Pulled up $TMX’s onchain numbers this morning ahead of the aug 25 TGE @TermMax had one metric that made me stop scrolling.
ethereum holds basically all of it. $30.81m of the protocol's $31.29m total TVL sits there, something like 98.5%. makes sense on paper that's usually where the brand trust and liquidity depth pool first.
but then i checked where the fees actually got generated this past week. $3,071 total across every chain, and $2,999 of that came from bsquared. ethereum's cut? seventeen cents. not a typo.
so almost all the capital sits on one chain, and almost all the real activity actual borrowing, actual lending, the stuff that produces revenue is happening somewhere else, on a chain most people aren't even watching.
still working through what this means. is bsquared where the genuinely active users are, pulled in by rates or some incentive? or is ethereum TVL just... parked. sitting there ahead of TGE, not really doing anything with the protocol yet.
honestly could be either. but it complicates the usual "big TVL = healthy protocol" shorthand people default to.
curious if this flips once TMX starts trading, or if the capital just stays parked either way.
#TermMax
ethereum holds basically all of it. $30.81m of the protocol's $31.29m total TVL sits there, something like 98.5%. makes sense on paper that's usually where the brand trust and liquidity depth pool first.
but then i checked where the fees actually got generated this past week. $3,071 total across every chain, and $2,999 of that came from bsquared. ethereum's cut? seventeen cents. not a typo.
so almost all the capital sits on one chain, and almost all the real activity actual borrowing, actual lending, the stuff that produces revenue is happening somewhere else, on a chain most people aren't even watching.
still working through what this means. is bsquared where the genuinely active users are, pulled in by rates or some incentive? or is ethereum TVL just... parked. sitting there ahead of TGE, not really doing anything with the protocol yet.
honestly could be either. but it complicates the usual "big TVL = healthy protocol" shorthand people default to.
curious if this flips once TMX starts trading, or if the capital just stays parked either way.
#TermMax