After trading for a long time, I’ve developed a pretty realistic habit: when a project tells me about TVL, user count, and number of wallets, I put all that aside first and look at one thing—whether real money actually goes in to make trades, and whether the price goes wild.
TermMax gives me the feeling that the data is already quite lively, but at the trading layer it hasn’t fully proven itself yet.
The official previously disclosed over $90 million in TVL, 1.5 million+ wallets, and 90,000+ daily active users—those figures are certainly not bad. The issue is that high-frequency traders don’t automatically assume the market is easy to trade just because “there are lots of users.” What truly affects the experience is how thick the order book is, how quickly depth recovers after continuously consuming orders, how much slippage gets amplified when you enter with a larger position, and whether you can exit normally when the market suddenly spikes.
I actually like TermMax’s Range Orders, customizable pricing curves, and slippage controls. At least it shows the team knows that a fixed-rate market can’t rely on a simple AMM alone to hold things up.
But good design is one thing; stress testing is another.$BTC
Especially as the TGE on August 25 approaches—if a large amount of trading demand comes in over a short period, I’d actually want to see the real quality of those days’ executed trades. A few thousand or tens of thousands per order doesn’t reveal much; what’s really interesting is whether the quotes can recover quickly after the depth has been continuously eaten up.
One more thing that many people easily mix together: TermMax uses a fixed interest rate, not perpetual contracts, so there’s no traditional funding-rate “arms race.” But “the interest rate is locked” doesn’t mean “the exit cost is locked.”$NVDAB
What I really want to see now isn’t the next impressive growth metric, but whether, once the market gets crowded, TermMax can still let people enter and exit smoothly.
That answer is more important than TVL rising another notch.
#TermMax $TermMax @TermMax
TermMax gives me the feeling that the data is already quite lively, but at the trading layer it hasn’t fully proven itself yet.
The official previously disclosed over $90 million in TVL, 1.5 million+ wallets, and 90,000+ daily active users—those figures are certainly not bad. The issue is that high-frequency traders don’t automatically assume the market is easy to trade just because “there are lots of users.” What truly affects the experience is how thick the order book is, how quickly depth recovers after continuously consuming orders, how much slippage gets amplified when you enter with a larger position, and whether you can exit normally when the market suddenly spikes.
I actually like TermMax’s Range Orders, customizable pricing curves, and slippage controls. At least it shows the team knows that a fixed-rate market can’t rely on a simple AMM alone to hold things up.
But good design is one thing; stress testing is another.$BTC
Especially as the TGE on August 25 approaches—if a large amount of trading demand comes in over a short period, I’d actually want to see the real quality of those days’ executed trades. A few thousand or tens of thousands per order doesn’t reveal much; what’s really interesting is whether the quotes can recover quickly after the depth has been continuously eaten up.
One more thing that many people easily mix together: TermMax uses a fixed interest rate, not perpetual contracts, so there’s no traditional funding-rate “arms race.” But “the interest rate is locked” doesn’t mean “the exit cost is locked.”$NVDAB
What I really want to see now isn’t the next impressive growth metric, but whether, once the market gets crowded, TermMax can still let people enter and exit smoothly.
That answer is more important than TVL rising another notch.
#TermMax $TermMax @TermMax
