Same protocol, two league tables, opposite conclusions.
On Token Terminal in March 2026, @TermMax ranked second in daily active addresses among DeFi lending protocols — behind only Aave. On DefiLlama it currently sits around thirty-sixth among lending protocols by TVL.
Both are accurate. One counts people, the other counts dollars.
Divide one by the other and you get the shape of the user base. Over 1.1 million total users against a balance sheet in the tens of millions means the typical position is small. By headcount this is a retail protocol. By capital it's a mid-sized one.
That distinction matters right before a token launch, because points and airdrops are distributed per address while protocol revenue is generated per dollar.
What I'd actually want is the median position size, not the average. That number isn't published anywhere I could find.
Is a protocol with many small users better positioned than one with few large ones, or is that just a different fragility?
#termmax @TermMax $AAVE #TVL
On Token Terminal in March 2026, @TermMax ranked second in daily active addresses among DeFi lending protocols — behind only Aave. On DefiLlama it currently sits around thirty-sixth among lending protocols by TVL.
Both are accurate. One counts people, the other counts dollars.
Divide one by the other and you get the shape of the user base. Over 1.1 million total users against a balance sheet in the tens of millions means the typical position is small. By headcount this is a retail protocol. By capital it's a mid-sized one.
That distinction matters right before a token launch, because points and airdrops are distributed per address while protocol revenue is generated per dollar.
What I'd actually want is the median position size, not the average. That number isn't published anywhere I could find.
Is a protocol with many small users better positioned than one with few large ones, or is that just a different fragility?
#termmax @TermMax $AAVE #TVL