🌟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 Market Maker – Defines their borrowing terms by placing range orders for debt tokens, matched by lending market takers.

2. Lending Market Maker – Defines their lending terms by placing range orders for debt tokens, matched by borrowing market takers.

3. Borrowing Market Taker – Fills lending range orders by locking collateral in a GT, issuing FTs, and selling them for debt tokens.

4. Lending Market Taker – Fills borrowing range orders by lending debt tokens directly to borrowing market makers.

In addition to these general roles, TermMax introduces two specialized roles for advanced users:

1. Two-Way Market Maker – 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.

2. 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.

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