TermMax Isn't Just About Lending
Spent an hour poking at TermMax's fee data on DefiLlama today and one number looked off: BSquared chain shows $2,999 in fees over the trailing 30 days and $2,999 over the trailing 7 days too. Same figure, both windows. That's not a rounding coincidence; it means essentially all of BSquared's monthly protocol revenue landed inside the last week, from what looks like one concentrated stretch of activity rather than steady daily usage.
Compare that to Ethereum, TermMax's dominant chain (98%+ of TVL): $15.6K in fees over 30 days, but only $3.80 over the last 7. Ethereum activity basically went quiet this week while BSquared did the opposite.
DefiLlama tracks TermMax fees via Transfer events to the protocol's treasury contract so this is checkable, not a guess, though the adapter doesn't expose which wallets or which specific loans triggered it.
What I can't confirm: whether this was one large borrower/liquidation event or several smaller ones clustering by coincidence. The data shows a shift, not a cause.
Curious whether anyone's watching BSquared deployments closely enough to know what happened there this week anyone got the tx-level view?
The bar chart above shows what stood out: BSquared's 30-day and 7-day fee totals are nearly identical, while Ethereum's 7-day number is a fraction of its 30-day total the timing of activity on each chain looks very different, even though Ethereum still holds most of TermMax's TVL.
@TermMax #TermMax
Spent an hour poking at TermMax's fee data on DefiLlama today and one number looked off: BSquared chain shows $2,999 in fees over the trailing 30 days and $2,999 over the trailing 7 days too. Same figure, both windows. That's not a rounding coincidence; it means essentially all of BSquared's monthly protocol revenue landed inside the last week, from what looks like one concentrated stretch of activity rather than steady daily usage.
Compare that to Ethereum, TermMax's dominant chain (98%+ of TVL): $15.6K in fees over 30 days, but only $3.80 over the last 7. Ethereum activity basically went quiet this week while BSquared did the opposite.
DefiLlama tracks TermMax fees via Transfer events to the protocol's treasury contract so this is checkable, not a guess, though the adapter doesn't expose which wallets or which specific loans triggered it.
What I can't confirm: whether this was one large borrower/liquidation event or several smaller ones clustering by coincidence. The data shows a shift, not a cause.
Curious whether anyone's watching BSquared deployments closely enough to know what happened there this week anyone got the tx-level view?
The bar chart above shows what stood out: BSquared's 30-day and 7-day fee totals are nearly identical, while Ethereum's 7-day number is a fraction of its 30-day total the timing of activity on each chain looks very different, even though Ethereum still holds most of TermMax's TVL.
@TermMax #TermMax