> For the complete documentation index, see [llms.txt](https://developers.term.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://developers.term.finance/periphery-contracts/curated-vaults/core-functionality/term-protocol-operations.md).

# Term Protocol Operations

The **Core Architecture - Term** extends Yearn V3's foundation with Term-specific strategies to manage fixed-rate lending portfolios. This layer introduces custom integrations for repoTokens, auction participation, and liquidity management, while enforcing strict portfolio risk controls.

**Key Focus Areas**

1. **Liquidity Management**: Automates portfolio adjustments using Yearn’s hooks to manage idle assets, repoTokens, and auction offers.
2. **Auction Participation and RepoToken Liquidity**: Enables controlled auction offer submissions and public repoToken sales under strict validation.
3. **Portfolio Valuation**: Accurately aggregates idle liquidity, repoToken holdings, and pending auction offers.
4. **Risk Controls**: Enforces constraints on concentration, reserve ratios, maturity caps, and collateral quality.

The following four sections detail these Term-specific functionalities, ensuring efficient, risk-compliant portfolio operations.


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