so i was staring at TermMax's numbers earlier ~$32.5M TVL, ~$22.1M active loans and my first instinct was, ok, where's the other ~$10M sitting.
idle liquidity, right. that's the assumption you bring in from most lending pools.
then i actually looked at how TermMax handles a lending order. and that's where my mental model broke.
a lender can commit capital into a range order before any borrower touches it. once that order is initialized, TermMax mints the FT and XT claims for that committed position.
so the capital can already be committed and tokenized without yet showing up as an outstanding loan.
that means the ~$10M gap isn't necessarily idle liquidity. some of it could just be capital already positioned in lending orders, waiting to be matched.
which made me rethink the usual utilization question. in a regular lending pool, TVL vs borrowed gives you a pretty intuitive picture. TermMax has another state in between:
capital committed → waiting to be matched → outstanding loan
so maybe the more interesting metrics aren't just utilization. it's how much committed liquidity actually gets matched, how fast, and what happens to it when the term matures.
TVL tells you capital showed up. active loans tell you credit went out the door. the gap in between tells you basically nothing until you know what state that capital's actuallyin.
still trying to figure out what state most of it's in rn tbh. anyone actually tracked this
#termmax @TermMax
idle liquidity, right. that's the assumption you bring in from most lending pools.
then i actually looked at how TermMax handles a lending order. and that's where my mental model broke.
a lender can commit capital into a range order before any borrower touches it. once that order is initialized, TermMax mints the FT and XT claims for that committed position.
so the capital can already be committed and tokenized without yet showing up as an outstanding loan.
that means the ~$10M gap isn't necessarily idle liquidity. some of it could just be capital already positioned in lending orders, waiting to be matched.
which made me rethink the usual utilization question. in a regular lending pool, TVL vs borrowed gives you a pretty intuitive picture. TermMax has another state in between:
capital committed → waiting to be matched → outstanding loan
so maybe the more interesting metrics aren't just utilization. it's how much committed liquidity actually gets matched, how fast, and what happens to it when the term matures.
TVL tells you capital showed up. active loans tell you credit went out the door. the gap in between tells you basically nothing until you know what state that capital's actuallyin.
still trying to figure out what state most of it's in rn tbh. anyone actually tracked this
#termmax @TermMax