Today I received two boxes of Dragon Boat Festival merchandise from @BiKingex .

One set is a very exquisite tea set, and the other set contains Dragon Boat Festival gifts such as rice dumplings, fans, and backpacks. The details are carefully made and the sincerity is truly evident.

To be honest, @BiKing_CN is so awesome this time, and I wish BiKing better and better.

After unpacking the gift box and making tea, I happened to see the "One asset. Three jobs." @TermMaxFi talked about today.

One is to let the gift not just stay in the package, and the other is to let the asset not just stay in the wallet.

The topic just picked up. It is also an Ondo asset and can assume three funding roles in TermMax:

When you need cash, borrow money against it.When you are willing to take profits, use it to earn premium.When you are ready to add to your position, let the stablecoin pull back with premium and so on.

Need liquidity without selling? Supported Ondo assets can back fixed-rate stablecoin loans on Ethereum and BNB Chain. The rate and maturity are known upfront, while borrowers can repay with stables or FT, roll into another TermMax maturity or Morpho, or close by selling part of the collateral.

That preserves the asset exposure while releasing usable liquidity. The trade-off stays real: the borrowing cost may be fixed, but the collateral price is not, so liquidation risk never leaves the room.

Already holding and happy to sell at a chosen price? Deposit the Ondo asset into a Dual Investment Vault. Below the strike, you keep the tokens plus premium; above it, the position converts into USDT at the strike plus premium.

In plain English, it works like a take-profit order that gets paid while waiting. The premium has a price, though. If the asset moons far beyond the strike, you have already sold away that extra upside.

Want more Ondo, just not at today’s price? Deposit USDT instead. Above the strike, you keep the stables plus premium; below it, the USDT converts into the asset at the strike plus premium.

That makes it a paid limit order, not a free lunch. If the market nukes below the strike, you can end up buying above spot and carrying every dollar of the remaining downside.

This is the capital-efficiency upgrade that matters. A wallet-only RWA mostly gives you price exposure; TermMax lets the same asset class be routed toward liquidity, a paid exit, or a paid entry.

The asset was not cloned. The balance sheet simply gained more moves.

Premium is compensation for accepting an obligation, not yield pulled from thin air. Strike, LTV, rates, maturity and liquidity can all move, while early withdrawals may be limited once vault capital is in use. Smart-contract, oracle and underlying settlement risks still apply.

So, what job would you give an Ondo position first: borrow against it, sell a target for premium, or park stables below the market and get paid to wait?