#termmax @TermMax
TermMax: I’m starting to look at TVL differently
99M TVL doesn’t mean 99M in liquidity is sitting there waiting for you to trade.
That’s what caught my attention when I started digging deeper into TermMax.
Capital on the protocol doesn’t simply sit idle. USDC waiting in an unfilled order can be routed into the underlying yield of Aave or Morpho. But at the individual market level, liquidity can look very different.
So I see the two numbers differently:
TVL = how large the protocol is.
Market depth = how much you can actually trade.
Then I started looking at user behavior.
A wallet moving from fixed-rate Lending → Leverage → Alpha isn’t just generating more volume. It shows that the user is willing to move from a familiar product into a different type of risk.
That’s the part I want to track.
Not just how many new wallets arrive, but what happens after the first transaction. Does capital come back? Does a user move across multiple products? Does liquidity actually circulate, or is it simply spread across too many markets?
That’s why TermMax interests me from a different angle.
I’m watching what happens to capital after the first action, not just the TVL.
TermMax: I’m starting to look at TVL differently
99M TVL doesn’t mean 99M in liquidity is sitting there waiting for you to trade.
That’s what caught my attention when I started digging deeper into TermMax.
Capital on the protocol doesn’t simply sit idle. USDC waiting in an unfilled order can be routed into the underlying yield of Aave or Morpho. But at the individual market level, liquidity can look very different.
So I see the two numbers differently:
TVL = how large the protocol is.
Market depth = how much you can actually trade.
Then I started looking at user behavior.
A wallet moving from fixed-rate Lending → Leverage → Alpha isn’t just generating more volume. It shows that the user is willing to move from a familiar product into a different type of risk.
That’s the part I want to track.
Not just how many new wallets arrive, but what happens after the first transaction. Does capital come back? Does a user move across multiple products? Does liquidity actually circulate, or is it simply spread across too many markets?
That’s why TermMax interests me from a different angle.
I’m watching what happens to capital after the first action, not just the TVL.