td><pre class="language-solidity" data-title="Chainlink wstETH/ETH + chainlink ETH/USD"><code class="lang-solidity">0xB3ae8A16CF827d193Ae51a92fd2630e6839F5761
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>WBTC</td><td><pre class="language-solidity" data-title="Chainlink WBTC/USD"><code class="lang-solidity">0xd0C7101eACbB49F3deCcCc166d238410D6D46d57
</code></pre></td><td><pre class="language-solidity" data-title="eOracle WBTC/USD"><code class="lang-solidity">0x31FEeac9552a6215BD23Bd8c590B34BF04d865AE
</code></pre></td><td>86400</td><td></td></tr><tr><td>weETH</td><td><pre class="language-solidity" data-title="Chainlink weETH/ETH + chainlink ETH/USD"><code class="lang-solidity">0x8f29Df42c617C222Bc2B416AC8a022E85e853276
</code></pre></td><td><pre class="language-solidity" data-title="Redstone weETH/ETH + eOracle ETH/USD"><code class="lang-solidity">0xc2052500D0Cb8E1E8838717502A6B113C64Ed258
</code></pre></td><td>86400</td><td></td></tr><tr><td>ARB</td><td><pre class="language-solidity" data-title="Chainlink ARB/USD"><code class="lang-solidity">0xb2A824043730FE05F3DA2efaFa1CBbe83fa548D6
</code></pre></td><td></td><td>86400</td><td></td></tr><tr><td>PT-weETH-26JUN2025</td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + chainlink weETH/ETH + chainlink ETH/USD"><code class="lang-solidity">0x2a2a0e32c54670045256EBcA681887E32e689E97
</code></pre></td><td><pre class="language-solidity" data-title="Pendle ptToSyRate + redstone weETH/ETH + eOracle ETH/USD"><code class="lang-solidity">0x745716b8c00CAE49c422D706f630A1084B906759
</code></pre></td><td>86400</td><td></td></tr></tbody></table>

**PT-weETH-25JUN2026**\
Token Address: `0xaB7F3837E6e721abBc826927B655180Af6A04388`\
Primary Price Feed: `0x6209F36e72846801c0580a851220f062C9472133`\
Backup Price Feed: `0xe7c5C4ebc151e4B0DeeFF841C5f7Ec68f747368F`\
Heartbeat: 86400

## BNB

**USDT**\
Token Address: `0x55d398326f99059fF775485246999027B3197955`\
Primary Price Feed: `0xB97Ad0E74fa7d920791E90258A6E2085088b4320`\
Backup Price Feed: `0xf57bA29437C130e155Ca4b65128630777638F05D`\
Heartbeat: 21600

**WBNB**\
Token Address: `0xbb4CdB9CBd36B01bD1cBaEBF2De08d9173bc095c`\
Primary Price Feed: `0x0567F2323251f0Aab15c8dFb1967E4e8A7D42aeE`\
Backup Price Feed: `0x8dd2D85C7c28F43F965AE4d9545189C7D022ED0e`\
Heartbeat: 60

**BTCB**\
Token Address: `0x7130d2A12B9BCbFAe4f2634d864A1Ee1Ce3Ead9c`\
Price Feed: `0x264990fbd0A4796A3E3d8E37C4d5F87a3aCa5Ebf`\
Heartbeat: 60

**USD1**\
Token Address: `0x8d0D000Ee44948FC98c9B98A4FA4921476f08B0d`\
Price Feed: `0xaD8b4e59A7f25B68945fAf0f3a3EAF027832FFB0`\
Backup Price Feed: `0x6A1c87d11dDe3D1d52c24f8EC59B91019f14170D`\
Heartbeat: 86400

**sUSDe**\
Token Address: `0x211Cc4DD073734dA055fbF44a2b4667d5E5fE5d2`\
Price Feed: `0x7CD1174235476Ec8844A88de0d3E56A21E72ADa2`\
Backup Price Feed: `0x59538B3BdF046f15F7bDD231aACfA314071b1DF1`\
Heartbeat: 86400

**PT-sUSDe-26JUN2025**\
Token Address: `0xdd809435ba6c9d6903730f923038801781ca66ce`\
Price Feed: `0xe532CD9609BADBF6c02778116034a1EbD1526d3C`\
Backup Price Feed: `0x652cD426ffe87cb6f435317cC19BC81EC940Fd46`\
Heartbeat: 86400

**ynBNBx**\
Token Address: `0x32C830f5c34122C6afB8aE87ABA541B7900a2C5F`\
Price Feed: `0x5F5376913E011AeDe8d93027B335832180411322`\
Heartbeat: 3600

**ETH**\
Token Address: `0x2170Ed0880ac9A755fd29B2688956BD959F933F8`\
Price Feed: `0x9ef1B8c0E4F7dc8bF5719Ea496883DC6401d5b2e`\
Backup Price Feed: `0x9cF19D284862A66378c304ACAcB0E857EBc3F856`\
heatbeat: 21600

**USDX**\
Token Address: 0xf3527ef8dE265eAa3716FB312c12847bFBA66Cef\
Price Feed: 0x4BAD96DD1C7D541270a0C92e1D4e5f12EEEA7a57\
Heartbeat: 21600

**sUSDX**\
Token Address: `0x7788A3538C5fc7F9c7C8A74EAC4c898fC8d87d92`\
Price Feed: `0xf953652dE8af7F4D2dB325374A0ec1d12E24B3c3`\
Heartbeat: 21600

**xPufETH**\
Token Address: `0x64274835D88F5c0215da8AADd9A5f2D2A2569381`\
Price Feed: `0x05BC196a4a6Ba4eF476758133506299E17AE6753`\
Heartbeat: 21600


# Ethereum Assets


# USDC

### USDC

<table><thead><tr><th width="270.74468994140625">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48</td></tr><tr><td>Primary Price Feed</td><td>0x8fFfFfd4AfB6115b954Bd326cbe7B4BA576818f6</td></tr><tr><td>Primary Price Feed Provider</td><td>Chainlink</td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# WETH

### WETH

<table><thead><tr><th width="277.48095703125">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2</td></tr><tr><td>Primary Price Feed</td><td>0x5f4eC3Df9cbd43714FE2740f5E3616155c5b8419</td></tr><tr><td>Primary Price Feed Provider</td><td>Chainlink</td></tr><tr><td>Backup Price Feed</td><td>0x67F6838e58859d612E4ddF04dA396d6DABB66Dc4</td></tr><tr><td>Backup Price Feed Provider</td><td>Redstone</td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# PT-tUSDe-25SEP2025

<table><thead><tr><th width="299.73504638671875">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xd0a4B74A6B62aA2b6C02349463D9041606608F36</td></tr><tr><td>Primary Price Feed</td><td>0x9958DA08A5730b1a15a836bc374Fe1A72539cCDf</td></tr><tr><td>Primary Price Feed Provider</td><td>RedStone</td></tr><tr><td>Backup Price Feed</td><td>0x64797D973e6DD2Ee478B171248E5eE7EEa4BB6F2</td></tr><tr><td>Backup Price Feed Provider</td><td>Chainlink</td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# PT-ysUSDC-31JUL2025

<table><thead><tr><th width="299.72796630859375">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0x11105208Abb3Ce206922Bf4cd6B2D5F98CAC2F0d</td></tr><tr><td>Primary Price Feed</td><td>0x6a4F74102E724b8BDdA43866d90416e757E0228d</td></tr><tr><td>Primary Price Feed Provider</td><td></td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td>NA</td></tr><tr><td>Heartbeat</td><td>NA</td></tr></tbody></table>


# yUSD (YieldFi)

### yUSD

<table><thead><tr><th width="280.4713134765625">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0x19Ebd191f7A24ECE672ba13A302212b5eF7F35cb</td></tr><tr><td>Primary Price Feed</td><td>0x2da05F177485264D432878D4A17d722bc64Db0EF</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# PT-stETH-25DEC2025

<table><thead><tr><th width="299.796875">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xf99985822fb361117FCf3768D34a6353E6022F5F</td></tr><tr><td>Primary Price Feed</td><td>0xA426168560f9209D76ad1212781E425CE6B81B2B</td></tr><tr><td>Primary Price Feed Provider</td><td>Chainlink</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# amphrETH

| Item                        | Value                                      |
| --------------------------- | ------------------------------------------ |
| Token Address               | 0x5fD13359Ba15A84B76f7F87568309040176167cd |
| Primary Price Feed          | 0x3964508B929062a0E6CA23f96b2D5f7332892745 |
| Primary Price Feed Provider | Chainlink                                  |
| Backup Price Feed           | 0x0000000000000000000000000000000000000000 |
| Backup Price Feed Provider  |                                            |
| Heartbeat                   | 86400                                      |


# upUSDC

<table><thead><tr><th width="300.2265625">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0x80E1048eDE66ec4c364b4F22C8768fc657FF6A42</td></tr><tr><td>Primary Price Feed</td><td>0x0a9cf62e0a8160659a53cabc833809e5fe76a20f</td></tr><tr><td>Primary Price Feed Provider</td><td>EO</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# hgETH

<table><thead><tr><th width="299.9296875">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xc824A08dB624942c5E5F330d56530cD1598859fD</td></tr><tr><td>Primary Price Feed</td><td>0x70cf192d6b76d57a46aafc9285ced110034eb013</td></tr><tr><td>Primary Price Feed Provider</td><td>EO</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# PT-tETH-25SEP2025

<table><thead><tr><th width="299.73046875">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xfe72382695dc280e7392a0be795128a126e9b7ae</td></tr><tr><td>Primary Price Feed</td><td>0x0CD9ff868DAF19f1fb36c36CAF09D08112324991</td></tr><tr><td>Primary Price Feed Provider</td><td>Chainlink</td></tr><tr><td>Backup Price Feed</td><td>0x9173a3dC92b99DD251EBc2eD60D2dbE55F9F5bC7</td></tr><tr><td>Backup Price Feed Provider</td><td>RedStone</td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# pUSDe

<table><thead><tr><th width="299.80078125">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xA62B204099277762d1669d283732dCc1B3AA96CE</td></tr><tr><td>Primary Price Feed</td><td>0xa569d910839Ae8865Da8F8e70FfFb0cBA869F961</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0xbC5FBcf58CeAEa19D523aBc76515b9AEFb5cfd58</td></tr><tr><td>Backup Price Feed Provider</td><td>TermMax</td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# PT-pUSDe-16OCT2025

<table><thead><tr><th width="300.234375">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xf3f491e5608f8b8a6fd9e9d66a4a4036d7fd282c</td></tr><tr><td>Primary Price Feed</td><td>0x1fdD63cA031a7ce8001fb35D7A43A9de54b662F8</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0xbD7a9Dc2FBC256686274233B0A68E968A1A40378</td></tr><tr><td>Backup Price Feed Provider</td><td>TermMax</td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# deUSD

<table><thead><tr><th width="300.4609375">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0x15700B564Ca08D9439C58cA5053166E8317aa138</td></tr><tr><td>Primary Price Feed</td><td>0x471a6299C027Bd81ed4D66069dc510Bd0569f4F8</td></tr><tr><td>Primary Price Feed Provider</td><td>Chainlink</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# PT-ysUSDC-30OCT2025

<table><thead><tr><th width="299.86328125">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xaD7EE9712C279B619101706252Db3b3D1E6756AB</td></tr><tr><td>Primary Price Feed</td><td>0x428043865a6fA3068F299e01e103f5554731D415</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# upsSYLVA

<table><thead><tr><th width="299.6015625">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xc428439fB7B1EFE56360Eb837Ca98F551fdD9B26</td></tr><tr><td>Primary Price Feed</td><td>0xc1c92422c41cb37122e4933505EC95BE41291905</td></tr><tr><td>Primary Price Feed Provider</td><td>Chainlink</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# sdeUSD

<table><thead><tr><th width="299.8515625">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0x5C5b196aBE0d54485975D1Ec29617D42D9198326</td></tr><tr><td>Primary Price Feed</td><td>0xBfFEe75a9c24AecFb9C4836472EC493773C51C00</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# PT-hwHLP-25SEP2025

<table><thead><tr><th width="268.7578125">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0x904673592a3febb74a30a73161e8c05a200c8961</td></tr><tr><td>Primary Price Feed</td><td>0xd6bfbCA1bDa9701cC22c598493F94B8A1987f0cF</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# PT-USDe-25SEP2025

<table><thead><tr><th width="276.765625">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xBC6736d346a5eBC0dEbc997397912CD9b8FAe10a</td></tr><tr><td>Primary Price Feed</td><td>0x7a06C3A8FBAb218Ca5c832c2c6741140BAEfdca7</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# liUSD-1w

<table><thead><tr><th width="264.3828125">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0x12b004719fb632f1E7c010c6F5D6009Fb4258442</td></tr><tr><td>Primary Price Feed</td><td>0x9798837730640E881C2bb3d769418Da6cbA65d22</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# iUSD

<table><thead><tr><th width="267.54296875">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0x48f9e38f3070AD8945DFEae3FA70987722E3D89c</td></tr><tr><td>Primary Price Feed</td><td>0xa7998DFe5d4a6A88F843176B8763fd57962A4624</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# USDT

<table><thead><tr><th width="265.8125">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xdAC17F958D2ee523a2206206994597C13D831ec7</td></tr><tr><td>Primary Price Feed</td><td>0x3E7d1eAB13ad0104d2750B8863b489D65364e32D</td></tr><tr><td>Primary Price Feed Provider</td><td>Chainlink</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# RLP

<table><thead><tr><th width="299.9730224609375">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0x4956b52aE2fF65D74CA2d61207523288e4528f96</td></tr><tr><td>Primary Price Feed</td><td>0xAdb2c15Fde49D1A4294740aCb650de94184E66b2</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# sUSDe

<table><thead><tr><th width="276.4453125">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0x9d39a5de30e57443bff2a8307a4256c8797a3497</td></tr><tr><td>Primary Price Feed</td><td>0xFF3BC18cCBd5999CE63E788A1c250a88626aD099</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0xb99D174ED06c83588Af997c8859F93E83dD4733f</td></tr><tr><td>Backup Price Feed Provider</td><td>TermMax</td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# PT-sdeUSD-11DEC2025

<table><thead><tr><th width="257.2109375">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0x9AEf3BF940A22A58d8c55e287E2EdFDb0130cf2B</td></tr><tr><td>Primary Price Feed</td><td>0x4e36DBF4Ef140Ccf648375486EF7975d19b311Db</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# PT-sUSDE-27NOV2025

<table><thead><tr><th width="270.23046875">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xe6A934089BBEe34F832060CE98848359883749B3</td></tr><tr><td>Primary Price Feed</td><td>0x6207D62959a12C7552eD01a1D55aA046F9e1f787</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0x261E7AB8966fDcBa7a1fa51955b3d08f7956Ce4A</td></tr><tr><td>Backup Price Feed Provider</td><td>TermMax</td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# rsETH

<table><thead><tr><th width="293.91015625">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xA1290d69c65A6Fe4DF752f95823fae25cB99e5A7</td></tr><tr><td>Primary Price Feed</td><td>0x87d7468002C77Ac74D41F30819D161c47549d701</td></tr><tr><td>Primary Price Feed Provider</td><td>Chainlink</td></tr><tr><td>Backup Price Feed</td><td>0x44276b0FF7b53aF5CF79132e1Bc45A6d1DfA99d2</td></tr><tr><td>Backup Price Feed Provider</td><td>Chainlink/RedStone</td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# mBASIS

<table><thead><tr><th width="263.94921875">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0x2a8c22E3b10036f3AEF5875d04f8441d4188b656</td></tr><tr><td>Primary Price Feed</td><td>0xE4f2AE539442e1D3Fb40F03ceEbF4A372a390d24</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>2592000</td></tr></tbody></table>


# mEDGE

<table><thead><tr><th width="260.14453125">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xbB51E2a15A9158EBE2b0Ceb8678511e063AB7a55</td></tr><tr><td>Primary Price Feed</td><td>0x698dA5D987a71b68EbF30C1555cfd38F190406b7</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>2592000</td></tr></tbody></table>


# PT-RLP-4DEC2025

<table><thead><tr><th width="261.4453125">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0x3A70F0C696dcB3A4aB3833cD9726397dD61AC85e</td></tr><tr><td>Primary Price Feed</td><td>0x53D6E90023DE3bd9FD5603105FbdB15A11c54759</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# siUSD

<table><thead><tr><th width="250.4205322265625">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xDBDC1Ef57537E34680B898E1FEBD3D68c7389bCB</td></tr><tr><td>Primary Price Feed</td><td>0x87bd4FD46A2C2e8ee5bC693d82f584ED8B8c151C</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# PT-PendleInfiniFi-siUSD-9OCT2025

<table><thead><tr><th width="266.97265625">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0x711214da1A94F478B96C1Ca3D14A750f496F2a80</td></tr><tr><td>Primary Price Feed</td><td>0x4cb037a12A6c60Ab9623fD3fe0093C8Aa9101b08</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# PT-iUSD-4DEC2025

<table><thead><tr><th width="262.6640625">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xb44cdBEF3145C1c1E772e8228E1154c80e70618e</td></tr><tr><td>Primary Price Feed</td><td>0x04682838B481169442d0062F277F69Ee65546958</td></tr><tr><td>Primary Price Feed Provider</td><td>TermMax</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>0</td></tr></tbody></table>


# PT-tUSDe-18DEC2025

<table><thead><tr><th width="277.1953125">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0x1135b22d6e8FD0809392478eEDcd8c107dB6aF9D</td></tr><tr><td>Primary Price Feed</td><td>0xDf2CB8630d995648C621Dbb6779b53B29B8e8faF</td></tr><tr><td>Primary Price Feed Provider</td><td>RedStone</td></tr><tr><td>Backup Price Feed</td><td>0xdFa6769615107BB341Cb503257404bF5c9fCA839</td></tr><tr><td>Backup Price Feed Provider</td><td>Chainlink</td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# PT-mMEV-30OCT2025

<table><thead><tr><th width="279.25">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0x61da65F0534C6A4F4c9757f2979A923c08d6D2aa</td></tr><tr><td>Primary Price Feed</td><td>0xE63dFfdD3aE3d0ef570149D063805D3F74b6611C</td></tr><tr><td>Primary Price Feed Provider</td><td>Midas</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>604800</td></tr></tbody></table>


# cUSD

<table><thead><tr><th width="266.37890625">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0xcCcc62962d17b8914c62D74FfB843d73B2a3cccC</td></tr><tr><td>Primary Price Feed</td><td>0x9A5a3c3Ed0361505cC1D4e824B3854De5724434A</td></tr><tr><td>Primary Price Feed Provider</td><td>RedStone</td></tr><tr><td>Backup Price Feed</td><td>0x0000000000000000000000000000000000000000</td></tr><tr><td>Backup Price Feed Provider</td><td></td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>


# PT-tETH-18DEC2025

<table><thead><tr><th width="259.2890625">Item</th><th>Value</th></tr></thead><tbody><tr><td>Token Address</td><td>0x5982837D2D138Af78a42A92f8F2F6863Bb25F129</td></tr><tr><td>Primary Price Feed</td><td>0xa7C16d0e41Fbe60Cc36454846CBA43034B5d710C</td></tr><tr><td>Primary Price Feed Provider</td><td>RedStone</td></tr><tr><td>Backup Price Feed</td><td>0x659019d0F0eF17edfA32a23Ed1AacCDf8eBfc459</td></tr><tr><td>Backup Price Feed Provider</td><td>Chainlink</td></tr><tr><td>Heartbeat</td><td>86400</td></tr></tbody></table>




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