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Just experienced the DeFi hacks in May, with 600 million USD evaporating, and now still chasing high APY is just asking for death.
Last night, TermMax's ynETHx market added 180 WETH, the approach is very straightforward: hold ynETHx for 4.36% APY, borrow WETH at a fixed rate of 2.53% locked until July 31, earning a net spread of 1.83%.
Many people think it's too little, but in the current market, certainty is worth much more than high returns.
Previously, playing with floating interest rates looked good on paper during good market conditions, but borrowing costs were completely uncontrollable, interest rates could suddenly turn against earnings, and positions could be liquidated due to market panic. After experiencing several rounds of liquidation, I understand that being able to calculate three months' earnings in advance is much more reliable than gambling for a 20% profit.
@TermMaxFi this time is not about chasing yield, but about selling stability. 1.8 million WETH is a model, showing large funds that pledge again can lock in returns, without watching the market, fearing rate spikes, or bank runs. The fixed cost of 2.53% is buying a period that won't spiral out of control—this is the most scarce asset on-chain.
The July 31 expiration date is crucial; only with a fixed timeline can cash flow be clearly calculated. In the past, DeFi was like a casino, but now TermMax is turning it into a manageable asset-liability structure, with clear maturity, settlement, and principal retrieval.
The market has already changed; big funds no longer chase the highest APY. Some lock in Prime Yield at 5.70% long-term, and XAUE's 108xXP has funds locked for 60 days, because institutions and large players are seeking stability. In the last bull market, it was about who dared to gamble; this time, it's about who can survive longer.
#TermMax The most impressive isn't about high returns, but about making the future predictable. Most protocols on-chain amplify emotions, only a few help users manage time, and time is the real interest rate.