Many people say the FDV of $TMX is overpriced. I broke down the numbers and reached the opposite conclusion.
The circulating market cap is about 18 million, and the fully diluted market cap is about 118 million. Pendle’s circulating market cap is 300 million, and its fully diluted market cap is about 500 million. In this fixed-rate track, there are only two major names on the chain: the leader has already been priced at this level, and the runner-up hasn’t even received enough of the circulating supply yet.
Mechanistically, they’re not the same kind of thing. Pendle breaks up yield, while TermMax breaks up debt: FT is a discounted zero-coupon bond that redeems at face value at maturity; XT captures interest-rate volatility; and GT collects leveraged positions into a certificate—you don’t have to loop it yourself. Idle funds in the treasury automatically rotate into Aave, Morpho, and Venus to keep working, rather than sitting in the pool waiting for utilization.
Now look at the supply. Team, advisors, and investors together account for 46%. There’s a 12-month cliff, and the earliest unlocking is August 2027. What is being released in the market right now each month is mainly ecosystem allocation—about 6.04 million tokens.
Market cap/TVL is 0.20, even lower than Pendle’s 0.25. The foundation comes from the mainnet in April 2025 with 10 chains, and curation being handled by Keyrock and Edge. Last month, YZi Labs officially announced its co-investment.
What the market is giving right now is the price of the circulating supply, not the protocol price. When these two sets of numbers don’t match up, I choose to look at the side supported by the fundamentals.
The circulating market cap is about 18 million, and the fully diluted market cap is about 118 million. Pendle’s circulating market cap is 300 million, and its fully diluted market cap is about 500 million. In this fixed-rate track, there are only two major names on the chain: the leader has already been priced at this level, and the runner-up hasn’t even received enough of the circulating supply yet.
Mechanistically, they’re not the same kind of thing. Pendle breaks up yield, while TermMax breaks up debt: FT is a discounted zero-coupon bond that redeems at face value at maturity; XT captures interest-rate volatility; and GT collects leveraged positions into a certificate—you don’t have to loop it yourself. Idle funds in the treasury automatically rotate into Aave, Morpho, and Venus to keep working, rather than sitting in the pool waiting for utilization.
Now look at the supply. Team, advisors, and investors together account for 46%. There’s a 12-month cliff, and the earliest unlocking is August 2027. What is being released in the market right now each month is mainly ecosystem allocation—about 6.04 million tokens.
Market cap/TVL is 0.20, even lower than Pendle’s 0.25. The foundation comes from the mainnet in April 2025 with 10 chains, and curation being handled by Keyrock and Edge. Last month, YZi Labs officially announced its co-investment.
What the market is giving right now is the price of the circulating supply, not the protocol price. When these two sets of numbers don’t match up, I choose to look at the side supported by the fundamentals.