I’ve been looking at $TMX lately. What I care about isn’t the short-term price, but the gap between its current market cap and the protocol’s fundamentals.
Right now, #TMX has a market cap of about $18 million, TVL has already exceeded $90 million, and the market cap/TVL ratio is only 0.20.
If we look at it within the fixed-rate lending track, #TermMax is currently ranked second, just behind Pendle—yet its market cap is only about 6% of Pendle’s.
Of course, you can’t simply say that a low market cap means there will definitely be upside.
TMX’s circulating supply is only about 15%, and its FDV is about $118 million. The valuation issues caused by low circulating supply, along with the pressure from future unlocks, are things that need ongoing attention.
But in the long run, I still feel relatively optimistic about TermMax.
It already launched on the mainnet in 2025, is now live across 10 EVM chains, has TVL over $90 million, and continues building products such as fixed-rate, leverage, and yield management.
I’d rather think of it as a DeFi infrastructure project that’s still in the growth stage.
In the short term, it’s about price and sentiment; in the long term, it’s about whether TVL, real trading demand, and protocol revenue can keep growing.
If these metrics can continue to move upward, then at this size, it’s actually worth keeping track of continuously.
⚠️ This article is for personal research and information sharing only and does not constitute investment advice. Crypto assets are highly volatile—please do your own research (DYOR).
Right now, #TMX has a market cap of about $18 million, TVL has already exceeded $90 million, and the market cap/TVL ratio is only 0.20.
If we look at it within the fixed-rate lending track, #TermMax is currently ranked second, just behind Pendle—yet its market cap is only about 6% of Pendle’s.
Of course, you can’t simply say that a low market cap means there will definitely be upside.
TMX’s circulating supply is only about 15%, and its FDV is about $118 million. The valuation issues caused by low circulating supply, along with the pressure from future unlocks, are things that need ongoing attention.
But in the long run, I still feel relatively optimistic about TermMax.
It already launched on the mainnet in 2025, is now live across 10 EVM chains, has TVL over $90 million, and continues building products such as fixed-rate, leverage, and yield management.
I’d rather think of it as a DeFi infrastructure project that’s still in the growth stage.
In the short term, it’s about price and sentiment; in the long term, it’s about whether TVL, real trading demand, and protocol revenue can keep growing.
If these metrics can continue to move upward, then at this size, it’s actually worth keeping track of continuously.
⚠️ This article is for personal research and information sharing only and does not constitute investment advice. Crypto assets are highly volatile—please do your own research (DYOR).
