I was checking TermMax's numbers today, and one thing immediately caught my attention.
DefiLlama shows $31.21M in TVL and $27.28M in active loans, while the protocol's campaign dashboard is tracking progress toward a separate $50M milestone.
Two different sources. Two different numbers.
But the more interesting detail was on the borrowing side.
With $27.28M borrowed against $31.21M in TVL, utilization is sitting at roughly 87%. That's pretty high for a fixed-rate protocol built around isolated markets rather than a shared liquidity pool.
Another interesting stat: 98.4% of the protocol's TVL is currently on Ethereum, which seems consistent with the docs' focus on PT markets and yield-bearing collateral.
I'm guessing the TVL difference comes down to timing or methodology, but I'm still curious.
Has anyone found an official explanation for the mismatch?
#termmax @TermMax
DefiLlama shows $31.21M in TVL and $27.28M in active loans, while the protocol's campaign dashboard is tracking progress toward a separate $50M milestone.
Two different sources. Two different numbers.
But the more interesting detail was on the borrowing side.
With $27.28M borrowed against $31.21M in TVL, utilization is sitting at roughly 87%. That's pretty high for a fixed-rate protocol built around isolated markets rather than a shared liquidity pool.
Another interesting stat: 98.4% of the protocol's TVL is currently on Ethereum, which seems consistent with the docs' focus on PT markets and yield-bearing collateral.
I'm guessing the TVL difference comes down to timing or methodology, but I'm still curious.
Has anyone found an official explanation for the mismatch?
#termmax @TermMax