The Real Test Is Float, Not Max Supply
1 billion TMX looks clean and fixed on paper.
Only 200 million is expected to circulate at launch.
That alone tells you max supply is the easy number — and the weaker one.
What actually matters is the free float and the pace at which it expands.
Investor tokens alone unlock roughly 11.67M TMX every month after the cliff.
Add team and advisor schedules and the monthly linear flow climbs to around 17.67M.
Scheduled dilution is normal. The question is whether the protocol can absorb it.
The 150M team allocation already equals 75% of the initial 200M float.
Team + investors together total 430M — 2.15× day-one circulation.
That changes how any “fixed supply” narrative should be read.
There’s also a 110M disclosure gap. That’s 11% of maximum supply.
Document versioning has quietly become tokenomics data.
So the real questions are behavioral, not arithmetic:
Is protocol revenue growing faster than circulating supply?
Is new TMX being absorbed by staking, governance, and genuine demand — or simply turning into extra sellable liquidity?
I’m watching free float, not the headline billion.
Supply discipline isn’t about what exists eventually.
It’s about what becomes sellable, and when.
#termmax @TermMax
1 billion TMX looks clean and fixed on paper.
Only 200 million is expected to circulate at launch.
That alone tells you max supply is the easy number — and the weaker one.
What actually matters is the free float and the pace at which it expands.
Investor tokens alone unlock roughly 11.67M TMX every month after the cliff.
Add team and advisor schedules and the monthly linear flow climbs to around 17.67M.
Scheduled dilution is normal. The question is whether the protocol can absorb it.
The 150M team allocation already equals 75% of the initial 200M float.
Team + investors together total 430M — 2.15× day-one circulation.
That changes how any “fixed supply” narrative should be read.
There’s also a 110M disclosure gap. That’s 11% of maximum supply.
Document versioning has quietly become tokenomics data.
So the real questions are behavioral, not arithmetic:
Is protocol revenue growing faster than circulating supply?
Is new TMX being absorbed by staking, governance, and genuine demand — or simply turning into extra sellable liquidity?
I’m watching free float, not the headline billion.
Supply discipline isn’t about what exists eventually.
It’s about what becomes sellable, and when.
#termmax @TermMax
