I previously participated in TermMax's simulated portfolio competition, and unexpectedly ranked 4th in both returns and popularity rankings among numerous domestic and international KOLs.

Speaking of which, the voting in the event really impressed me. It's rare to see an event with such high community participation – averaging hundreds of thousands of votes per person, which far exceeded my expectations. I'd also like to thank all the supporters who voted for me.

After this event, I've continued observing 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 interest rates to enhance capital turnover efficiency"

In fixed-rate protocols, the biggest issue is capital idleness – during the order matching waiting period, funds typically generate no returns.

After integrating Morpho, this idle capital awaiting matching will automatically be deposited into Morpho's vault to earn floating interest, until the fixed-rate order is matched on TermMax.

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

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

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

From an architectural perspective, it's one of the rare protocols in the market that enables borrowers to manage debt duration risk.

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