TermMax, a fixed-rate lending protocol developed by Term Structure Labs, announced it has received a strategic investment from YZi Labs. The protocol was selected for YZi Labs' EASY Residency Season 3 program.
TermMax has raised over $8 million to date from investors including Cumberland DRW, HashKey Capital, Decima Fund, Longling Capital and MZ Web3 Fund. The protocol launched on mainnet in April 2025 and now operates across 10 EVM-compatible chains, hosting 60 fixed-rate markets and 40 strategy vaults. The protocol reports tens of millions of dollars in total value locked and more than 1.5 million registered wallets.
According to YZi Labs' stated investment thesis, the on-chain financial infrastructure layer remains underdeveloped despite growth in tokenized assets. The investor identified gaps in credit, collateral management, risk transfer and structured products as key areas needing development.
TermMax has integrated tokenized equity platforms including Ondo Global Markets and Binance's bStock to enable fixed-rate borrowing using tokenized U.S. equities as collateral. In August, the protocol launched on Robinhood Chain, allowing QQQ, SPY and NVDA tokens to be posted as collateral.
The protocol introduces TermMax Alpha, which offers physical delivery options that settle without liquidation before expiry. Collateral settles through physical delivery rather than market sales, a design choice intended to address liquidity constraints in tokenized equity markets.
On the institutional side, TermPrime completed its first live trade on Canton Network in June and has since expanded to nine institutional counterparties. TermMax holds a DeFiSafety Process Quality Review score of 93, matching Aave V3.
The $TMX token completed its token generation event on August 25.
