In the TermMax system, interest rates are not an abstract annualized figure but are strongly tied to time as a result. @TermMaxFi takes "maturity" as the core pricing variable, directly incorporating the funding period into the protocol structure, thereby ensuring that interest rates no longer depend on sentiment or short-term liquidity fluctuations but are naturally formed by the market across different time dimensions. This design essentially reconstructs a clear term yield curve within DeFi.

Each TermMax market is established with a fixed expiration date, meaning all pricing activities within that market revolve around the remaining time to maturity. As time progresses, the time value of the asset gradually diminishes, and interest rates and prices are continuously adjusted through market trading until they converge at maturity. This "convergence to maturity" mechanism gives price fluctuations a clear direction, rather than drifting indefinitely, fundamentally reducing the uncertainty associated with long-term participation.

The independent operation of maturity markets is also a key part of TermMax's risk control. Markets with different expiration dates are isolated from each other, so short-term capital fluctuations do not directly impact medium- and long-term markets, and vice versa. This structure avoids the common "maturity mismatch" problem in traditional DeFi lending and allows participants to choose the most suitable maturity based on their own funding arrangements, rather than being forced to accept a unified liquidity rule.

In practical operation, interest rates are not set unilaterally by the protocol but are continuously formed through market competition in the trading of assets like FT, XT, GT, and others. Participants' judgments about future interest rate trends, funding tightness, and time costs are reflected in price changes. Because of this, TermMax's interest rates resemble the real market's interest rate discovery process rather than simple parameter adjustments.

More importantly, the maturity market makes risk explicit in advance. As the expiration date approaches, the remaining time decreases, and any potential risks are gradually compressed and reflected in the price, rather than exploding at a certain extreme moment. This smooth risk release method makes @TermMaxFi more resilient in the face of volatile markets and better suited for long-term capital participation.

From a higher perspective, the TermMax maturity market is not just a product design but a reconstruction of DeFi interest rate logic. It makes "time" truly part of asset pricing, returning interest rates to their financial essence rather than being driven by short-term incentives and sentiment. This is also the key to TermMax establishing a long-term trust foundation.

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