After I understood something in TermMax, TMX’s role appeared a bit different to me.
It doesn’t seem like just a governance token. In a fixed 1B supply, there are 150M $TMX (15%) for the Community, and holders can get sTMX through staking.
The interesting part is the Treasury.
FT/XT trading fees, borrowing fees, liquidation fees, and other protocol revenue can go to the Treasury, from which a portion of staking rewards can potentially be funded.
But here’s my question: how much of the Treasury revenue will actually go to stakers?
Then I looked at the FT/XT model:
1 FT + 1 XT = 1 debt token.
A lender can hold the fixed-value side, while a borrower can use the complementary XT for liquidity.
For me, this is the interesting part of TermMax—the protocol isn’t just creating loans; it’s dividing debt into different financial exposures.
Flexibility increases, but so does complexity.
And sTMX holders get enhanced governance rights on risk parameters and curator whitelisting. So the real test will be not just the token price, but also governance and Treasury distribution.
In the Binance WalletBooster, there are 2M $TMX rewards, and the rewards will be unlocked at TGE.
Now we’ll see if campaign users only claim rewards...
Or if they also stake, govern, and participate in the actual TermMax economy.
@TermMax #TermMax
It doesn’t seem like just a governance token. In a fixed 1B supply, there are 150M $TMX (15%) for the Community, and holders can get sTMX through staking.
The interesting part is the Treasury.
FT/XT trading fees, borrowing fees, liquidation fees, and other protocol revenue can go to the Treasury, from which a portion of staking rewards can potentially be funded.
But here’s my question: how much of the Treasury revenue will actually go to stakers?
Then I looked at the FT/XT model:
1 FT + 1 XT = 1 debt token.
A lender can hold the fixed-value side, while a borrower can use the complementary XT for liquidity.
For me, this is the interesting part of TermMax—the protocol isn’t just creating loans; it’s dividing debt into different financial exposures.
Flexibility increases, but so does complexity.
And sTMX holders get enhanced governance rights on risk parameters and curator whitelisting. So the real test will be not just the token price, but also governance and Treasury distribution.
In the Binance WalletBooster, there are 2M $TMX rewards, and the rewards will be unlocked at TGE.
Now we’ll see if campaign users only claim rewards...
Or if they also stake, govern, and participate in the actual TermMax economy.
@TermMax #TermMax
