Wrapped up a CreatorPad task on @TermMax earlier and ended up sitting with one number longer than I expected to. DefiLlama has TermMax's TVL at just over $31M, down about 7% in the past month. Meanwhile the protocol's own channels are pushing a figure closer to $90M ahead of the TMX token generation event set for August 25. Same protocol, two very different pictures depending on where you're standing.

I don't think either number is wrong exactly. One is counting deposits net of what's borrowed out, the other probably isn't. But #TermMax leaning on the bigger figure right before TGE, while the more conservative tracker shows contraction, is the kind of thing you only notice if you go check both.

What struck me is how normal this feels in DeFi now. Everyone quotes the number that flatters the moment. I caught myself almost repeating the $90M figure without checking it, which is a little embarrassing to admit.

Still not sure which number matters more for judging where the protocol actually stands right now. Maybe neither does on its own.

#termmax
Which number do you trust more? 👇