In Hyperdrive, trades only take place on a single invariant. When a user opens a new position, the trade is made on a curve that prices the asset as a function of the reserves and a **fixed** time until maturity. When a user closes a position, we price the trade by splitting into two components: new bonds and matured bonds. The new bonds are priced on the curve and matured bonds can be redeemed 1:1 with the base asset. For example, let's say Alice wants to sell 12 bonds that are 9 months from maturity on a 12 month term. We would consider 3 bonds mature and offer a 1:1 redemption for them and the remaining 9 bonds would be priced on the curve with the full time remaining until maturity.
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