I started digging into TermMax because the fixed-rate borrowing sounded interesting.
But the more I looked, the more I wondered whether borrowing is actually the main story.
A lot of capital can sit inside a lending protocol without doing much. TVL looks great on a dashboard, but deposits and real borrowing demand are two very different things.
It’s basically a busy parking lot where half the cars never leave.
So I’m less interested in how much money TermMax attracts and more interested in what people actually do with it.
If borrowing starts catching up with deposits, that changes the picture.
If it doesn’t, the headline TVL matters a lot less.
That gap is what I’m watching.
@TermMax #TermMax
But the more I looked, the more I wondered whether borrowing is actually the main story.
A lot of capital can sit inside a lending protocol without doing much. TVL looks great on a dashboard, but deposits and real borrowing demand are two very different things.
It’s basically a busy parking lot where half the cars never leave.
So I’m less interested in how much money TermMax attracts and more interested in what people actually do with it.
If borrowing starts catching up with deposits, that changes the picture.
If it doesn’t, the headline TVL matters a lot less.
That gap is what I’m watching.
@TermMax #TermMax