I kept comparing TermMax’s airdrop math with its fixed-rate borrowing model, and the same issue kept appearing: predictable terms do not mean predictable outcomes.
An ETH holder can borrow USDC for 30, 90 or 180 days at a fixed cost, but ETH itself keeps moving. The interest expense is known. The collateral risk is not. Keeping ETH instead of selling it preserves upside and future optionality, yes, but the liquidity is definitely not free.
That makes liquidation distance more useful to me than maximum borrow capacity. Borrowing 70% of what a position allows may look capital-efficient while leaving very little room for volatility.
The TMX distribution has a similar accounting problem. “15% for community” sounds large until circulating supply, claim rate and seller count are included. At a hypothetical $180M FDV, TMX implies about $0.18 per token, so 200 TMX represents only around $36.
But 50,000 small claims can still create more individual sellers than 5,000 larger ones.
Activity vs quality matters here. Binance campaign participation can grow TMX holders quickly. I am still watching whether it creates actual fixed-rate borrowers, or mostly a much larger claim queue.
#termmax @TermMax
An ETH holder can borrow USDC for 30, 90 or 180 days at a fixed cost, but ETH itself keeps moving. The interest expense is known. The collateral risk is not. Keeping ETH instead of selling it preserves upside and future optionality, yes, but the liquidity is definitely not free.
That makes liquidation distance more useful to me than maximum borrow capacity. Borrowing 70% of what a position allows may look capital-efficient while leaving very little room for volatility.
The TMX distribution has a similar accounting problem. “15% for community” sounds large until circulating supply, claim rate and seller count are included. At a hypothetical $180M FDV, TMX implies about $0.18 per token, so 200 TMX represents only around $36.
But 50,000 small claims can still create more individual sellers than 5,000 larger ones.
Activity vs quality matters here. Binance campaign participation can grow TMX holders quickly. I am still watching whether it creates actual fixed-rate borrowers, or mostly a much larger claim queue.
#termmax @TermMax
