#termmax @TermMax
Everyone quotes TMX's 1B max supply like it's the whole story. It isn't. Only ~200M is live on day one — that's the number that actually prices the market.
Here's what's easy to miss: team allocation alone (150M) is 75% of that entire starting float. Add investor tranches and the combined team+investor bag runs well over 2x day-one circulating supply. That's not a red flag by itself — vesting exists precisely to prevent instant dumps — but it means the real question isn't "what's the max supply" or "how much is going to be minted".
The question is: does protocol revenue and staking demand grow faster than the unlock schedule? If TVL and usage scale ahead of monthly emissions, dilution gets absorbed. If not, float growth outruns demand and price feels it before headlines catch up.
Max supply is marketing. Free float velocity is the metric. Worth tracking TermMax's actual unlock cadence against TVL growth, not the billion-token headline. @TermMax #TermMax .
Everyone quotes TMX's 1B max supply like it's the whole story. It isn't. Only ~200M is live on day one — that's the number that actually prices the market.
Here's what's easy to miss: team allocation alone (150M) is 75% of that entire starting float. Add investor tranches and the combined team+investor bag runs well over 2x day-one circulating supply. That's not a red flag by itself — vesting exists precisely to prevent instant dumps — but it means the real question isn't "what's the max supply" or "how much is going to be minted".
The question is: does protocol revenue and staking demand grow faster than the unlock schedule? If TVL and usage scale ahead of monthly emissions, dilution gets absorbed. If not, float growth outruns demand and price feels it before headlines catch up.
Max supply is marketing. Free float velocity is the metric. Worth tracking TermMax's actual unlock cadence against TVL growth, not the billion-token headline. @TermMax #TermMax .