TermMax

TermMax is a decentralized finance (DeFi) platform designed to simplify and enhance leveraged yield strategies. By integrating fixed-rate borrowing and lending mechanisms with leverage functions, TermMax enables investors to borrow at predictable fixed costs, earn expected returns, and maximize leveraged yields. This approach eliminates the need for multiple complex transactions across different protocols, making leveraged yield strategies more accessible, efficient, and profitable for all types of investors.

Documentation

TermMax Docs: https://docs.ts.finance/

Bounty

Bounty plan: https://immunefi.com/bug-bounty/termstructurelabs/information/

Install Dependencies

$ forge soldeer update

Build

$ forge build

Before test

You can find the example.env file at env folders, please copy it and put your env configuration in it. Edit the MAINNET_RPC_URL value if you want to start fork tests.

Test

Test without fork.

$ forge test --skip Fork

Using '--isolate' when testing TermMaxVault.

$ forge test --skip Fork --isolate

Using test scripts can configure multiple environments more flexibly, it will automatically configure the environment variables you need. Do unit test if you have an env file named sepolia.env.

$ ./test.sh sepolia

You can use the forge test parameter as input.

$ ./test.sh sepolia --match-contract xxx -vv

Deploy

$ forge script script/DeployScript.s.sol:FactoryScript --rpc-url <your_rpc_url> --private-key <your_private_key>

Format

Install esbenp.prettier-vscode plugin for VsCode. TermMax use Prettier to format codes. Install the plugin by yarn or npm tools. Add configurations to your .vscode/settings.json

  "files.autoSave": "onFocusChange",
  "editor.defaultFormatter": "esbenp.prettier-vscode",
  "editor.formatOnSave": true,
  "[solidity]": {
    "editor.defaultFormatter": "NomicFoundation.hardhat-solidity"
  },

$ npm ci

Gas Report

Below are gas-report summaries for key contracts. Use the overview table for deployment comparisons, then expand each contract section for per-function stats.

Contract	Source	Deploy Cost	Deploy Size
TermMaxMarketV2	contracts/v2/TermMaxMarketV2.sol	3,342,898	15,520
TermMaxOrderV2	contracts/v2/TermMaxOrderV2.sol	5,381,106	24,722
MakerHelper	contracts/v2/router/MakerHelper.sol	2,458,785	11,377
TermMaxRouterV2	contracts/v2/loader/TermMaxRouterV2.sol	4,907,139	22,737
GearingTokenWithERC20V2	contracts/v2/tokens/GearingTokenWithERC20V2.sol	5,096,680	23,407
TermMaxVaultV2	contracts/v2/vault/TermMaxVaultV2.sol	4,736,478	22,022

TermMaxMarketV2 - contracts/v2/TermMaxMarketV2.sol

Function	Min	Avg	Median	Max	Calls
acceptOwnership	12,313	12,313	12,313	12,313	25
burn(address,address,uint256)	8,152	44,110	40,097	88,097	4
burn(address,uint256)	27,602	69,503	71,602	87,902	2,225
config	1,838	4,215	3,838	5,838	10,113
createOrder((address,address,address,address,address,uint256,address,uint64,(((uint256,uint256,int256)[],(uint256,uint256,int256)[]),uint256,uint256,address,(uint32,uint32,uint32,uint32,uint32,uint32))))	784,349	1,061,596	1,205,737	2,503,377	3,343
createOrder(...,uint256)	1,169,360	1,195,109	1,195,160	1,195,160	513
createOrder(address,uint256,address,((uint256,uint256,int256)[],(uint256,uint256,int256)[]))	6,900	1,152,335	1,159,950	1,159,950	153
initialize	75,027	960,040	961,469	961,469	2,422
issueFt	8,319	410,459	420,059	455,449	2,383
issueFtByExistedGt	7,661	149,196	147,330	201,430	518
leverageByXt(address,address,uint128,bytes)	482,882	514,448	531,682	531,682	515
leverageByXt(address,uint128,bytes)	8,237	512,271	510,301	531,901	515
mint	7,653	112,425	109,068	160,368	8,587
mintGtFeeRatio	1,052	5,045	5,052	5,052	1,804
name	2,786	2,786	2,786	2,786	1
predictOrderAddress	10,359	10,359	10,359	10,359	130
previewRedeem	47,220	47,220	47,220	47,220	1
redeem(address,address,uint256)	21,041	58,743	21,041	134,148	3
redeem(uint256,address)	99,075	110,526	116,175	127,380	761
tokens	5,245	11,236	11,245	11,245	4,259
transferOwnership	26,800	26,800	26,800	26,800	25
updateGtConfig	22,398	22,398	22,398	22,398	1
updateMarketConfig	2,590	15,061	3,424	34,423	5
updateOrderFeeRate	12,316	12,316	12,316	12,316	1

TermMaxOrderV2 - contracts/v2/TermMaxOrderV2.sol

Function	Min	Avg	Median	Max	Calls
addLiquidity	35,437	126,353	126,890	147,024	133
apr	30,936	44,540	30,936	71,748	3
borrowToken	7,848	98,030	68,929	246,413	4
getRealReserves	19,927	27,849	28,322	35,427	60
initialize	715,363	1,012,118	1,134,172	2,424,027	3,948
maker	2,515	2,515	2,515	2,515	385
market	2,747	2,747	2,747	2,747	1
orderConfig	15,877	86,775	105,877	110,877	1,327
orderExpiryTimestamp	2,345	2,345	2,345	2,345	6
owner	2,823	2,823	2,823	2,823	2
pause	2,832	14,517	14,517	26,202	2
paused	2,635	2,635	2,635	2,635	2
pool	329	1,344	2,329	2,329	528
redeemAll	223,403	292,932	330,903	348,003	1,281
removeLiquidity	42,513	191,231	196,335	196,335	268
setCurveAndPrice	5,506	66,624	9,995	219,286	571
setExpiryTimestamp	2,774	21,028	23,730	23,730	10
setGeneralConfig	2,776	34,925	28,445	48,345	776
setPool	192,724	237,865	238,115	249,266	137
swapExactTokenToToken	8,012	310,958	351,422	500,659	2,122
swapTokenToExactToken	10,600	367,504	382,282	577,327	1,065
unpause	8,544	8,544	8,544	8,544	1
updateFeeConfig	3,297	3,297	3,297	3,298	2
virtualXtReserve	2,253	2,253	2,253	2,253	425
withdrawAllAssetsBeforeMaturity	115,430	155,346	141,091	172,700	256
withdrawAssets	23,640	32,652	38,082	40,740	7

MakerHelper - contracts/v2/router/MakerHelper.sol

Function	Min	Avg	Median	Max	Calls
initialize	50,700	50,700	50,700	50,700	6
placeOrderForV1	16,220	895,925	895,925	1,775,630	2
placeOrderForV2	21,208	909,579	840,178	1,883,573	1,024

TermMaxRouterV2 - contracts/v2/loader/TermMaxRouterV2.sol

Function	Min	Avg	Median	Max	Calls
acceptOwnership	12,280	12,280	12,280	12,280	26
borrowTokenFromCollateral	958,476	958,476	958,476	958,476	1
borrowTokenFromCollateralAndXt	676,873	704,351	729,763	729,763	256
executeOperation(address,address,uint256,bytes)	75,401	106,526	116,901	116,901	1,024
executeOperation(address,uint128,address,bytes,bytes)	97,381	219,102	97,381	462,545	3
flashRepayFromColl	348,149	539,792	539,792	731,436	2
flashRepayToGetCollateral	348,747	348,747	348,747	348,747	1
initialize	75,674	75,674	75,674	75,674	48
initializeV2	9,116	9,116	9,116	9,116	1
leverage	665,703	800,811	692,400	1,149,691	1,024
onERC721Received	766	766	766	766	260
owner	2,636	2,636	2,636	2,636	1
pause	2,645	20,172	26,015	26,015	4
paused	2,492	2,492	2,492	2,492	6
proxiableUUID	394	394	394	394	2
swapAndRepay	535,507	575,440	575,440	615,374	2
swapTokens	49,878	434,353	585,691	805,103	7
transferOwnership	26,811	26,811	26,811	26,811	26
unpause	8,561	8,561	8,561	8,561	3
upgradeToAndCall	10,925	15,667	15,667	20,410	2

GearingTokenWithERC20V2 - contracts/v2/tokens/GearingTokenWithERC20V2.sol

Function	Min	Avg	Median	Max	Calls
DOMAIN_SEPARATOR	6,019	6,019	6,019	6,019	267
addCollateral	8,925	33,653	46,018	46,018	3
approve	26,874	26,874	26,874	26,874	7
augmentDebt	94,078	96,989	96,878	113,978	517
balanceOf	3,040	3,040	3,040	3,040	7
collateralCapacity	3,188	3,188	3,188	3,188	1
delivery	34,011	34,084	34,011	45,216	762
flashRepay(uint256,bool,bytes)	199,751	327,401	199,751	582,702	3
flashRepay(uint256,uint128,bool,bytes,bytes)	17,698	100,053	102,745	177,023	4
getGtConfig	12,841	12,841	12,841	12,841	3
getLiquidationInfo	14,390	14,913	14,390	82,162	1,033
initialize	25,189	331,884	332,138	332,138	2,419
isDelegate	3,039	3,039	3,039	3,039	145
liquidatable	3,049	3,049	3,049	3,049	765
liquidate	54,631	177,626	183,905	248,958	526
loanInfo	2,374	7,187	10,374	10,374	2,596
merge	23,630	77,856	87,888	148,457	5
mint	28,085	337,956	337,059	349,159	3,411
nonces	3,058	3,058	3,058	3,058	284
ownerOf	2,984	2,984	2,984	2,984	1
previewDelivery	8,791	8,791	8,791	8,791	1
removeCollateral	10,984	66,785	66,608	131,569	264
repay	17,374	87,770	82,818	149,607	12
repayAndRemoveCollateral	11,433	92,963	94,239	177,368	265
safeTransferFrom(address,address,uint256)	52,432	52,432	52,432	52,432	257
safeTransferFrom(address,address,uint256,bytes)	7,275	67,865	76,259	76,871	8
setDelegate	702	20,720	24,894	24,894	27
setDelegateWithSignature	953	54,821	57,205	57,205	139
setTreasurer	7,975	7,975	7,975	7,975	2
tokenOfOwnerByIndex	3,079	3,079	3,079	3,079	1
totalSupply	2,422	2,422	2,422	2,422	256
updateConfig	11,241	11,241	11,241	11,241	1

TermMaxVaultV2 - contracts/v2/vault/TermMaxVaultV2.sol

Function	Min	Avg	Median	Max	Calls
acceptGuardian	3,706	9,969	13,101	13,101	3
acceptMarket	4,436	41,849	42,111	42,111	144
acceptPendingMinApy	2,504	7,234	7,238	11,955	4
acceptPerformanceFeeRate	29,506	29,506	29,506	29,506	1
acceptPool	8,948	121,383	139,148	198,288	4
acceptTimelock	3,384	8,072	8,076	12,751	4
accretingPrincipal	12,304	12,304	12,304	12,304	1
afterSwap	4,129	166,375	206,501	255,413	30
annualizedInterest	4,138	4,138	4,138	4,138	13
approve	24,458	24,458	24,458	24,458	1
apy	7,108	7,108	7,108	7,108	14
badDebtMapping	3,111	3,111	3,111	3,111	8
balanceOf	3,255	3,255	3,255	3,255	11
createOrder	15,505	1,289,631	1,278,011	1,312,411	1,119
curator	4,176	4,176	4,176	4,176	3
dealBadDebt	8,666	55,126	54,485	87,090	12
deposit	77,866	181,614	158,663	266,018	79
guardian	2,855	2,855	2,855	2,855	4
initialize	246,103	286,475	285,903	319,691	87
marketWhitelist	2,705	2,705	2,705	2,705	5
minApy	2,636	2,636	2,636	2,636	5
pause	26,690	27,620	26,690	28,862	7
paused	2,983	2,983	2,983	2,983	2
pendingGuardian	3,579	3,579	3,579	3,579	1
pendingMarkets	3,406	3,406	3,406	3,406	2
pendingMinApy	4,378	4,378	4,378	4,378	19
pendingPerformanceFeeRate	3,146	3,146	3,146	3,146	1
pendingPool	4,173	4,173	4,173	4,173	18
pendingTimelock	3,630	3,630	3,630	3,630	2
performanceFeeRate	2,454	2,454	2,454	2,454	2
pool	2,526	2,526	2,526	2,526	3
previewDeposit	11,188	12,839	11,188	16,143	6
previewRedeem	14,823	16,675	14,823	19,455	15
previewWithdraw	13,838	14,061	13,838	14,360	7
redeem	83,527	105,735	107,128	130,730	12
redeemOrder	259,100	329,255	261,238	476,130	1,030
removeLiquidityFromOrders	173,063	209,636	209,636	246,210	4
revokePendingGuardian	8,739	9,825	9,825	10,911	2
revokePendingMarket	10,816	11,902	11,902	12,988	2
revokePendingMinApy	5,517	8,984	9,465	11,637	5
revokePendingPerformanceFeeRate	9,421	9,421	9,421	9,421	1
revokePendingPool	5,231	7,908	8,551	11,351	5
revokePendingTimelock	10,081	11,167	11,167	12,253	2
setCurator	10,588	10,588	10,588	10,588	4
submitGuardian	3,735	22,005	30,953	32,145	8
submitMarket	4,811	42,545	44,235	44,235	151
submitPendingMinApy	5,636	18,566	12,366	31,760	19
submitPendingPool	5,105	30,157	42,155	68,252	12
submitPerformanceFeeRate	5,983	20,292	28,791	32,196	9
submitTimelock	5,327	16,594	11,975	29,331	13
timelock	3,998	3,998	3,998	3,998	6
totalAssets	6,677	11,554	11,632	16,264	30
totalFt	3,038	3,038	3,038	3,038	12
totalSupply	2,553	2,553	2,553	2,553	10
unpause	8,928	9,362	8,928	11,100	5
updateOrdersConfiguration	342,779	342,779	342,779	342,779	4
withdraw	68,513	96,190	95,601	125,048	4
withdrawFts	23,132	72,229	71,432	122,923	4