I went back through TermMax’s token schedule today and kept getting stuck on one number: 1 billion TMX.
At first, it sounds reassuring. Fixed maximum supply, easy to understand.
But after rereading the allocation details, I started thinking the billion might actually be the least useful number to watch.
Only 200M TMX is expected to be circulating initially. Meanwhile, 280M is allocated to investors and 150M to the team, with additional allocations for advisors and other participants.
That changes the picture quite a bit.
What caught my attention was the pace of future supply rather than the eventual maximum. Once the relevant cliffs pass, investor vesting alone works out to roughly 11.67M TMX per month, while team and advisor unlocks can add another ~6M.
So potentially ~17.67M tokens entering the market each month.
I actually stopped there with my notes open because I think this is where tokenomics becomes less about spreadsheets and more about behavior.
Are users actually accumulating TMX because they need it for staking or governance? Is protocol activity expanding quickly enough to absorb new supply? Or does increasing float simply create more liquidity for people who already received tokens?
None of this makes the design inherently bad. Scheduled dilution is normal.
But it does make me care much more about free float and unlock velocity than the 1B headline.
The interesting part will be watching whether demand grows alongside that float—or whether supply gets there first.
$RICE
$LAB
$ACE
#termmax @TermMax
At first, it sounds reassuring. Fixed maximum supply, easy to understand.
But after rereading the allocation details, I started thinking the billion might actually be the least useful number to watch.
Only 200M TMX is expected to be circulating initially. Meanwhile, 280M is allocated to investors and 150M to the team, with additional allocations for advisors and other participants.
That changes the picture quite a bit.
What caught my attention was the pace of future supply rather than the eventual maximum. Once the relevant cliffs pass, investor vesting alone works out to roughly 11.67M TMX per month, while team and advisor unlocks can add another ~6M.
So potentially ~17.67M tokens entering the market each month.
I actually stopped there with my notes open because I think this is where tokenomics becomes less about spreadsheets and more about behavior.
Are users actually accumulating TMX because they need it for staking or governance? Is protocol activity expanding quickly enough to absorb new supply? Or does increasing float simply create more liquidity for people who already received tokens?
None of this makes the design inherently bad. Scheduled dilution is normal.
But it does make me care much more about free float and unlock velocity than the 1B headline.
The interesting part will be watching whether demand grows alongside that float—or whether supply gets there first.
$RICE
$LAB
$ACE
#termmax @TermMax