"THE APY YOU'RE FARMING ISN'T REAL HERE'S WHY"
I used to assume that the APY displayed on pre-mine dashboards even before the token actually exists was a relatively neutral estimate. Something like: the project takes an average of comparable funding rounds in the market and outputs a reference number.
But when I dug into the TMX Token Pre-mine section in TermMax's docs, I stopped at one sentence.
That APY number is calculated based on a fixed FDV of $60 million. And that FDV comes directly from the valuation of TermMax's ongoing private funding round. Not a market indicator. Not an industry average. An internal number set by the team themselves for their private investors.
At first, I thought: APY high or low, it's just a temporary estimate. Everyone farming knows that.
But the more I read, the more I realized the issue isn't that the number is "temporary." The issue is that over 1.1 million wallets are currently farming based on a valuation that has never gone through public price discovery.
I went back to review the pre-mine structure how FT Holders and Order Makers accumulate points daily and cross-checked it against TermMax's current scale: over 1.1 million registered wallets (and growing). That many users are farming based on a yield metric anchored to a valuation assumption set by a small group of private investors, not a market-verified price.
From where I stand now, this is no longer a question of whether the APY number is high or low. It's a question of who is actually pricing risk for whom when farmers are looking at a yield built on a valuation they had no part in negotiating and cannot independently verify.
I still wonder: after TGE, when the real market starts pricing TMX, will that $60 million FDV prove to be reasonable or just a temporary anchor to keep farming capital stuck while waiting for the listing?
Disclaimer: This post is based on personal analysis, research, and insights, and does not constitute investment advice.
@TermMax #TermMax $BTC $BNB
#termmax @TermMax
I used to assume that the APY displayed on pre-mine dashboards even before the token actually exists was a relatively neutral estimate. Something like: the project takes an average of comparable funding rounds in the market and outputs a reference number.
But when I dug into the TMX Token Pre-mine section in TermMax's docs, I stopped at one sentence.
That APY number is calculated based on a fixed FDV of $60 million. And that FDV comes directly from the valuation of TermMax's ongoing private funding round. Not a market indicator. Not an industry average. An internal number set by the team themselves for their private investors.
At first, I thought: APY high or low, it's just a temporary estimate. Everyone farming knows that.
But the more I read, the more I realized the issue isn't that the number is "temporary." The issue is that over 1.1 million wallets are currently farming based on a valuation that has never gone through public price discovery.
I went back to review the pre-mine structure how FT Holders and Order Makers accumulate points daily and cross-checked it against TermMax's current scale: over 1.1 million registered wallets (and growing). That many users are farming based on a yield metric anchored to a valuation assumption set by a small group of private investors, not a market-verified price.
From where I stand now, this is no longer a question of whether the APY number is high or low. It's a question of who is actually pricing risk for whom when farmers are looking at a yield built on a valuation they had no part in negotiating and cannot independently verify.
I still wonder: after TGE, when the real market starts pricing TMX, will that $60 million FDV prove to be reasonable or just a temporary anchor to keep farming capital stuck while waiting for the listing?
Disclaimer: This post is based on personal analysis, research, and insights, and does not constitute investment advice.
@TermMax #TermMax $BTC $BNB
#termmax @TermMax