@TermMax I remember a certain promotional slogan: “Always earning, never idle.” If you break down TVL, the statement is true, but the way it’s achieved is different from what I originally thought. First, let’s talk about the mismatched numbers. Official TGE article as of Aug 14: 90M+ TVL, 1.5M+ registered wallets, 90k+ daily active users, 10 chains. But DefiLlama currently shows about 31.2M—nearly three times lower.
The official replied in the community: some platforms weren’t covered for B2B lending and parts of the market, so the difference is methodological. I accept that. The official figure includes B2B and vault idle funds deployed into parts of Morpho, Aave, and Venus; DefiLlama only counts assets within protocol contracts.
But this gap itself exposes something.
In the official recommended Sentio calculation model: collateral_value + underlying_value + vault_idle_value + pool_value = total TVL. Vault idle_value is broken out as a separate component. The protocol itself is accounting idle funds as an independent line item.
As a check around the end of June, the community reviewed TermMax USDC Vault V2: about 5.18M TVL, of which roughly 4.90M was in the Idle Pool, and only about 280k was actually deployed into the market. A single snapshot can’t represent the global ratio, but it shows what this structure tends to become.
For fixed-rate protocols, this matters more than the TVL number. Range Order lays out capital across a curve segmented by APR. The idle money earns floating bottom interest, while only the matched money locks the fixed rate. If the matching happens on only a thin slice, then the number reported can be easily moved or “levered” by a small amount of capital.
The chain distribution is the same problem. DefiLlama breaks it down by chain: Ethereum $30.74M (98.4%), BSC 246k, Robinhood Chain 111k, Berachain 83k, X Layer 30k, Base 14k, Arbitrum 6k. Ten chains, with the depth concentrated in one.
Meanwhile, on the borrowing side you only see Best APY and the number of orders—the full curve is only visible via the Curator Tool. This “depth” isn’t visible at the moment users make decisions.
So after the TGE, I don’t just look at how much TVL grows—I look at how much of the idle portion gets matched and deployed. “Never idle” is true, but having idle funds earning the floor interest and having idle funds borrowed out to lock fixed rates are two different businesses.
#TermMax @TermMax
The official replied in the community: some platforms weren’t covered for B2B lending and parts of the market, so the difference is methodological. I accept that. The official figure includes B2B and vault idle funds deployed into parts of Morpho, Aave, and Venus; DefiLlama only counts assets within protocol contracts.
But this gap itself exposes something.
In the official recommended Sentio calculation model: collateral_value + underlying_value + vault_idle_value + pool_value = total TVL. Vault idle_value is broken out as a separate component. The protocol itself is accounting idle funds as an independent line item.
As a check around the end of June, the community reviewed TermMax USDC Vault V2: about 5.18M TVL, of which roughly 4.90M was in the Idle Pool, and only about 280k was actually deployed into the market. A single snapshot can’t represent the global ratio, but it shows what this structure tends to become.
For fixed-rate protocols, this matters more than the TVL number. Range Order lays out capital across a curve segmented by APR. The idle money earns floating bottom interest, while only the matched money locks the fixed rate. If the matching happens on only a thin slice, then the number reported can be easily moved or “levered” by a small amount of capital.
The chain distribution is the same problem. DefiLlama breaks it down by chain: Ethereum $30.74M (98.4%), BSC 246k, Robinhood Chain 111k, Berachain 83k, X Layer 30k, Base 14k, Arbitrum 6k. Ten chains, with the depth concentrated in one.
Meanwhile, on the borrowing side you only see Best APY and the number of orders—the full curve is only visible via the Curator Tool. This “depth” isn’t visible at the moment users make decisions.
So after the TGE, I don’t just look at how much TVL grows—I look at how much of the idle portion gets matched and deployed. “Never idle” is true, but having idle funds earning the floor interest and having idle funds borrowed out to lock fixed rates are two different businesses.
#TermMax @TermMax