Last night I opened @TermMax again close to midnight... planned to look for 5 minutes and then sleep, but ended up getting stuck on a division.
31.25M USD TVL, 27.22M USD Active Loans.
27.22 / 31.25 = nearly 87%.
that number woke me up more than coffee.
with a Fixed-rate Market, I don't like capital sitting pretty on a dashboard; when nearly 87% of TVL becomes Active Loans, Capital Efficiency gives us something to talk about.
but the more I looked, the more something kept bothering me...
98.3% of TVL is still on Ethereum, around 30.72M USD.
Morpho, Aave, Venus, Pendle already have Protocol Integration, Keyrock has Institutional Participation... so is the Multi-chain Ecosystem actually creating Capital Inflow, or has it only added more routes?
honestly, this is where I got stuck.
1.5M Registered Wallets and 90K DAU sound big, but Activity can swell and then shrink once Incentive gets thinner.
so I don't want to count wallets.
I want to see whether Borrowing Demand comes back, whether Lender continues Liquidity Provision, whether Market Depth gets deeper, whether Liquidity moves away from Ethereum.
30-day Protocol Revenue is around 19.9K USD.
19.9K / 27.22M Active Loans is only around 0.073% over 30 days... Real Usage is leaving traces, while the path from Usage to Revenue is still thin.
this is what makes @TermMax worth watching ahead of TGE 25.08.2026.
if after TGE, User Retention holds, Borrower comes back because of Fixed-rate Demand rather than Campaign Rewards, while Ecosystem Partnerships pull Assets across EVM Chains, the story will be different.
for me, the strongest protocol isn't the place that gets the most visitors.
it's the place people choose to return to for a second time, a third time... when the rewards get smaller.
that's when TVL starts to carry weight, Protocol Revenue becomes worth watching, and Multi-chain finally stops looking like a colorful map.
after 25.08.2026, will you look at Capital Efficiency, Market Depth or User Retention to know whether TermMax is actually growing?
#TermMax @TermMax
31.25M USD TVL, 27.22M USD Active Loans.
27.22 / 31.25 = nearly 87%.
that number woke me up more than coffee.
with a Fixed-rate Market, I don't like capital sitting pretty on a dashboard; when nearly 87% of TVL becomes Active Loans, Capital Efficiency gives us something to talk about.
but the more I looked, the more something kept bothering me...
98.3% of TVL is still on Ethereum, around 30.72M USD.
Morpho, Aave, Venus, Pendle already have Protocol Integration, Keyrock has Institutional Participation... so is the Multi-chain Ecosystem actually creating Capital Inflow, or has it only added more routes?
honestly, this is where I got stuck.
1.5M Registered Wallets and 90K DAU sound big, but Activity can swell and then shrink once Incentive gets thinner.
so I don't want to count wallets.
I want to see whether Borrowing Demand comes back, whether Lender continues Liquidity Provision, whether Market Depth gets deeper, whether Liquidity moves away from Ethereum.
30-day Protocol Revenue is around 19.9K USD.
19.9K / 27.22M Active Loans is only around 0.073% over 30 days... Real Usage is leaving traces, while the path from Usage to Revenue is still thin.
this is what makes @TermMax worth watching ahead of TGE 25.08.2026.
if after TGE, User Retention holds, Borrower comes back because of Fixed-rate Demand rather than Campaign Rewards, while Ecosystem Partnerships pull Assets across EVM Chains, the story will be different.
for me, the strongest protocol isn't the place that gets the most visitors.
it's the place people choose to return to for a second time, a third time... when the rewards get smaller.
that's when TVL starts to carry weight, Protocol Revenue becomes worth watching, and Multi-chain finally stops looking like a colorful map.
after 25.08.2026, will you look at Capital Efficiency, Market Depth or User Retention to know whether TermMax is actually growing?
#TermMax @TermMax