Sat down last night to work out TermMax's numbers myself, because the campaign page told me almost nothing.
Pulled up the DefiLlama protocol page. TVL $31.2M, active loans $27.28M. Divide one by the other and you get 87.4% utilization. That's high for a lending market. In variable-rate pools a chunk of capital always sits dead, because the rate has to climb as the pool fills up - the system throttles itself on purpose.
The design here is different. Every @TermMax market has a fixed rate and a maturity date, curators spread liquidity through range orders, and unborrowed capital gets routed out to Aave/Morpho/Venus. Idle money is treated as something that shouldn't exist in the first place.
What stopped me: TVL is down 7.3% over 30 days. High utilization on a shrinking base isn't always strength. Sometimes it's just a smaller denominator.
And here's the part I didn't expect. Booster runs on BNB Chain. But on DefiLlama, Ethereum holds 98.5% of all TVL - $30.72M. TermMax has roughly $245K on BSC, under 0.8% of the total. So tens of thousands of participants are being walked into a network where the protocol barely exists yet.
I don't read that as a negative. I read it as what this campaign actually is - not a giveaway, but an attempt to move users to where the liquidity isn't yet.
Small thing I caught on the campaign page: the participant counter read exactly 32,767. That's 2^15 − 1, the ceiling of a signed 16-bit integer. Either a coincidence, or the counter is capped and the real number is higher.
Question I can't answer yet: how many of those wallets are still on BSC after the $TMX TGE?
#TermMax
Pulled up the DefiLlama protocol page. TVL $31.2M, active loans $27.28M. Divide one by the other and you get 87.4% utilization. That's high for a lending market. In variable-rate pools a chunk of capital always sits dead, because the rate has to climb as the pool fills up - the system throttles itself on purpose.
The design here is different. Every @TermMax market has a fixed rate and a maturity date, curators spread liquidity through range orders, and unborrowed capital gets routed out to Aave/Morpho/Venus. Idle money is treated as something that shouldn't exist in the first place.
What stopped me: TVL is down 7.3% over 30 days. High utilization on a shrinking base isn't always strength. Sometimes it's just a smaller denominator.
And here's the part I didn't expect. Booster runs on BNB Chain. But on DefiLlama, Ethereum holds 98.5% of all TVL - $30.72M. TermMax has roughly $245K on BSC, under 0.8% of the total. So tens of thousands of participants are being walked into a network where the protocol barely exists yet.
I don't read that as a negative. I read it as what this campaign actually is - not a giveaway, but an attempt to move users to where the liquidity isn't yet.
Small thing I caught on the campaign page: the participant counter read exactly 32,767. That's 2^15 − 1, the ceiling of a signed 16-bit integer. Either a coincidence, or the counter is capped and the real number is higher.
Question I can't answer yet: how many of those wallets are still on BSC after the $TMX TGE?
#TermMax