TermMax TGE: The Real Test Starts After August 25
I’ve been digging into @TermMax before the TGE, and one gap keeps catching my attention.
1.5M+ registered wallets. 90K+ daily actives. 10 EVM chains.
Sounds massive.
But then I look underneath: around $31M TVL, down 7.2% over the month, while 30-day fees are under $20K.
That’s where the real story begins.
I don’t think the wallet count tells us how much real lending and borrowing is happening. A big part of the activity may simply be users farming XP, AP, and MP points ahead of the August 25 token launch.
The real question is simple:
What happens when the incentives become liquid?
If users stay, borrow, lend, deposit into vaults, and keep using TermMax after TGE, then those 1.5M wallets start looking very different.
If activity collapses, we may discover that the wallet number was measuring anticipation more than adoption.
I’m watching DAU, TVL, fees, and actual capital usage after TGE.
The countdown is almost over.
August 25 is when the experiment gets real.
#TermMax
I’ve been digging into @TermMax before the TGE, and one gap keeps catching my attention.
1.5M+ registered wallets. 90K+ daily actives. 10 EVM chains.
Sounds massive.
But then I look underneath: around $31M TVL, down 7.2% over the month, while 30-day fees are under $20K.
That’s where the real story begins.
I don’t think the wallet count tells us how much real lending and borrowing is happening. A big part of the activity may simply be users farming XP, AP, and MP points ahead of the August 25 token launch.
The real question is simple:
What happens when the incentives become liquid?
If users stay, borrow, lend, deposit into vaults, and keep using TermMax after TGE, then those 1.5M wallets start looking very different.
If activity collapses, we may discover that the wallet number was measuring anticipation more than adoption.
I’m watching DAU, TVL, fees, and actual capital usage after TGE.
The countdown is almost over.
August 25 is when the experiment gets real.
#TermMax