I was previously invited to participate in TermMax's simulated portfolio competition, and surprisingly ranked 4th on both the returns leaderboard and popularity leaderboard among numerous domestic and international KOLs.

Speaking of which, the voting in the event really left a deep impression on me. It's rare to see an event with such high community participation—with an average of hundreds of thousands of votes per person, far exceeding my expectations. I'm also grateful to all the friends who voted for me.

After this event, I've continued to observe TermMax's product iterations.

Recently they officially announced a deep integration with Morpho. Let me discuss the core use cases:

"Combining the advantages of fixed and floating rates to enhance capital turnover efficiency"

In fixed-rate protocols, the biggest problem is capital idleness—while orders await matching, funds typically generate no yield.

After integrating Morpho, this unmatched capital will automatically be deposited into Morpho's vaults to earn floating interest until it's matched into a TermMax fixed-rate order.

For borrowers, TermMax's one-click position transfer to Morpho feature is very practical.

Fixed-rate lending originally has strict maturity dates, and failing to repay on time risks liquidation; now borrowers can choose to switch their debt to Morpho's floating-rate market with one click before maturity, providing buffer space for position management.

Currently, TermMax's TVL is stable at around $56 million, with DAU exceeding 160,000, and it has deployed over a hundred lending markets across multiple chains.

From an underlying architecture perspective, it's one of the rare protocols on the market that allows borrowers to manage liability duration risk.

As a financial derivatives tool, TermMax has built more comprehensive infrastructure for institutional capital entering DeFi.