Liquidity has
an expiry.
Most liquidity sits in a pool until someone decides to unwind it. A Terma deployment is written like a contract instead: one market, one price zone, one termination time. It earns from the trades that cross it, then it ends.
01 — AnatomySpecimen deployment · illustrative
Three terms, fixed at creationThree terms, fixed at creation
A deployment names one market. The only flow it earns from is the flow that trades against its own liquidity.
Schematic of a deploymentNot market data
02 — PremiseWhat changes when liquidity is given a deadline
A position with a terminusA position with a terminus
| Term | Open-ended pool position | Terma deployment |
|---|---|---|
| Duration | Open-ended. It runs until you remember to unwind it. | Fixed at creation. The lifetime is one of the terms. |
| Exit | Manual, and entirely on you to time. | Automatic. At expiry the deployment ends on its own. |
| Result | Blended across months of drift. Hard to attribute. | Settled once: fees captured, impermanent loss, net against holding. |
| Ownership | A balance sitting inside a pool. | A transferable token representing the live deployment. |
| The question | “Which pool has the highest APR?” | “Where should my liquidity work next?” |
03 — SettlementLive market data · model runs on your inputs
What a finished deployment saysWhat a finished deployment says
NASDAQ · NVDA
Loading market data
Listed price of the underlying, charted by TradingView. A deployment quotes that market against USDG.
NVDA on TradingView ↗Deployment terms
$
$
$
$
$
$
ZoneExpiry inside zone
Floor 220.00Ceiling 250.00
Settlement
Capital$50,000.00
Fees captured+$1,842.00
Impermanent lossPosition value at expiry, less the value of simply holding the opening composition.−$175.21
Net vs holding+$1,666.79+3.33% on capital
Redeemable at expiry$52,440.25
Value if held instead$50,773.46
Composition at open110.4946 NVDA24,144.27 USDG
Composition at expiry60.8 NVDA35,945.44 USDG
A model, not a record. It computes the standard concentrated-liquidity settlement from the terms you enter — no market data is used and no outcome is predicted. Fee income is the figure you supply.