TermMax’s AP points are calculated based on notional trading volume, without deducting actual principal. The more I look, the more it feels like this set of rules isn’t an oversight—it’s a “conspiracy” intentionally put on display.
How does notional volume roll up? Add the opening notional value to the closing notional value; the two sums have no direct relation to how much capital is actually in your pocket. The tier ladder is etched in my memory: cumulative 500,000 USDT gives 1.05x, 1 million gives 1.1x, 3 million gives 1.15x, and 5 million USDT tops out at 1.2x. On the surface, it’s meant to stimulate trading activity. But once I break down this metric, the intention becomes obvious—it’s really what it wants: the real “flow” generated from rolling GT leveraged positions. Because only with leverage can notional volume be amplified multiple times; flipping spot back and forth simply can’t generate as much amplification. $BNB
Why do I dare say it’s intentional? Because TermMax hasn’t actually blocked the path of wash-trading—it has priced it in. At the moment you open the position, interest is prepaid based on the FT discount. In other words, you pay a real premium first, and meanwhile your position still carries a maturity date. I used 5,000 U to wash-trade for three days straight; the notional volume stacked up to over 800,000. The premium plus gas fees ate up more than 200 U. Yet at settlement, the multiplier still wouldn’t budge—stuck at 1.0x. It was that night that I finally turned the corner and figured out the trick.
To be clear, TermMax’s official statement has confirmed that XP, AP, and MP are allocated independently across three dimensions, and the weights for each dimension have not been finally disclosed. AP may not be the only main battlefield, but it absolutely acts as the ruler that forces contribution into capital efficiency. Even XP early-birds are only around 1.2x; the time-lock benefit gets diluted badly. My conclusion stays the same: this game isn’t about who is more diligent. It’s about, with the same one dollar, how much notional volume you can roll out—and how low you can push the upfront costs. It’s basically a dark-bid competition for capital efficiency. #termmax @TermMax
How does notional volume roll up? Add the opening notional value to the closing notional value; the two sums have no direct relation to how much capital is actually in your pocket. The tier ladder is etched in my memory: cumulative 500,000 USDT gives 1.05x, 1 million gives 1.1x, 3 million gives 1.15x, and 5 million USDT tops out at 1.2x. On the surface, it’s meant to stimulate trading activity. But once I break down this metric, the intention becomes obvious—it’s really what it wants: the real “flow” generated from rolling GT leveraged positions. Because only with leverage can notional volume be amplified multiple times; flipping spot back and forth simply can’t generate as much amplification. $BNB
Why do I dare say it’s intentional? Because TermMax hasn’t actually blocked the path of wash-trading—it has priced it in. At the moment you open the position, interest is prepaid based on the FT discount. In other words, you pay a real premium first, and meanwhile your position still carries a maturity date. I used 5,000 U to wash-trade for three days straight; the notional volume stacked up to over 800,000. The premium plus gas fees ate up more than 200 U. Yet at settlement, the multiplier still wouldn’t budge—stuck at 1.0x. It was that night that I finally turned the corner and figured out the trick.
To be clear, TermMax’s official statement has confirmed that XP, AP, and MP are allocated independently across three dimensions, and the weights for each dimension have not been finally disclosed. AP may not be the only main battlefield, but it absolutely acts as the ruler that forces contribution into capital efficiency. Even XP early-birds are only around 1.2x; the time-lock benefit gets diluted badly. My conclusion stays the same: this game isn’t about who is more diligent. It’s about, with the same one dollar, how much notional volume you can roll out—and how low you can push the upfront costs. It’s basically a dark-bid competition for capital efficiency. #termmax @TermMax