The word Roll is doing a lot of work on @TermMaxFi this week. Several @Ondo-backed markets mature on July 31, and borrowers are being shown four paths roll later, roll to Morpho, repay, or close. The two roll options carry forward different things. Roll-to-Later moves the debt into a later TermMax market, with August or September maturities available. You stay in a fixed-rate setup, but the old rate does not come with you. The target market sets the new terms, and the dashboard shows a new maturity and health factor. Roll-to-Morpho keeps the financing going another way. TermMax closes the old position atomically and opens a Morpho loan against the same collateral, so the borrower does not have to source repayment funds first. The new loan follows a floating rate. At expiry, the real choice is what you want to keep for the next leg fixed-rate structure, financing continuity, or neither through repay/close. Same label, different contract outcome. Check the destination before you hit Roll.