Term Finance aims to provide safe and scalable decentralized fixed-rate lending services. It plans to go live around the end of March. The protocol uses an on-chain double-auction mechanism to determine the fixed-rates at which borrowers and lenders on the platform transact. In the auctions, lenders submit offers to lend and borrowers submit bids to borrow to the protocol. Once the auction is closed, the protocol determines a market clearing rate where all borrowers bidding at or above the clearing rate receive a loan, and all lenders offering at or below the clearing rate make a loan, each at the market clearing rate.