I’ve been looking at #TermMax a bit more closely lately, mostly trying to understand whether the fixed-term lending model is actually getting used or if I was just attracted to the idea of predictable rates. I’m starting to think there is something worth watching here.
The part I keep checking is the relationship between TVL and active loans. Current data puts #TermMax around $33M TVL and roughly $22M in active loans, which is a decent amount of capital actually being put to work rather than simply sitting in contracts. Ethereum also accounts for about 94% of the TVL, though, so the multi-chain story looks less evenly distributed than it might seem at first.
That concentration is probably my biggest question right now. If most liquidity and borrowing activity stays on Ethereum, I’m not sure how much the additional chain deployments really tell me about adoption.
I’m also watching fees. Recent 30-day protocol fees are around $16K, which is real usage, but still small enough that I wouldn’t draw big conclusions from it yet. I want to see whether borrowing demand stays consistent across different maturities when incentives matter less. That’s probably the number I’ll keep checking.
#termmax @TermMax
The part I keep checking is the relationship between TVL and active loans. Current data puts #TermMax around $33M TVL and roughly $22M in active loans, which is a decent amount of capital actually being put to work rather than simply sitting in contracts. Ethereum also accounts for about 94% of the TVL, though, so the multi-chain story looks less evenly distributed than it might seem at first.
That concentration is probably my biggest question right now. If most liquidity and borrowing activity stays on Ethereum, I’m not sure how much the additional chain deployments really tell me about adoption.
I’m also watching fees. Recent 30-day protocol fees are around $16K, which is real usage, but still small enough that I wouldn’t draw big conclusions from it yet. I want to see whether borrowing demand stays consistent across different maturities when incentives matter less. That’s probably the number I’ll keep checking.
#termmax @TermMax