In the traditional DeFi leveraged world, users face two major pain points: ❌ Interest rates fluctuate in real-time with the market, making costs unpredictable. ❌ Sudden price volatility can trigger liquidation at any time, instantly wiping out positions. Termmax (@TermMaxFi) attempts to fundamentally change this situation. Its core concept can be summarized in eight words: Fixed Interest Rate, No Liquidation Leverage ■ Fixed Interest Rate Through AMM (Automated Market Maker) matching lenders and borrowers, users can lock in the borrowing rate or lending yield when opening a position. ① Regardless of subsequent drastic fluctuations in capital utilization, the interest rate remains unchanged. ② Say goodbye to the common "interest rate spike → health factor plunge" scenario in traditional protocols. ③ Suitable for long-term holding strategies or users who require predictable costs. ■ No Liquidation Leverage Users pay a fixed cost as a maximum loss limit. ① Even if the price of the underlying asset plummets by 80%, 90%, or even close to zero, it will not trigger forced liquidation. ② The worst-case scenario is physical delivery at the agreed price upon maturity. ③ Essentially transforming leverage from "unlimited downside risk" to "limited, predictable maximum loss." ■ What does it truly change? ① From monitoring the market to planning: No more 24/7 monitoring of health factors. ② From passively taking losses to actively choosing: Maximum losses are written into the contract at the time of opening a position, significantly reducing the user's psychological burden. ③ From short-term speculation to long-term perspective: Users can hold onto promising assets or strategies with greater peace of mind.