In this recent pullback (
$TMX ), I’ve come across several bloggers who all seem to be conveniently blaming “token unlocks.” I went and dug into the full release schedule myself, and the conclusion is rather against common sense.
The team, advisors, and investors’ allocations—46% of the total—are all subject to a 12-month cliff lock, and not a single token has been unlocked yet. The earliest unlock date is at least August 2027.
Right now, the only tokens actually being released each month are the ecosystem allocation—about 6.04 million per month—which doesn’t match the market’s narrative about “large unlocks dumping on the market.” Pure emotion is running ahead of the fundamentals.
Speaking of the project itself: in the fixed-rate lending/borrowing track, there are really only two on-chain contenders—Pendle and TermMax.
On CoinGecko’s categorization, TMX ranks second, but its market cap is only $18 million. First place, Pendle, is $305 million—just 6%. Even if you compare against FDV, $117.8 million vs $499.5 million still shows a huge gap.
What’s even more interesting is the valuation: TVL has already surpassed $90 million, while the market cap is only $18 million—market cap/TVL is merely 0.20, which is even lower than Pendle’s 0.25.
That’s essentially the market pricing TermMax without really factoring in its business fundamentals.
Don’t think this is a hot project that was temporarily pieced together before TGE. They went live on the mainnet back in April 2025—over a year of real execution already:
10 EVM chain deployments, 1.5 million+ wallet addresses, 90,000+ daily active users, and 20+ partner institutions. Keyrock and Edge Capital are both early curators.
Last month, YZi Labs officially announced a strategic investment. On the very first day of TGE, it was immediately listed on five exchanges—Binance Alpha, Kraken, Bitget, MEXC, and KuCoin. The next day, Bybit listed it as well (perpetuals). This launch coverage is definitely top-tier among new tokens.
I believe this round of decline is mostly a case of mistaken selling driven by broader market sentiment, rather than any problem with the project’s fundamentals.
The fixed-rate track is still in an early stage, and the winner-takes-most effect will only get stronger. With the second-place project priced at this valuation level, the safety margin is actually quite high.
#TermMax #TMX #DeFi