Term Structure Labs

Name

Term Structure Labs

Legal name

Term Structure Labs Limited

Website

https://ts.finance

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Decentralized Finance (DeFi) Fixed-Rate Lending Infrastructure

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Exchanges (52321)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Services-Computer Programming Services (7371)

akta.pro primary industry

Decentralized Lending & Borrowing Protocols (FSADAMAA)

akta.pro secondary industries

Liquidity Provision & Market Making Protocols (AMMs, concentrated liquidity, LP tooling) (FSAPAEAF), Liquidity Management & Market-Making Protocols (FSADAMAH), Institutional DeFi & On-Chain Liquidity Infrastructure (Permissioned DeFi, Lending) (FSAGAMAG)

Keywords

• Fixed-rate lending
• DeFi protocol
• Decentralized lending
• DeFi infrastructure
• Yield tokenization

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Infrastructure, Operations

Revenue model

1. Trading fees on FT/XT tokens: Protocol collects trading fees on all FT/XT product token transactions across all markets on TermMax.
2. Borrowing protocol fees: Protocol collects fees on borrowing activity within TermMax markets.
3. Liquidation fees: Protocol collects fees from liquidation events within the TermMax ecosystem.
4. TMX Token staking rewards: TMX token holders can stake to receive sTMX (protocol FT tokens), earning TMX emissions sourced from Community allocation and/or TermMax Treasury funds. Treasury is funded by trading fees, borrowing fees, and liquidation fees.
5. Performance fees from curators: Curators deploying capital on TermMax pay performance fees which contribute to protocol treasury.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels11 records

Core offering

Term Structure Labs builds and operates TermMax, a fixed-rate borrowing and lending marketplace powered by a next-generation loan AMM that uses a three-token system (FT/XT/GT) to deliver predictable fixed-rate, fixed-term DeFi instruments with maturity dates. The platform also offers Term Structure Institutional (TSI) for institutional clients, TermPrime for permissioned Canton Network financing, and TermMax Alpha for options-like leveraged trading. The protocol is deployed across 8 EVM chains and is one of the largest fixed-rate DeFi protocols by TVL ($100M+).

Product overview

Term Structure Labs operates as a unified product portfolio centered on fixed-rate borrowing and lending infrastructure for DeFi. The core offering is TermMax, a fixed-rate borrowing and lending marketplace powered by a next-generation AMM that enables rate locking, one-click leverage, and curated yield strategies across multiple EVM chains. The ecosystem includes TermMax V2 (major protocol upgrade with composable base yield, atomic orders, and smart unwind features), TermMax Alpha (options-like leveraged trading with no liquidation risk), and Term Structure Institutional (enterprise-grade fixed-rate platform for institutional clients). TermPrime extends the offering to Canton Network for privacy-preserving institutional financing. The TMX token serves as the utility and governance token for the ecosystem. TermMax Documentation provides comprehensive technical resources for developers and users.

Differentiator

Problem solved

Functional benefit

Brands

• TermMax: Fixed-rate borrowing and lending marketplace - the main product protocol offering predictable rates, amplified yields, and curated strategies
• TermMax V2
• TermPrime
• TermMax Alpha

Products and services

• TermMax Fixed-rate borrowing and lending marketplace powered by a next-generation loan AMM using a three-token system (FT, XT, GT). Enables users to lock predictable rates, take one-click leveraged positions, and access curator-managed yield strategies across 8 EVM chains.
• TermMax V2 Major protocol upgrade to TermMax introducing composable fixed-rate layer innovations: Composable Base Yield, Atomic Orders, Smart Unwind, Order Aggregator, and Alpha Zone, transforming liquidity fragmentation, low turnover, and idle capital limitations into competitive moats.
• Term Structure Institutional (TSI) Enterprise-grade fixed-rate lending and borrowing platform for digital assets targeting institutional clients including hedge funds and asset managers. Integrates Fireblocks MPC wallet technology with an Electronic Communication Network offering DeFi Mode and Indication Mode for bilateral transactions with automated collateral monitoring.
• TermPrime First fixed-rate, fixed-term financing venue on Canton Network. Provides institutions with a permissioned platform to borrow and lend at fixed rates with KYB-verified counterparties, supporting privacy-preserving transactions and atomic settlement via Canton's native synchronizer.
• TermMax Alpha Innovative financial instrument transforming fixed-rate lending into options-like leveraged trading. Enables leveraged trading at predictable costs with zero liquidation risk via Call/Put positions and Dual Investment products, initially launched on BNB Chain for Binance Alpha tokens.
• TMX Token Utility and governance token for the TermMax protocol ecosystem with fixed 1B total supply and no inflation. Enables protocol governance, staking rewards (sTMX from protocol FT tokens), and ecosystem incentives; cross-chain enabled via LayerZero OFT across EVM chains.

Quantifiable outcome

• TVL grew from $34.9M in September 2025 to $100M+ by May 2026, making TermMax one of the largest fixed-rate protocols in DeFi.
• +5 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature10 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• MorphocoreStrategic or Co-development Partner · 9 March 2026Deep three-part integration: (1) Morpho as base yield for TermMax V2 vaults — unmatched capital in TermMax vaults is automatically deployed to Morpho earning floating yield. (2) Roll to Morpho — one-click mechanism for borrowers to exit TermMax fixed-rate positions into Morpho's variable rate market. (3) Morpho as yield layer for pending limit orders — unmatched order capital on TermMax earns Morpho's floating rate. The protocols form complementary flywheels rather than competitors.
• FireblockscoreTechnology or Integration · 24 September 2025Term Structure Institutional (TSI) combines Fireblocks Multi-Party Computation (MPC) wallet technology with an Electronic Communication Network. Fireblocks provides the enterprise-grade custody and wallet infrastructure enabling institutional clients to access TermMax's fixed-rate lending platform with compliance-ready security controls.
• KeyrockcoreStrategic or Co-development Partner · 1 April 2025Keyrock is one of the first institutional curators on TermMax. As a professional market maker and liquidity manager, Keyrock deploys capital, sets pricing curves, and manages risk parameters across TermMax markets. Keyrock's participation validates the curator model and brings institutional-grade market making.
• Origami CryptocoreStrategic or Co-development Partner · 1 April 2025Origami Crypto is the first external curator on TermMax, successfully onboarding as part of the curator ecosystem validation. Several additional curators are in the pipeline, each expected to bring significant TVL, demonstrating institutional confidence in TermMax's approach.
• AlphaPingminorStrategic or Co-development Partner · 1 April 2025AlphaPing is an institutional curator on TermMax, deploying capital across markets and contributing to the curator ecosystem alongside Keyrock, Hardcoded Lab, Edge Capital, and Origami Crypto.
• Hardcoded LabminorStrategic or Co-development Partner · 1 April 2025Hardcoded Lab is one of the institutional curators on TermMax managing pricing curves and capital deployment across fixed-rate markets.
• Edge CapitalminorStrategic or Co-development Partner · 1 April 2025Edge Capital is one of the institutional curators on TermMax managing pricing curves and capital deployment across fixed-rate markets.
• Canton NetworkcoreTechnology or IntegrationTermPrime is the first fixed-rate, fixed-term financing venue on Canton Network. The platform leverages Canton's privacy-preserving architecture and native synchronizer for atomic settlement. TermMax is also listed as a validator on Canton mainnet.

Scale indicators17 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Pendle Finance: Pendle is a DeFi yield-tokenization protocol whose Principal Token (PT) and Yield Token (YT) markets are TermMax's clearest product-market fit. Both protocols trade fixed-yield exposure in DeFi and increasingly intersect — Pendle as the yield-asset source and TermMax as the fixed-rate borrowing venue against those PTs.
• Notional Finance: Notional is a pioneer fixed-rate, fixed-term lending protocol in DeFi operating on Ethereum and L2s. It targets the same use case as TermMax (locking in fixed borrowing/lending rates with maturity dates), making it the closest direct competitor in product design.
• Morpho: Morpho is a lending optimizer and on-chain credit primitive integrated deeply with TermMax via Composable Base Yield and Roll-to-Morpho. Both protocols serve DeFi lenders and borrowers with structured rate exposure, though Morpho focuses on variable-rate optimization while TermMax specializes in fixed rates.
• Element Finance: Element is an earlier fixed-rate DeFi protocol that pioneered yield-tokenization concepts underlying both Pendle and TermMax. It targets the same fixed-income use case and represents one of the closest historical comparables in fixed-rate DeFi design.

Emerging players

• Spectra Finance: Spectra is an emerging fixed-yield protocol offering principal and yield tokens similar to Pendle, competing for the same fixed-income DeFi borrower/lender audience. It represents a younger, narrower entrant in the fixed-yield DeFi category.
• IPOR: IPOR is a DeFi interest-rate derivatives protocol providing fixed/floating swaps and rate indexes. It addresses an adjacent fixed-rate use case through derivatives rather than AMM-based lending, making it a thematic peer for fixed-income DeFi infrastructure.

Broad incumbents

• Aave: Aave is the largest DeFi lending protocol and TermMax's primary benchmark — TermMax matches Aave V3's 93% DeFiSafety PQR score and ranks #2 behind Aave in daily active addresses. Aave is also a base-yield source for TermMax V2 vaults.
• Compound: Compound is a foundational DeFi money market protocol offering variable-rate lending. While TermMax focuses on fixed rates, both compete for the same broad crypto-collateralized lending demand and institutional DeFi integrations.
• Sky (formerly MakerDAO): Sky/MakerDAO is a major DeFi CDP and stablecoin issuer (DAI/USDS) that also operates the Spark lending protocol. It is a broad incumbent in on-chain credit, providing both collateralized debt positions and money-market exposure that compete for similar crypto-collateralized borrowing demand.

Others

• Curve Finance: Curve is a stablecoin-focused AMM whose liquidity is often the deepest in DeFi for the assets TermMax accepts as collateral. While Curve operates in AMM rather than lending, its liquidity depth indirectly influences TermMax rate discovery and fixed-rate instrument pricing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/TermMaxFi
• GitHubgithub.com/term-structure
• YouTubeyoutube.com/@TermMaxFi
• LinkedInlinkedin.com/company/term-structure

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds3 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Term Structure Labs