I was looking at TermMax’s Dune dashboard and one thing honestly caught me off guard.
TVL is around $99.3M now. Looking at the per-chain data, it spent a long time sitting in the $20–30M range before moving sharply higher this year and pushing through $80M and then $100M.
The treasury side is moving in the same direction. Cumulative inflows are now above $500K, and the curve has been getting noticeably steeper.
But then I checked the transaction chart.
That part looks completely different.
Daily transactions were much higher around mid-2025, but they’ve fallen since then and are now sitting in a much quieter range. So right now, TVL is going up while transaction activity is going down.
I don’t automatically see that as a bad thing.
Actually, it makes me think @TermMax may be attracting a different type of capital than I initially expected. Fixed-term markets don’t necessarily need thousands of small users constantly moving funds around. A smaller number of larger positions can keep TVL high even when transaction frequency is relatively low.
But I wouldn’t call that proof of “smart money” either. That’s the part I’d want to see confirmed by future data.
For me, the interesting question now is whether activity eventually catches up with TVL, or whether TermMax continues to operate with relatively high capital and lower transaction frequency.
That’s a much more interesting signal to watch than simply celebrating the $99M TVL number.
I’m sharing the actual dashboard data because the TVL vs. transaction divergence was the thing that stood out to me.
@TermMax #TermMax
TVL is around $99.3M now. Looking at the per-chain data, it spent a long time sitting in the $20–30M range before moving sharply higher this year and pushing through $80M and then $100M.
The treasury side is moving in the same direction. Cumulative inflows are now above $500K, and the curve has been getting noticeably steeper.
But then I checked the transaction chart.
That part looks completely different.
Daily transactions were much higher around mid-2025, but they’ve fallen since then and are now sitting in a much quieter range. So right now, TVL is going up while transaction activity is going down.
I don’t automatically see that as a bad thing.
Actually, it makes me think @TermMax may be attracting a different type of capital than I initially expected. Fixed-term markets don’t necessarily need thousands of small users constantly moving funds around. A smaller number of larger positions can keep TVL high even when transaction frequency is relatively low.
But I wouldn’t call that proof of “smart money” either. That’s the part I’d want to see confirmed by future data.
For me, the interesting question now is whether activity eventually catches up with TVL, or whether TermMax continues to operate with relatively high capital and lower transaction frequency.
That’s a much more interesting signal to watch than simply celebrating the $99M TVL number.
I’m sharing the actual dashboard data because the TVL vs. transaction divergence was the thing that stood out to me.
@TermMax #TermMax