TermMax's recent actions are quite interesting. Upon closer inspection, the real issues they aim to address go far beyond just "yield."

The stubborn problems in DeFi remain unresolved: floating interest rates combined with liquidation-driven leverage create chaos within the entire system, rather than a sustainable financial framework. Sudden interest rate spikes, passive liquidation triggers, uncontrollable outcomes—this logic is completely unfriendly to institutional funds that require precise management.

Conversely, if DeFi truly wants to attract professional-level capital, "order" is the key. Predictable costs, controllable risks, stable operational mechanisms—these are what disciplined players value. TermMax's new solution seems to be heading in this direction, attempting to break the existing chaotic rhythm and establish a more logical DeFi ecosystem. If this idea is successfully implemented, it could change the entire industry's game rules.