While reading TermMax's token schedule, I kept circling back to one number. 1 billion TMX sounds fixed and simple — but only 200 million is expected to circulate at launch. That makes max supply the obvious metric, and probably the weaker one.
What matters first is float, then how fast that float expands. Investor tokens alone imply roughly 11.67M TMX unlocked per month after the cliff. Add team and advisor overlap, and the monthly linear unlock flow could reach roughly 17.67M. That's not automatically a problem — some scheduled dilution is normal.
The real test is behavior: Is protocol revenue growing faster than circulating supply? Is new TMX being absorbed by staking, governance, and genuine demand — or just becoming more sellable liquidity?
The 150M team allocation equals 75% of the initial 200M float. Team plus investors together total 430M — 2.15× day-one circulation. That reframes what "fixed supply" actually means here.
There's also an uncomfortable detail: a 110M disclosure discrepancy equals 11% of max supply. Document versioning, oddly, becomes tokenomics data in its own right.
So I'm watching free float, not the headline billion — because supply discipline isn't just what exists eventually, it's what becomes sellable, and when.
#TermMax @TermMax
$HEMI
$OPG
$KITE
What matters first is float, then how fast that float expands. Investor tokens alone imply roughly 11.67M TMX unlocked per month after the cliff. Add team and advisor overlap, and the monthly linear unlock flow could reach roughly 17.67M. That's not automatically a problem — some scheduled dilution is normal.
The real test is behavior: Is protocol revenue growing faster than circulating supply? Is new TMX being absorbed by staking, governance, and genuine demand — or just becoming more sellable liquidity?
The 150M team allocation equals 75% of the initial 200M float. Team plus investors together total 430M — 2.15× day-one circulation. That reframes what "fixed supply" actually means here.
There's also an uncomfortable detail: a 110M disclosure discrepancy equals 11% of max supply. Document versioning, oddly, becomes tokenomics data in its own right.
So I'm watching free float, not the headline billion — because supply discipline isn't just what exists eventually, it's what becomes sellable, and when.
#TermMax @TermMax
$HEMI
$OPG
$KITE