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This week's fixed interest rate track is quite interesting, with two approaches, TermMax V2 and Midnight, directly in front of us.
One is to truly turn lending positions into liquid tokens that can be further combined; the other is mostly internal bookkeeping within the protocol, with assets not able to be withdrawn.
What I care more about is bad debt handling. @TermMaxFi issues are directly covered by collateral, while Midnight leans more towards shared risk. When the market is really volatile, having actual assets and system settlements makes a big difference in experience.
Additionally, one pools liquidity for unified transfers and direct arrivals, while the other relies on intent + matching, leading to completely different user experiences.
After reading, I feel that TermMax V2 really captures the balance between the "flexibility in fixed returns" and the "real protection for lenders."