TermMax has reached 9 chains, but I found that 98.4% of the money is still on Ethereum.
Today I was looking through TermMax data. I wanted to see which markets it has expanded into recently, but a number stopped me in my tracks.
TermMax now covers 9 chains.
But out of roughly $31.21 million in TVL on DeFiLlama, Ethereum alone accounts for about $30.71 million.
98.4%.
In other words, the “multichain” part has been built, but the capital hasn’t truly become multichain yet.
I think this data is more interesting than just writing “TermMax supports multichain.”
Looking further down, Active Loans are currently around $27.28 million.
I didn’t directly divide it by TVL and treat it as some so-called “capital utilization,” because the two metrics aren’t exactly the same.
But at least one thing is clear:
TermMax isn’t an empty pool where people only deposit and nobody borrows.
The question worth watching now is actually:
Why are other chains already using TermMax, yet the money is still more willing to stay in Ethereum?
It could be that the more mature PT markets are there, or that large capital is more accustomed to Ethereum’s liquidity and infrastructure.
But for me, this gives TermMax a great indicator for judging its next progress:
From now on, don’t just tell me “it added another chain.”
I’d rather see on the newly added chain whether there’s real money left behind—whether real borrowing is actually happening.
Even now, TermMax’s TVL is down by about 7.2% compared to a month ago.
I actually like seeing this kind of not-so-pretty data.
Because at this stage, what matters more than “growth everywhere” is figuring out:
Which parts of the product are truly being used, and which parts have only had the road laid out.
If in the future Ethereum’s 98.4% starts to drop noticeably, while total TVL and borrowing demand can still grow—then I would believe TermMax’s “multichain” has truly turned from a feature into a market.
Right now?
The road has been built to many places.
But the money hasn’t fully followed.
@TermMax #TermMax
Today I was looking through TermMax data. I wanted to see which markets it has expanded into recently, but a number stopped me in my tracks.
TermMax now covers 9 chains.
But out of roughly $31.21 million in TVL on DeFiLlama, Ethereum alone accounts for about $30.71 million.
98.4%.
In other words, the “multichain” part has been built, but the capital hasn’t truly become multichain yet.
I think this data is more interesting than just writing “TermMax supports multichain.”
Looking further down, Active Loans are currently around $27.28 million.
I didn’t directly divide it by TVL and treat it as some so-called “capital utilization,” because the two metrics aren’t exactly the same.
But at least one thing is clear:
TermMax isn’t an empty pool where people only deposit and nobody borrows.
The question worth watching now is actually:
Why are other chains already using TermMax, yet the money is still more willing to stay in Ethereum?
It could be that the more mature PT markets are there, or that large capital is more accustomed to Ethereum’s liquidity and infrastructure.
But for me, this gives TermMax a great indicator for judging its next progress:
From now on, don’t just tell me “it added another chain.”
I’d rather see on the newly added chain whether there’s real money left behind—whether real borrowing is actually happening.
Even now, TermMax’s TVL is down by about 7.2% compared to a month ago.
I actually like seeing this kind of not-so-pretty data.
Because at this stage, what matters more than “growth everywhere” is figuring out:
Which parts of the product are truly being used, and which parts have only had the road laid out.
If in the future Ethereum’s 98.4% starts to drop noticeably, while total TVL and borrowing demand can still grow—then I would believe TermMax’s “multichain” has truly turned from a feature into a market.
Right now?
The road has been built to many places.
But the money hasn’t fully followed.
@TermMax #TermMax