🌟User Roles
TermMax supports several key user roles, each with distinct functions and motivations.
Market Maker
Skilled managers who configure and update AMM pricing curves, or range orders, to borrow or lend at their preferred rates on selected markets. TermMax administrators periodically create new selectable markets. Market Makers use their own funds to place orders and must be whitelisted by the TermMax admin. Market makers are categorized as follows:
Borrowing Market Maker: Seek collateralized borrowing at fixed rates. These market makers use borrowed assets for leveraging or other profitable activities.
Lending Market Maker: Seek fixed returns with isolated collateral risks to earn interest from borrowers.
Two-Way Market Maker: Seek to both borrow and lend at fixed rates to profit from the spread between these rates.
Curator
A specialized type of whitelisted market maker who, in addition to configuring and updating AMM pricing curves, performs the following key functions by gathering liquidity from Liquidity Providers:
Vault Creation: Create a vault for Liquidity Providers to provide liquidity, which is then used to execute orders based on the curator's strategy. Profits generated are shared with liquidity providers.
Vault-Based Order Management: Update range orders and place orders through the vault.
Cross-Market Liquidity Deployment: Curator can deploy a single vault's liquidity across multiple markets using the same debt tokens, increasing capital efficiency by allowing multiple markets to share the same pool of lent assets.
Liquidity Provider
Users who stake assets in vaults created by curators. They earn a share of the vault's profits, including transaction fees spread profits and other incentives, proportional to their contribution and the vault's overall performance. Liquidity providers also assume the risk of potential losses within the vault.
Borrower & Lender
Users who borrow or lend on TermMax. Each market offers a variety of range orders placed by market makers, enabling borrowers and lenders to select the most favorable rates under different market conditions.
Leverager
Users seeking high-return leverage opportunities on TermMax are leveragers. Leverage can be applied to both fixed and variable rate markets. For example, using fixed-rate yield-bearing Principal Tokens (PTs) issued by Pendle Finance as collateral generates fixed leveraged yields.
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