# TermMax (Closed)

<figure><img src="/files/xFTxxJQwtjQ4REalcPky" alt=""><figcaption></figcaption></figure>

With the **TermMax Private Credit Vault**, you can earn **\~18%–27% APY on USDC** while gaining exposure to the upside of a promising DeFi protocol — all through Neutral Trade’s first private credit product.

### Why This Deal Matters for Stablecoin Holders

Still parking USDC in a lending protocol earning 3–4%? Or worse, letting it sit idle in your wallet?

This vault offers a smarter way to earn:

* **\~18% APY** on your USDC over \~4 months
* **Bonus upside** through $TMX token exposure
* **TGE unlocks before VCs** — you get in earlier
* **Short-term lock** — funds are deployed and returned by **mid-October 2025**

Think of it as VC-style exposure with **lower downside** and **passive returns** — a rare combination in DeFi.

### About TermMax Finance

TermMax is a fixed-rate, fixed-maturity **lending AMM protocol** designed for professional traders and market makers in DeFi.

#### Key Features

* **Custom Rate Curves**: Makers post dynamic lending rates (forward curve style), improving capital efficiency.
* **ERC-4626 Vaults & One-Click Leverage**: Power users can scale positions instantly, while passive users benefit from strategy-managed vaults.

#### Backed by Tier-One Investors

TermMax is built by the team behind [TermStructureFi](https://twitter.com/TermStructureFi), which recently raised **$4.45M** from top funds including:

* @Cumberland
* @HashKey\_Capital
* And other leading DeFi investors

### Deal Structure: Where the Yield Comes From

Here’s how the \~18% APY is constructed:

| Component      | Yield (%) | Details                                                       |
| -------------- | --------- | ------------------------------------------------------------- |
| Base Yield     | \~4%      | From USDC vault on TermMax (variable, daily accrual)          |
| TMX Airdrops   | \~6%      | Daily incentives, unlocked at TGE, no vesting                 |
| Yield Backstop | \~8%      | TermMax tops up any shortfall to reach 18% total APY (in TMX) |

#### Extra Rewards for Larger Depositors

* Additional **6–9% APY** in bonus $TMX for larger allocations
* No cliff, linear vest over 6 months
* Rewards claimed and managed on your behalf
* TGE expected **Q3–Q4 2025**

### Campaign Timeline (Step-by-Step)

1. **Now → Day 7**: Deposit window open
2. **Day 8**: Vault goes live, funds bridged to Ethereum
3. **Month 4**: Capital unlock + unwind phase begins
4. **Post-TGE**: $TMX token rewards distributed in USDC equivalent (pro-rata)

### Timeline Summary

| Phase                 | Timeline                        |
| --------------------- | ------------------------------- |
| Deposit Window        | Now → Day 7                     |
| Vault Activation      | Day 8                           |
| Maturity & Withdrawal | Month 4 (October 2025)          |
| TMX Distribution      | After TGE (Q3–Q4 2025 expected) |

### Risks to Know

* **Smart Contract Risk**: TermMax contracts audited by **Spearbit x Cantina**
* **Yield Variability**: Base APY + token rewards may fluctuate with market conditions
* **TGE Timing**: Target is Q3–Q4 2025, subject to market shifts
* **Withdrawal Timing**: Capital is actively deployed; unwinding may require time and coordination

### TMX Token Valuation (Estimate)

* Target FDV: **$60M**
* Estimated Token Price: **$0.06**
* Vault participants get exposure before VCs unlock

### Performance Fee

We charge a 20% commission on profits earned.

* **No upfront fees**
* **Principal never touched**
* **Fee is calculated on net gain**
* **Deducted automatically at withdrawal**

If you don’t earn, we don’t earn. Incentives are fully aligned.

### Summary

| Feature        | Details                                               |
| -------------- | ----------------------------------------------------- |
| APY            | 18%–27% (USDC + TMX exposure)                         |
| Lockup         | \~4 months                                            |
| Token Exposure | $TMX airdrops + bonus pool                            |
| TGE            | Expected Q3–Q4 2025                                   |
| Risks          | Smart contracts, token price, withdrawal coordination |
| Commission     | 20% on profit only                                    |


---

# Agent Instructions: Querying This Documentation

If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://docs.neutral.trade/additional-info/deprecated-vaults/private-credit/termmax-closed.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.