I used to take TermMax's official numbers at face value until I put the TGE announcement next to DefiLlama side by side. The team says $90M+ TVL. DefiLlama shows roughly $31M on-chain, down over 7% in the last month.
That's not a rounding gap. That's two different stories about the same protocol.
Maybe the $90M counts cumulative deposits, pre-mine campaign wallets, or figures across a longer window than what's currently locked. Maybe DefiLlama is missing a chain or two. Either explanation is possible, but neither has been stated clearly five days before TGE.
Fees tell a smaller story too, near $20K over 30 days, annualizing to roughly $310K in protocol revenue. Respectable for a niche lending market. Not enough to justify a headline TVL figure without explanation.
I'm not calling this a red flag. I'm calling it a question the team should answer before the token starts trading and every number gets scrutinized by people with less patience than a content writer.
Which number are you underwriting your allocation with?
#termmax @TermMax
$SKYAI $ROAM
That's not a rounding gap. That's two different stories about the same protocol.
Maybe the $90M counts cumulative deposits, pre-mine campaign wallets, or figures across a longer window than what's currently locked. Maybe DefiLlama is missing a chain or two. Either explanation is possible, but neither has been stated clearly five days before TGE.
Fees tell a smaller story too, near $20K over 30 days, annualizing to roughly $310K in protocol revenue. Respectable for a niche lending market. Not enough to justify a headline TVL figure without explanation.
I'm not calling this a red flag. I'm calling it a question the team should answer before the token starts trading and every number gets scrutinized by people with less patience than a content writer.
Which number are you underwriting your allocation with?
#termmax @TermMax
$SKYAI $ROAM