#termmax @TermMax Today I came across a post where the author compares the development of the Aave and TermMax protocol.
The author compares:
TermMax — about $90M TVL;
Aave — about $14.6B TVL;
Aave market cap — $1.35B;
TermMax — allegedly $1.82B.
But TVL ≠ valuation.
Aave is a mature multi-chain protocol with a huge history, liquidity, revenues, users, and network effects.
TermMax is positioned differently—through fixed-rate/fixed-term lending and structured instruments.
Therefore, comparing TVL by itself doesn’t prove that TMX is overvalued. It only shows how different the scale of the protocols is.
I looked at this thesis a bit differently: at @TermMax, I’m not so much interested in comparing the valuation to Aave as I am in the fixed-rate DeFi model itself.
TermMax builds lending markets with a fixed rate and a defined term, where the user knows in advance the cost of the loan or the expected yield. Separately, the protocol develops vaults and structured products on BNB Chain.
For me, this is an important direction: DeFi is gradually moving from a simple model of “borrow at a floating rate” toward more structured financial products.
In my opinion, the ability to create a deep and liquid fixed-rate market will be one of the key tests of this model.
#TermMax #TMX #defi
The author compares:
TermMax — about $90M TVL;
Aave — about $14.6B TVL;
Aave market cap — $1.35B;
TermMax — allegedly $1.82B.
But TVL ≠ valuation.
Aave is a mature multi-chain protocol with a huge history, liquidity, revenues, users, and network effects.
TermMax is positioned differently—through fixed-rate/fixed-term lending and structured instruments.
Therefore, comparing TVL by itself doesn’t prove that TMX is overvalued. It only shows how different the scale of the protocols is.
I looked at this thesis a bit differently: at @TermMax, I’m not so much interested in comparing the valuation to Aave as I am in the fixed-rate DeFi model itself.
TermMax builds lending markets with a fixed rate and a defined term, where the user knows in advance the cost of the loan or the expected yield. Separately, the protocol develops vaults and structured products on BNB Chain.
For me, this is an important direction: DeFi is gradually moving from a simple model of “borrow at a floating rate” toward more structured financial products.
In my opinion, the ability to create a deep and liquid fixed-rate market will be one of the key tests of this model.
#TermMax #TMX #defi