Looking at the $TMX whitepaper, one line stopped me: staking into sTMX unlocks “enhanced governance rights” specifically over market risk parameters and curator whitelisting.
TermMax #TermMax @TermMax still runs the heavier levers through fixed roles—DEFAULT_ADMIN creates markets, VAULT_ROLE assigns curators—while vaults sit behind timelocks and guardians. The token design does not hand every decision to raw $TMX balance. It reserves the sharpest tools for the stake.
What changed for me was seeing the split: general holders get a seat, but the parameters that actually shape who can manage capital and how risk is set stay behind the lock. Capital still matters, yet duration is now part of the filter.
Next to watch after TGE: whether the first risk-parameter or curator-whitelist proposals originate from sTMX holders or continue under the remaining admin roles.
TermMax #TermMax @TermMax still runs the heavier levers through fixed roles—DEFAULT_ADMIN creates markets, VAULT_ROLE assigns curators—while vaults sit behind timelocks and guardians. The token design does not hand every decision to raw $TMX balance. It reserves the sharpest tools for the stake.
What changed for me was seeing the split: general holders get a seat, but the parameters that actually shape who can manage capital and how risk is set stay behind the lock. Capital still matters, yet duration is now part of the filter.
Next to watch after TGE: whether the first risk-parameter or curator-whitelist proposals originate from sTMX holders or continue under the remaining admin roles.