Term Labs

📣 Staking and governance are live on Term! $TERM holders don't just earn rewards—they safeguard the protocol itself. Here's how it works ⤵️ Term Finance was built for fixed-rate lending with transparency and decentralization at its core. To make that vision real, protocol governance is key. There are two main entities: 1️⃣ The DAO (TERM holders) 2️⃣ The Term Foundation The Foundation operates the protocol. The DAO funds the Foundation—and acts as its check and balance. DAO members (via $TERM) hold veto rights over critical on-chain actions. This isn't advisory—it's binding. Veto rights are enforced through two on-chain contracts: 🔹 Protocol Veto Governor: Can veto contract upgrades & access changes (DEVOPS_ROLE) 🔹 Token Veto Governor: Can veto DAO fund transfers & $TERM token changes 🌟 To activate your voice and earn, you stake. Staking = delegating your vote (to yourself or other delegates) 💰 Rewards are paid in USDC 📆 Every 30 days 📊 Pro rata to active stakers ✅ Must have delegated to be eligible Rewards are funded by the Foundation based on protocol revenues after costs. 🚀 In the early days, rewards may be minimal. As Term scales, they're expected to become regular and meaningful. Governance on Term isn't just a feature—it's a foundation. 🤝 TERM holders decide whether critical changes go through. Staking aligns your upside with your oversight and participation in governance. Ready to earn and govern? Stake your $TERM, delegate your vote, and join us in building DeFi with certainty. 🗳️ Start staking today → app.term.finance/term 🔗 Blog: term.finance/post/term

Morpho just dropped the Midnight whitepaper — a clean fixed-rate primitive. My take: it’s the clearest sign yet that fixed-rate DeFi is moving from “build the market” to “make it actually usable.” But here’s the key difference most people are missing…

@bwelch13 @ImperiumPaper @davidesilverman that is correct

@ImperiumPaper @davidesilverman @term_labs v1 does this today.

All of these curators, yield aggregators, and lending protocols and there’s nowhere I can just deposit my stablecoins for 3-6 months for a reasonable fixed rate yield? I don’t need instant liquidity, and don’t want to go further out on the risk curve. Is there nowhere to get duration other than Pendle tokens? Bonus points if I then get a bond token I could sell or use as collateral while I wait. Is anyone doing this today?

Earn 9.5% total yield by depositing into tmvUSDC/frxUSD on @ConvexFinance and supported by @CurveFinance Yield breakdown: 7.5% Curve/Convex Incentives 2% Base Yield (50/50 split of 4% tmvUSDC)
 🔥 Bonus: Base Yield increases even more as new loans originate on Term How to start: 
 1) Get your Metavault tokens (tmvUSDC) on Term 👉 bit.ly/49x9r3N 
 2) Deposit into Convex 👉 bit.ly/42U4fTI

Deposit here: app.pendle.finance/trade/markets/…

The Term Finance USDC Metavault is officially LIVE on @pendle_fi! Deep liquidity and institutional-grade fixed-rate yield on top of your favorite fixed-rate lending protocol. Check it out👇

@soligxbt there is no connection to Term and this wallet. All things Safu at Term.

0x7f8e7cc694e34bd9428029f6c05f97f7e8891d4e there’s some suspicious activity going on with this wallet, it’s been draining a lot of random wallets is @term_labs hacked?

@0xyanshu 🙏

@term_labs Yes, you guys are 💯 killin it!

This compresses the most underrated structural problem I have seen in the current RWA side. RWAs aren't just fixed-rate instruments. They're term-structured. T-bills mature on a schedule. Bonds pay defined coupons over defined durations. Credit facilities have maturity dates baked into their underwriting. Their economic logic is duration-first, yield second. Most general-purpose variable-rate lending environments can't price term-structured collateral cleanly. The collateral yield from a 4.5% T-bill accrues to the holder, but the borrow leg is variable. So for eg, a borrower posting BUIDL on a typical Aave or Morpho market can't reliably plan their net cost of capital. Add T+1/T+2 redemption settlement, illiquid secondary markets for the underlying RWA, and oracle architectures designed for spot-priced crypto rather than NAV-priced funds.... and the architectural gap shows up across the entire flow. But good news is that the rails are catching up fast: 1) @aave Horizon launched with @LlamaRisk + @chainlink LlamaGuard NAV to solve the pricing side. Risk-adjusted NAV feeds with dynamic bounds, S&P ratings as inputs, circuit breakers when anomalies appear. Now at upwards of $400M+ in RWA collateral. 2) Last week @upshift_fi launched Clear with @superstateinc, and @groveprotocol launched Basin with BlackRock + Janus Henderson + @Anchorage + @galaxyhq + @FalconXGlobal as partners: both solving the settlement gap via bridging-capital models. Grove Basin alone is $1B daily liquidity for redemptions targeting BUIDL ($2.58B) and JTRSY ($1.24B). 3) On the origination side: @SplyceFi (per-borrower SAVs), @maplefinance (curated institutional pools, $2B+ TVL), and @centrifuge (tranched RWA pools with onchain NAV): three different architectures, same bet: term-structured RWA credit needs term-structured infrastructure, not retrofits onto variable-rate venues. 3) @Morpho Midnight, @TermMaxFi, @term_labs are building native fixed-rate origination. @iris_credit is building the solver layer that delivers fixed-rate exposure on top of variable-rate venues. Same pattern across every layer: visible product earlier, infrastructure catching up now. RWAs at $30B+ onchain, growing 30% in Q1 alone, will demand this. And the convergence is real. @dionchu's right that the mismatch is the unsaid part. The good news is the rails to fix it are no longer hypothetical.

Everyone's excited about RWAs coming onchain. Here's what nobody's saying: RWAs are fixed-rate instruments. Treasuries, bonds, credit facilities — defined terms, defined yields. You're importing fixed-rate assets into a variable-rate lending environment. That's not a solution. That's a mismatch.

In a market defined by uncertainty, fixed-rate protocols are becoming the "safe harbor" for DeFi users. Variable rates are a gamble right now. Locking in fixed terms allows you to plan your strategy without worrying about a 2 AM rate spike.

We are in a transitional market. The "easy money" of the past decade is gone, and we’ve entered an era where Liquidity & Yield are the most important metrics. Don't chase the green candles on a chart. Instead, focus on "locking in" the current high rates while they last. Whether it’s a traditional CD or a fixed-rate DeFi loan, the goal right now is to let your money work for you, rather than you working to time the market. ⚖️

Retail hype is fun but volatile. It’s driven by "price action" (the hope that someone will buy it for more than you did). Institutions care about sustainable yield. For the average person, following the "smart money" into fixed-rate protocols (like Term Finance) means you stop gambling on price swings and start earning predictable interest.

In a world of volatile rates, liquidity is your best friend. Those who aren’t positioned for sudden "dry spells" risk getting caught in forced liquidations.

Tap in and leverage PT-reUSD 👇 Auction now open on app.term.finance

We are in a "wait and see" macro period, but the micro-movements in DeFi and retail speculative assets are signaling a big shift ahead. Stay liquid, stay informed.

We’re seeing a resurgence in speculative trading (think GME/AMC vibes and high-leverage meme coins). When retail fervor peaks, it often signals a local top, or a shift in liquidity.

NGL this is the most honest fixed-rate post-mortem I've come across. The cold-start diagnosis is the right one; fixed-term forces every loan to close, so liquidity never compounds, every cycle resets to zero. Sisyphus framing is exactly right. The pivot is sharp too. Reframing it from "how do we pool liquidity inside Term" to "how do we route to wherever liquidity already lives" turns a coordination problem into a routing problem. Kinda the same conceptual move DEX aggregators made for spot, turning a coordination problem (get LPs to commit capital here) into a routing problem (find capital wherever it sits) Term Router first, then full intent matching. The architecture follows the constraint. Three years of public learning compounds into something most TVL charts miss. Will reference this directly in the article, both the diagnosis and the routing thesis deserve to be part of the canonical story on fixed-rate DeFi.

Cash is still king, but for how long? Despite some cooling data, the Fed isn't rushing to cut rates. The market is recalibrating for a "higher for longer" environment. This puts pressure on risk assets and keeps borrowing costs elevated. Follow TERM for more weekly market insight 🔔

@0xyanshu @Morpho @PaulFrambot @TermMaxFi @Fira_Lend @Loopscale @iris_credit @infiniFi @AnthonyBowman43 @D2_Finance Term v2 bringing something new. Check out the vision from Term's founder: x.com/dionchu/status…

Been diving into the fixed-rate defi landscape for the past few weeks and trying to understand the different architectural approaches forming. Variable rates bootstrapped onchain liquidity. They cannot scale it. Institutions don't underwrite against utilization curves. BTC-collateralized stablecoin borrow rates ranged 2–16% across major protocols over the last 18 months, no treasury models against that. The market is already showing the demand: for eg, 5–6% fixed on 1–3 month maturities clearing via OTC right now (cc @MacroMate8), @Fira_Lend skyrocketing with $420M+ in loans. @pendle_fi was the early experiment here; splitting yield-bearing assets into PT (fixed) and YT (variable) tokens proved demand for fixed yield onchain. But that was a yield derivative layer on top of someone else's variable rate. DeFi wasn't mature enough yet for native fixed-rate origination, no sophisticated curator base, expensive blockspace, no proper variable-rate primitive to sit on. Three preconditions that killed earlier attempts are finally resolved: 1) deep liquidity, 2) sophisticated curators (30+ active on @Morpho alone), 3) cheap blockspace The architectural split forming now is interesting: 1) Native origination: @Morpho Midnight (intent-based ZCBs), @TermMaxFi (FT/GT token model), @loopscale (orderbook on Solana), @term_labs, @Fira_Lend, @D2_Finance 2) Solver / swap layer: @iris_credit isolating rate risk to a third party while keeping variable-rate origination 3) Collateral utility: @Cassa_fyi + @eulerfinance + @infiniFi making fixed-maturity assets usable as collateral with a credible exit path The unresolved question: asset-liability mismatch when fixed loans sit inside vaults promising instant liquidity ( @AnthonyBowman43 has the sharpest critique, altho @Crotts__ had a solid pointers on duration management). Worth noting: the variable-rate base layer is also evolving. Tranched risk tiers in connected markets like @LotusFi_, @roycoprotocol and similar concentrated-liquidity designs are building the kind of efficient variable-rate benchmarks fixed-rate solvers need to quote tightly against. The two layers reinforce each other. Writing a long-form piece on this, would love to chat if you're building or have strong views (DMs open). (p.s. threw this together with claude on a lazy sunday, happy to be corrected)

@FarmerFroom @bwelch13 please try again.

@bwelch13 @term_labs I am impacted by the UI on Term Finance not loading data on the meta vaults page. Have tried in Brave, FF, and Chrome, with and without VPN.

if you are negatively impacted by the UX of borrowing on variable rate lending protocols, dms are open as is @term_labs. Fix it with Term.