In January 2026, TermMax launched its first fixed-rate lending market on the BNB Chain that supports tokenized stock as collateral. Tokenized securities from Ondo Global Markets can be used as eligible collateral. Ondo’s current TVL is over $350 million, covering more than 100 tokenized U.S. stocks and ETFs.
It sounds great, but after reading the details, I have a few questions I can’t quite wrap my head around.
The first is deployment depth. TermMax and Ondo’s partnership is indeed a first-of-its-kind in the industry—institutions holding tokenized stocks can borrow stablecoins without having to sell their assets. But how much borrowing has actually been generated by this market so far? Are institutions truly using it? Between the partnership news and real trading/borrowing volumes, there’s still a gap.
The second is the way TVL is measured. Data discrepancies between platforms are huge. The official claims exceed $90 million or even cross $100 million, while DefiLlama shows more than $34 million. If they can’t even get the most basic locked amount right, where does the persuasive power of an “ecosystem thriving” claim come from?
The third is TMX value capture. Total supply is 1 billion tokens. At TGE, the initial circulating supply is about 20%, and 5% is allocated for liquidity. But what is TMX’s core function—does it primarily capture protocol fee revenue directly, or is it mainly used for governance staking? If it’s just a governance token, where does its value support come from. @TermMax
I don’t deny TermMax’s direction. Fixed-rate lending is indeed a blank spot in DeFi, and the logic of combining it with RWA also makes sense. But going from a direction to something that can actually succeed requires countless execution details in between. TMX’s TGE on August 25 is an observation window, but not the time to draw conclusions.
#termmax
It sounds great, but after reading the details, I have a few questions I can’t quite wrap my head around.
The first is deployment depth. TermMax and Ondo’s partnership is indeed a first-of-its-kind in the industry—institutions holding tokenized stocks can borrow stablecoins without having to sell their assets. But how much borrowing has actually been generated by this market so far? Are institutions truly using it? Between the partnership news and real trading/borrowing volumes, there’s still a gap.
The second is the way TVL is measured. Data discrepancies between platforms are huge. The official claims exceed $90 million or even cross $100 million, while DefiLlama shows more than $34 million. If they can’t even get the most basic locked amount right, where does the persuasive power of an “ecosystem thriving” claim come from?
The third is TMX value capture. Total supply is 1 billion tokens. At TGE, the initial circulating supply is about 20%, and 5% is allocated for liquidity. But what is TMX’s core function—does it primarily capture protocol fee revenue directly, or is it mainly used for governance staking? If it’s just a governance token, where does its value support come from. @TermMax
I don’t deny TermMax’s direction. Fixed-rate lending is indeed a blank spot in DeFi, and the logic of combining it with RWA also makes sense. But going from a direction to something that can actually succeed requires countless execution details in between. TMX’s TGE on August 25 is an observation window, but not the time to draw conclusions.
#termmax