#termmax @TermMax I was looking at the TMX staking screen and the number I cared about wasn’t APY. It was how much of the circulating supply had quietly stopped behaving like liquid supply.
If 200M TMX is circulating and 50M sits in sTMX, the market may technically see 200M tokens, but only 150M remains gross liquid before exchange balances, LP positions and locked operational inventory are separated.
That gap matters more after unlocks.
A 25% staking ratio leaves 75% economically mobile. At 50%, the float is cut in half. At 75%, the headline circulating supply starts to describe ownership better than actual liquidity.
But staking alone is not conviction. The harder metric is staked TMX divided by newly unlocked TMX. If vesting releases 20M and only 3M gets restaked, staking may look healthy while fresh sellable inventory is still expanding.
I also want staking Gini beside holder Gini. Broad ownership means little if sTMX control is concentrated in a few large wallets.
The protocol story is long-term alignment. The real test is whether staking absorbs unlock pressure faster than it creates a cleaner-looking dashboard.
TMX scarcity should be measured dynamically. Otherwise “low float” can become a very convenient illusion.
@TermMax #termmax
If 200M TMX is circulating and 50M sits in sTMX, the market may technically see 200M tokens, but only 150M remains gross liquid before exchange balances, LP positions and locked operational inventory are separated.
That gap matters more after unlocks.
A 25% staking ratio leaves 75% economically mobile. At 50%, the float is cut in half. At 75%, the headline circulating supply starts to describe ownership better than actual liquidity.
But staking alone is not conviction. The harder metric is staked TMX divided by newly unlocked TMX. If vesting releases 20M and only 3M gets restaked, staking may look healthy while fresh sellable inventory is still expanding.
I also want staking Gini beside holder Gini. Broad ownership means little if sTMX control is concentrated in a few large wallets.
The protocol story is long-term alignment. The real test is whether staking absorbs unlock pressure faster than it creates a cleaner-looking dashboard.
TMX scarcity should be measured dynamically. Otherwise “low float” can become a very convenient illusion.
@TermMax #termmax
