"“Term Labs Is Bringing Fixed-Rate Lending to DeFi But One Bug Cost $1.5M”"

Term Labs’ Term Finance protocol pioneers institutional-scale fixed-rate lending on Ethereum using auction-based rate discovery, enabling predictable borrowing and lending without bid-ask slippage. Since launch, the protocol has processed over $100M in volume, with weekly clears in the seven-figure range—saving users money and offering reliable yield to lenders The protocol is backed by $8M total funding, led by Electric Capital, with participation from Coinbase Ventures, Ava Labs, Maelstrom, and DeFi founders like Ether.fi and DeFi Dad . Their design includes isolated collateral pools, oracle staleness checks, fallback pricing safeguards, and formal verification via Certora—all aimed at improving security and resilience