When I look at @TermMax now, the question I most want to ask is no longer whether “TMX can go up.” Instead, it’s a more realistic issue: in the absence of any reward incentives, who would voluntarily buy TMX and hold it long-term?
The project’s TGE is scheduled for August 25, with a total token supply cap of 1 billion.
Binance Wallet Booster, creator tasks, and various XP/AP/MP points rewards will all be unlocked and released in a concentrated manner after the TGE.
The protocol’s genuine revenue sources are clearly defined, including trading fees, borrowing fees, and liquidation fees—this is real business cash flow.
But within the staking rewards pool, community-share tokens are continuously emitted, which directly muddies the underlying logic of token demand.
If the core purpose of holding TMX in the market is simply to earn more TMX token rewards, then is this demand a real business need—or just incentive-driven, bubble-like demand?
After the TGE goes live, a large amount of chips enters the circulating market. The key metric the market truly needs to validate is never how many users participated in task activities, but rather: among the users who receive tokens, will they choose to hold long-term, or will they sell directly on the secondary market?
At present, surface-level metrics like TVL, registered wallet addresses, and daily active users look decent. But once token rewards gradually fade, how many users can remain to keep borrowing and keep providing liquidity?
For every $1 of business revenue the protocol creates, how much capital ultimately flows back into the TMX token ecosystem? Is it through fee-based buybacks and burns, profit-sharing, or does it still rely on subsidies funded by additional token emissions?
A total supply cap of 1 billion can only answer the maximum token issuance size—it cannot explain the underlying logic for long-term capital continuously buying and holding TMX.
If this core question cannot be answered clearly, then no matter how attractive the data looks or how large the user base becomes, in the end it may simply be looking for replacement capital to take on unlocked large amounts of tokens.
@TermMax
#TermMax
The project’s TGE is scheduled for August 25, with a total token supply cap of 1 billion.
Binance Wallet Booster, creator tasks, and various XP/AP/MP points rewards will all be unlocked and released in a concentrated manner after the TGE.
The protocol’s genuine revenue sources are clearly defined, including trading fees, borrowing fees, and liquidation fees—this is real business cash flow.
But within the staking rewards pool, community-share tokens are continuously emitted, which directly muddies the underlying logic of token demand.
If the core purpose of holding TMX in the market is simply to earn more TMX token rewards, then is this demand a real business need—or just incentive-driven, bubble-like demand?
After the TGE goes live, a large amount of chips enters the circulating market. The key metric the market truly needs to validate is never how many users participated in task activities, but rather: among the users who receive tokens, will they choose to hold long-term, or will they sell directly on the secondary market?
At present, surface-level metrics like TVL, registered wallet addresses, and daily active users look decent. But once token rewards gradually fade, how many users can remain to keep borrowing and keep providing liquidity?
For every $1 of business revenue the protocol creates, how much capital ultimately flows back into the TMX token ecosystem? Is it through fee-based buybacks and burns, profit-sharing, or does it still rely on subsidies funded by additional token emissions?
A total supply cap of 1 billion can only answer the maximum token issuance size—it cannot explain the underlying logic for long-term capital continuously buying and holding TMX.
If this core question cannot be answered clearly, then no matter how attractive the data looks or how large the user base becomes, in the end it may simply be looking for replacement capital to take on unlocked large amounts of tokens.
@TermMax
#TermMax