Tokenization was once the main narrative of DeFi, but a recent CoinDesk article pointed out: simply tokenizing real-world assets has limited effect, akin to a PDF with a ticker, and is not the ultimate goal.

The industry is shifting from the first stage of asset tokenization to the second stage of yield markets, separating yields from principal, making them independent, tradable, and composable tools.
Most traditional DeFi lending protocols use floating interest rates, lack a clear term structure, cannot accurately price duration, and struggle to hedge interest rate risk effectively, leading to difficulties in forming genuine yield markets.
@TermMaxFi has adopted a native fixed-rate mechanism from the outset. Each lending position is converted into an ERC-20 token called FT, which users buy at a discount price and redeem at face value upon maturity to earn a fixed return. If sold early, it corresponds to a duration exposure.
This design makes yields an independently transferable tool from the very beginning.
In the RWA space, TermMax has launched assets such as PT-USDG, bEQTY, DYNA, SPYon, each equipped with its own oracle, risk parameters, and dedicated lending markets.
These assets are no longer static displays but practical tools that can be financed and used as collateral.
The fixed-rate plus yield-separable design addresses the structural issues in traditional DeFi when building structured products, repo-like mechanisms, and duration hedging applications.
The next phase of DeFi’s technological evolution is starting from the foundational primitives. Fixed rates are a crucial foundation for driving the financialization of yields.
@TermMaxFi #TermMaxFi