#termmax @TermMax #TermMax
Give me 10 minutes, and I’ll tell you why one @TermMax number may become far more interesting after August 25: TVL.
Right now, TVL hides two very different types of capital behind one number.
One comes for the product: fixed rates, defined maturities, capital efficiency. The other comes for incentives: points, campaigns, and the airdrop ahead of TGE.
TermMax’s USDC Vault V2 makes the distinction even more interesting. At roughly $5.82M TVL, about 75.7% is deployed while 24.3% around $1.4M remains idle, with V2 designed to put unmatched capital into base-yield sources such as Morpho.
But utilization tells me where capital is working. It still doesn’t tell me why that capital came.
That is the number I want August 25 to expose.
Once most of the airdrop has been distributed, one major variable weakens: the incentive to farm it. If TVL holds a solid base afterward, product demand becomes harder to dismiss. If capital exits quickly, part of the pre-TGE TVL was likely more incentive-sensitive than the headline suggested.
I can’t classify every wallet from public data, and I don’t need to pretend I can.
$5.82M tells me how much capital TermMax attracted. What survives after August 25 will tell me how much it can retain without the same incentive.
$LINK $ONG $COLLECT
Give me 10 minutes, and I’ll tell you why one @TermMax number may become far more interesting after August 25: TVL.
Right now, TVL hides two very different types of capital behind one number.
One comes for the product: fixed rates, defined maturities, capital efficiency. The other comes for incentives: points, campaigns, and the airdrop ahead of TGE.
TermMax’s USDC Vault V2 makes the distinction even more interesting. At roughly $5.82M TVL, about 75.7% is deployed while 24.3% around $1.4M remains idle, with V2 designed to put unmatched capital into base-yield sources such as Morpho.
But utilization tells me where capital is working. It still doesn’t tell me why that capital came.
That is the number I want August 25 to expose.
Once most of the airdrop has been distributed, one major variable weakens: the incentive to farm it. If TVL holds a solid base afterward, product demand becomes harder to dismiss. If capital exits quickly, part of the pre-TGE TVL was likely more incentive-sensitive than the headline suggested.
I can’t classify every wallet from public data, and I don’t need to pretend I can.
$5.82M tells me how much capital TermMax attracted. What survives after August 25 will tell me how much it can retain without the same incentive.
$LINK $ONG $COLLECT