#termmax TGE only has a few days left. The first thing I want to ask @TermMax isn’t how much you can get from the airdrop, but whether the existing protocol fees and the use of real fixed interest rates can, after the sell pressure subsides, support TMX’s basic demand.
The data available right now is very clear: official TVL is over $90 million, there are 1.5 million+ registered wallets, the peak daily active users are over 170,000, about 10 chains have been deployed, and it has been integrated into Morpho, Aave, and RWA scenarios. But over the past 30 days, the protocol fees have still been around the $20,000 order of magnitude. In addition, the liquidity available to lend and the liquidity available to borrow are not symmetrical in some markets. The scale and user numbers demonstrate acquisition capability. What truly shows whether the product is being used continuously is the trading depth of fixed-rate orders and the share of active borrowing.
TMX has a total supply of 1 billion, no inflation, and initial circulating supply of about 20%. Value capture currently relies mainly on trading, borrowing, and liquidation fees. If fees and retention can’t keep up in sync after the TGE, even with strong initial data, it will be hard to form sustained buy-side demand.
The next stage that will be truly convincing is whether, after the campaign ends, active loans, fee income, and fund retention actually improve. Once these indicators improve, the token will have fundamentals; otherwise, the excitement may just be phase-based. $BTC
The data available right now is very clear: official TVL is over $90 million, there are 1.5 million+ registered wallets, the peak daily active users are over 170,000, about 10 chains have been deployed, and it has been integrated into Morpho, Aave, and RWA scenarios. But over the past 30 days, the protocol fees have still been around the $20,000 order of magnitude. In addition, the liquidity available to lend and the liquidity available to borrow are not symmetrical in some markets. The scale and user numbers demonstrate acquisition capability. What truly shows whether the product is being used continuously is the trading depth of fixed-rate orders and the share of active borrowing.
TMX has a total supply of 1 billion, no inflation, and initial circulating supply of about 20%. Value capture currently relies mainly on trading, borrowing, and liquidation fees. If fees and retention can’t keep up in sync after the TGE, even with strong initial data, it will be hard to form sustained buy-side demand.
The next stage that will be truly convincing is whether, after the campaign ends, active loans, fee income, and fund retention actually improve. Once these indicators improve, the token will have fundamentals; otherwise, the excitement may just be phase-based. $BTC