A description of what happens to markets once they are close to maturity, and after they mature.
Before Maturity (-4 days)
Once a market is close to maturity, rates tend to be extremely volatile, and the general exchange UX surrounding trades degrades for both lenders and active rate traders.
In order to ensure our users orders can only place orders that execute as expected, we ensure all orders expire 4 days before maturity. At that point all markets are halted, and a countdown until maturity will begin.
This means that no more trades can be made in that market, and that users will need to wait to redeem their positions at maturity.
As is implied by the name, once a market hits its maturity, it can be considered "Matured".
Once a market has matured, users can redeem their PTs 1:1 for their underlying deposit (e.g. 1 zcUSDC = 1 USDC).