The more interesting question around @TermMaxFi isn't how much it can lend. It’s what kind of assets it can finance without forcing them to be sold. Looking at the collateral side, TermMax can work with things like PTs, senior tranche positions and yield bearing RWA assets alongside more traditional collateral. That opens a different way to think about onchain credit. If an asset is already generating yield, needing liquidity shouldn't automatically mean exiting the position. The asset can stay productive while fixed-rate debt sits around it as the financing layer. I find this more interesting than simply adding another lending market. TermMax doesn't necessarily need to create every yield-bearing asset itself. It can potentially provide financing for assets created elsewhere. But this model also makes risk management much harder. Different assets have different maturities, liquidity profiles and downside risks. Accepting more collateral isn't enough. Each type needs its own pricing, liquidity assumptions and risk parameters. If that layer is built properly, TermMax starts looking less like a place to borrow USDC and more like onchain refinancing infrastructure for structured assets. That distinction is worth watching. This is personal view only, not financial advice.