Credit · Fixed Income · TMX
TermMax issues fixed-rate, fixed-maturity credit through paired Fixed Tokens and eXtra Tokens, with a Gearing Token representing the leveraged borrower side, so both lenders and borrowers lock a rate to a date. The design is reviewed independently in Statemind's survey of fixed-rate DeFi designs. DefiLlama classifies it as Lending with $26,293,799 borrowed (DefiLlama API, 26 Jul 2026).
Fixed-rate, fixed-maturity credit with built-in leverage tokens.
Protocol TVL
$34.5M
Latest data · 15 min delay
Two-tier competitive set for a Fixed Income entity: on-platform peers are clickable and comparable, off-platform names are context only.
Audit reports are published at github.com/term-structure/audits, the link recorded in the DefiLlama API record. Firm names and dates: `n.a.`
Percentile rank against the 11 on-platform Fixed Income entities (snapshot as of 2026-07-27). Supply and borrow APY are omitted: no source covers the whole cohort, and a single-market rate would misrepresent a protocol-level number.
$34.5m · rank 3 of 11
$26.3m · rank 2 of 4 reporting (cohort 11)
8 · rank 3 of 11
Listed 2024-06-20 · rank 7 of 9 reporting (cohort 11)
- Unverified (no structured audit metadata)
The full on-platform tag cohort. Rows marked direct carry a curated competitor relationship; borrowed can exceed TVL where DefiLlama nets borrowed collateral out of supplied.
Tokenized yield: split principal and yield (PT/YT).
TVL $1.18Blive
Borrowed -
12 chains
Permissionless yield tokenization (ex-APWine).
TVL $30.2Mlive
Borrowed -
12 chains
Fixed-rate, fixed-term lending and borrowing.
TVL $3.1Mlive
Borrowed -
2 chains
Onchain institutional / private credit.
TVL $2.50Blive
Borrowed $1.76B
2 chains
Decentralized CDP issuer of DOLA.
TVL $20.8Mlive
Borrowed -
1 chain
Bond and coupon tokens splitting loans into principal and yield legs.
DefiLlama borrowed figure ($429.7m) vastly exceeds supplied TVL; unverified
TVL $15.9Mlive
Borrowed -
1 chain
Sealed-bid on-chain repo auctions with a real term structure.
TVL $14.2Mlive
Borrowed $1.7M
6 chains
Pendle's venue for trading funding rates, fixed versus floating.
TVL $7.6Mlive
Borrowed -
1 chain
Fixed and variable rate pools on Base and Optimism.
TVL $5.5Mlive
Borrowed $850.9K
3 chains
Yield stripping into zero-coupon and yield tokens.
TVL $23.4Klive
Borrowed -
1 chain
Context-setting competitors outside the EVM DeFi scope: named for completeness, not tracked, not clickable.
$2.61bn as of 26 July 2026
$3.00bn as of 26 July 2026
$2.16bn as of 26 July 2026
$481m as of 26 July 2026
$735m as of 26 July 2026, SEC-registered
$16.20bn across 85 products as of 26 July 2026
Pick up to 3 same-tag peers. Metric values are snapshot figures as of 2026-07-27.
0 of 3 selected
Select at least one peer to render the matrix.
Tag cohort plotted on two selectable axes. Risk composite comes from the M7 documented-risk derivation and is only defined for rated entities; it is a documented-risk load, not a safety score, and is never compared across tags.
Too few cohort entities report both axes to plot (1).
