#termmax @TermMax pulled me in through the fixed supply angle 1B TMX no inflation switch to pull later. Neat on paper. Then I checked the actual numbers behind it and paused.
TVL sits at $31.22M right now, down 7.2% over the past 30 days per DefiLlama. Fees for that same stretch: $19,930.46.
Annualized that's roughly $314K against a fixed billion token supply. Hmm… that gap is the thing that stuck.
the pre mine program 4% of total supply, 40M $TMX closed out Aug 11. Early depositors already locked their allocation before the new XP system even launches Sept 12.
So the people who benefit first already benefited. Everyone staking or holding now is betting on fee growth catching up to a supply that's already fixed and already partly spoken for.
Not bearish, not bullish just noticed the sequencing. Rate certainty is the pitch. But certainty for who, exactly, and when in the timeline they showed up?
Makes me want to pull the fee chart against circulating supply next round and actually sit with it.
TVL sits at $31.22M right now, down 7.2% over the past 30 days per DefiLlama. Fees for that same stretch: $19,930.46.
Annualized that's roughly $314K against a fixed billion token supply. Hmm… that gap is the thing that stuck.
the pre mine program 4% of total supply, 40M $TMX closed out Aug 11. Early depositors already locked their allocation before the new XP system even launches Sept 12.
So the people who benefit first already benefited. Everyone staking or holding now is betting on fee growth catching up to a supply that's already fixed and already partly spoken for.
Not bearish, not bullish just noticed the sequencing. Rate certainty is the pitch. But certainty for who, exactly, and when in the timeline they showed up?
Makes me want to pull the fee chart against circulating supply next round and actually sit with it.