# Sometimes looking back at DeFi's development over the years, you discover an interesting phenomenon: we already have various complex financial products—perpetual futures, structured yields, on-chain options, and automated market makers—but the most fundamental thing hasn't been thoroughly solved: borrowing.

In traditional finance, the first step in lending is determining the interest rate and maturity, yet in many DeFi protocols, interest rates fluctuate constantly, and costs can never truly be locked in.

This is the feeling I had when seriously researching @TermMaxFi for the first time.

It's more like transplanting the interest rate structure from traditional finance onto the chain.

In TermMax's design, users can lock in both the interest rate and maturity at the start of borrowing, while the protocol provides liquidity to different maturity markets through an AMM mechanism.

It sounds like a technical detail, but those who have actually experienced it will understand its significance. When markets fluctuate violently, you don't need to constantly refresh the interest rate. When prices change drastically in a short time, you also don't need to worry about sudden liquidation.

The entire process is more like managing an asset rather than participating in a game that could spiral out of control at any moment.

TermMax has another point that impressed me deeply: it even launched an on-chain options market on BNB Chain, allowing users to predefine maximum losses and hedge risks in advance.

Many people say DeFi will become increasingly complex in the future, but perhaps what truly matters is those protocols that make finance simple and predictable again.

Some projects create volatility, while some projects make the system stable once more.

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