YZi Labs Backs TermMax to Advance On-Chain Bond Market Infrastructure
TermMax, a fixed-rate lending protocol developed by Term Structure Labs, has secured a strategic investment from YZi Labs following its participation in the EASY Residency Season 3 program. Since its mainnet launch in April 2025, TermMax has expanded across 10 EVM-compatible chains, supporting 60 fixed-rate markets and 40 strategy vaults with over $8 million in total funding. The protocol addresses a critical gap in the RWA ecosystem by providing the financial application layer—specifically credit, collateral management, and risk transfer—necessary for the growing $2.48 billion tokenized equity market. By integrating assets like Ondo Global Markets' offerings and Binance’s bStock, TermMax enables fixed-rate borrowing against tokenized equities, including QQQ, SPY, and NVDA on the Robinhood Chain. Unlike perpetual futures, TermMax utilizes a physical delivery liquidation model to mitigate risks associated with thin liquidity in tokenized equity markets. The protocol also maintains an institutional presence through TermPrime on the Canton Network, which has onboarded nine institutional counterparties. This development signifies a shift toward professionalizing on-chain finance by establishing observable interest rate curves and robust structured product infrastructure.
- ▸TermMax secured strategic funding from YZi Labs to scale fixed-rate on-chain bond infrastructure.
- ▸Protocol operates across 10 EVM chains with 60 markets and 40 strategy vaults.
- ▸TermMax supports tokenized equities like QQQ and NVDA as collateral on Robinhood Chain.
- ▸Physical delivery liquidation model replaces traditional market-sell liquidations for illiquid RWA assets.
TermMax is a fixed-rate, fixed-term borrowing and lending protocol that structures debt into three distinct tradable tokens: principal tokens (FT), interest/option tokens (XT), and leveraged position receipts (GT). It is designed to function as an on-chain interest rate curve, allowing professional curators to manage isolated markets and strategy vaults. The protocol emphasizes institutional-grade risk management by utilizing physical delivery of collateral during liquidations rather than relying on automated market sales.