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TermMax
TermMax is a fixed-rate, fixed-term borrowing and lending protocol built by Term Structure Labs. It combines lending and borrowing markets with tokenized positions and automated market maker (AMM) mechanisms intended to support leverage, yield strategies, and financing against tokenized real-world assets (RWAs). The project was established in 2022 and has operated on mainnet since April 2025.[1][2][3][4][5][6]
Term Structure, also known as Term Structure Labs Limited, is a privately held technology company headquartered in the British Virgin Islands, with an office in London. Its stated aim is to build an on-chain term structure of interest rates: a market-generated yield curve that can underpin financial products and hedging instruments for decentralized-finance users and traditional financial institutions.[4]
概述
Term Structure was founded in 2022. Its co-founders are Jerry Li, chief executive officer, and Vincent W. Li, chief technology officer. The company describes its workforce as distributed across Taiwan, Singapore, Bangladesh, and the United Kingdom.[4]
Jerry Li has said that his experience in banking shaped the project’s purpose. He recalled seeing large volumes of on-chain assets without a directly observable interest-rate curve, which motivated him to build interest-rate infrastructure for blockchain-based markets. Li previously worked as a managing director at Deutsche Bank, where he ran fixed income and foreign exchange for Greater China; an August 2026 announcement described him as having 25 years of experience in global financial markets.[6]
Term Structure reported a $2.5 million pre-seed round dated September 1, 2022, and a $4.2 million seed round dated November 29, 2023, for a combined total of $6.7 million. Cumberland DRW led the seed round. Other named backers include HashKey Capital, MZ Web3 Fund, Longling Capital, Decima, and YZi Labs. In August 2026, TermMax announced a strategic investment from YZi Labs without disclosing its terms; a separate announcement said the project had raised more than $8 million to date and had been selected for YZi Labs’ EASY Residency Season 3.[4][5][6]
Protocol Design
Fixed-Term Markets and Token Structure
TermMax describes its protocol as a loan AMM for borrowing, lending, and leverage. Its design adapts the Uniswap V3 AMM model with fixed-rate mechanisms and configurable pricing curves. Rather than relying only on floating rates, markets can offer borrowing and lending at specified rates for defined terms, giving borrowers more predictable costs and lenders more predictable returns.[3][4]
Market makers can configure range orders across markets, and the protocol aggregates those orders so users can choose among available borrowing, lending, or leverage rates. TermMax also supports limit orders. In company posts about its vaults, Term Structure said that idle funds in most vaults are routed to Gauntlet-curated vaults on Morpho to earn floating-rate yield while orders await matching; once an order is matched, the matched amount earns the fixed rate specified in that order.[3][4]
TermMax’s documentation describes Fixed-Rate Tokens (FT) and Gearing Tokens (GT) as mechanisms for representing fixed-rate positions and leveraged strategies as token transactions. FT is an ERC-20 bought at a discount and redeemed at face value at maturity. GT is an ERC-721 receipt for a leveraged borrowing position that encapsulates collateral and debt. An August 2026 announcement describes a three-token structure in which FT represents principal, XT represents interest and option value, and GT represents leveraged positions.[3][6]
XT is an ERC-20 representing the present value of the interest obligation associated with an FT loan. At loan creation, FT and XT together represent the initial loan value: their present values sum to that value. Borrowers can sell XT to obtain liquidity, and XT also serves as an options-premium-like token in TermMax Alpha markets.[8][6]
The platform combines token trading with one-click looping, which packages successive borrowing and lending steps into a leveraged-yield operation. Term Structure presents this approach as a way to simplify strategies that would otherwise involve multiple transactions across protocols. The protocol also supports long and short positions on spot assets and can use yield-bearing tokens, including Pendle Finance principal tokens, as collateral.[3][5]
Vaults, Risk Controls, and Liquidation
Professional curators set target annual percentage rate ranges in isolated markets and manage strategy vaults. Named curators include Keyrock, Hardcore Labs, Edge Capital, and Origami. TermMax’s curated vault system is intended to let professional managers allocate capital across multiple fixed-rate markets while applying risk parameters. The protocol also uses over-collateralization and on-chain tracking of loan positions as risk-management measures.[6][7]
TermMax’s physical-delivery liquidation mechanism is designed for collateral that may be difficult to sell quickly at a fair price. When liquidation occurs, collateral can be delivered directly to the lender rather than sold on the market. The protocol presents this approach as a way to support lower-liquidity assets, including RWAs, as collateral instead of restricting markets to highly liquid cryptocurrencies.[3][6]
TermMax Alpha also offers physical-delivery options for certain tokenized assets. In the described structure, the conversion price is fixed when a position opens and settlement takes place by physical delivery at expiry, without liquidation before expiry. The company has presented this as a way to prevent short-lived price movements in thin markets from liquidating positions before settlement. A Chainwire press release hosted by The Block said the protocol’s physical-delivery capabilities had also been used to support options markets for Binance Alpha tokens, including covered-call strategies and access to call and put options.[6][7]
代币经济学
TMX, not TMXUSD, is TermMax’s utility and governance token. The whitepaper states that TMX has a fixed supply of 1 billion tokens with no inflation, and lists 200 million tokens (20%) as initial circulation. Its allocations are 15% for the community, 29% for the ecosystem, 5% for liquidity, 5% for the foundation, 3% for advisors, 15% for the team, and 28% for investors.[9]
The whitepaper specifies a one-month cliff and 48-month vesting period for the ecosystem allocation, and a three-month cliff and 12-month vesting period for the foundation allocation. Advisors and team allocations have a 12-month cliff and 30-month vesting period; the investor allocation has a 12-month cliff and 24-month vesting period.[9]
The whitepaper describes governance participation and staking TMX to receive sTMX. Listed staking benefits include staking rewards and enhanced governance rights.[9]
History and Deployment
Mainnet Launch and Market Expansion
TermMax established its protocol in 2022 and launched on mainnet in April 2025. An August 2026 announcement reported that it operated across 10 Ethereum Virtual Machine-compatible chains, with 60 fixed-rate markets and 40 strategy vaults. The same announcement reported tens of millions of dollars in total value locked and more than 1.5 million registered wallets.[5][6]
TermMax App V2 introduced an order book displaying depth across range and limit orders, with controls for selecting a displayed rate and borrowing or lending side. Term Structure also said its vault pages disclose exposures and allocations, and that users can manage positions by adding or removing collateral.[4]
In January 2026, TermMax integrated Ondo Global Markets’ tokenized securities as collateral on BNB Chain. A Chainwire press release dated January 5 described the launch as the first fixed-rate borrowing market for tokenized-stock collateral on BNB Chain. The integration allowed holders of tokenized equities to borrow fixed-rate liquidity against them. The press release also described the protocol’s financing model as based on zero-coupon bonds, giving lenders predetermined yields and borrowers transparent borrowing costs. Borrowers could repay early or extend or roll over borrowing; for stock-token borrowing, the release said rollovers supported longer-term borrowing and early repayment carried minimal break-funding costs.[7][6]
In June 2026, tokenized equities called bStocks went live on TermMax Alpha on BNB Chain. Term Structure said the market enabled long or short positions in the tokenized Tesla asset TSLAB and SpaceX asset SPCXB without liquidation, while depositors could earn yield on bStocks or USDC.[4]
In August 2026, TermMax went live on Robinhood Chain with what Term Structure described as the chain’s first fixed-rate, fixed-term lending market. The market included borrowing against tokenized equities such as QQQ, SPY, and NVDA using Global Dollar Network’s US dollar stablecoin. An August 2026 announcement also said Binance’s bStock had been added after the earlier Ondo integration.[4][6]
On August 25, 2026, the TMX token completed its token generation event. The following day, TermMax announced YZi Labs’ strategic investment; the investment terms were not disclosed.[6]
Institutional Financing
TermPrime is Term Structure’s institutional fixed-rate, fixed-term financing platform on Canton Network. In June 2026, the company reported an early test transaction in which two counterparties that had completed know-your-business checks carried out and settled a seven-day fixed-rate borrowing. Term Structure later reported TermPrime’s first live trade on Canton at the end of June and said its counterparty network had expanded to nine institutions.[4][6]
Term Structure announced a collaboration with Rocky to extend institutional fixed-rate financing on Canton. In the arrangement, TermPrime provides the credit layer, while Rocky provides wallet and liquidity access. Term Structure also said it operates an early validator node on Canton and that TermPrime is ready to support institutional lending through open markets. In June 2026, chief executive Jerry Li discussed TermPrime as a venue for institutional on-chain fixed-income activity.[4][6]
Assessment
TermMax reports a 93% DeFiSafety Process Quality Review score, the same score the project’s August 2026 announcement gives for Aave V3. The project’s official website likewise says its DeFiSafety rating matches Aave V3’s.[1][6]
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