期待大毛
Post
可乐曹操
·
--
TermMax vs Pendle: Why TMX may achieve an independent valuation
Pendle splits yield from YT/PT, while TermMax splits interest rate + tenor + collateral from FT/GT/XT—more like an “on-chain Treasury market maker.”
Key differences: ① Range Order order book, not a pure AMM, so rate discovery is more accurate; ② Borrowers use GT-wrapped flash-loan loops, with no forced liquidation anxiety; ③ RWA collateral (Ondo stock, RLUSD) has already been proven in production, while Pendle is more focused on crypto yield; ④ Deployments across 10 chains plus Vault idle asset earning, with higher capital efficiency.
If TMX captures half of Pendle’s valuation, there’s still multi-fold upside; if the RWA cycle takes off, it could be even stronger. Airdrops are just the ticket, not everything.
#termmax @TermMax
Pendle splits yield from YT/PT, while TermMax splits interest rate + tenor + collateral from FT/GT/XT—more like an “on-chain Treasury market maker.”
Key differences: ① Range Order order book, not a pure AMM, so rate discovery is more accurate; ② Borrowers use GT-wrapped flash-loan loops, with no forced liquidation anxiety; ③ RWA collateral (Ondo stock, RLUSD) has already been proven in production, while Pendle is more focused on crypto yield; ④ Deployments across 10 chains plus Vault idle asset earning, with higher capital efficiency.
If TMX captures half of Pendle’s valuation, there’s still multi-fold upside; if the RWA cycle takes off, it could be even stronger. Airdrops are just the ticket, not everything.
#termmax @TermMax
Disclaimer: Includes third-party opinions. No advice. Binance AI may be used without guarantee. See T&Cs.