Most pre TGE reward programs treat every early user the same. Deposit capital and wait. Collect points. Whether you're a passive holder or an active liquidity provider you get lumped into one undifferentiated farming bucket.
That's a real mismatch. A lender parking funds for months isn't taking the same risk as someone actively quoting prices and absorbing volume. Treating both identically ignores what each side actually contributes.
TermMax is a fixed rate lending protocol nearing its TGE. Its pre mine program separates these two behaviors instead of lumping them together. Hold Fixed Rate Tokens through a Lend Market or an Earn Vault and you accrue TMX daily based on your FT balance. That's the passive path. Or run Range Orders and manage Curator positions and your TMX scales with the trading volume you generate. That's the active path.
What stood out to me is the APY on both paths gets estimated against a $60M FDV giving depositors a rough sense of what daily accrual could mean once TMX trades. Still nothing here is promised. Pre mined tokens stay non transferable until claimed at a 1:1 ratio soon after TGE with no vesting so read the terms first.
The way I see it this split says something about how TermMax views its own market. Fixed rate lending needs both patient capital and active liquidity to work. TMX tied to both jobs suggests the token is meant to track what actually keeps the protocol running.
#termmax @TermMax
That's a real mismatch. A lender parking funds for months isn't taking the same risk as someone actively quoting prices and absorbing volume. Treating both identically ignores what each side actually contributes.
TermMax is a fixed rate lending protocol nearing its TGE. Its pre mine program separates these two behaviors instead of lumping them together. Hold Fixed Rate Tokens through a Lend Market or an Earn Vault and you accrue TMX daily based on your FT balance. That's the passive path. Or run Range Orders and manage Curator positions and your TMX scales with the trading volume you generate. That's the active path.
What stood out to me is the APY on both paths gets estimated against a $60M FDV giving depositors a rough sense of what daily accrual could mean once TMX trades. Still nothing here is promised. Pre mined tokens stay non transferable until claimed at a 1:1 ratio soon after TGE with no vesting so read the terms first.
The way I see it this split says something about how TermMax views its own market. Fixed rate lending needs both patient capital and active liquidity to work. TMX tied to both jobs suggests the token is meant to track what actually keeps the protocol running.
#termmax @TermMax