#termmax @TermMax I’ve been thinking about TMX in a scenario the whitepaper doesn’t really stress-test: peak usage.
Imagine Dusk actually lands a major security token issuer. Suddenly, thousands of transactions are hitting the network every second — Moonlight transfers, Phoenix private notes, smart contract calls, staking rewards being claimed. Everything is burning TMX as gas.
Now here’s the question: who gets priced out?
In Ethereum, when gas spikes, small users get pushed to the back of the line. They either pay more or wait. Dusk's design is more efficient, but the same economic rule applies — if demand exceeds block space, gas prices go up.
For Moonlight transactions, it's straightforward. You pay gas, you get processed. But Phoenix transactions require ZK proof generation, which takes extra compute. That means the gas cost for private transactions will naturally be higher than transparent ones. So during a busy period, privacy becomes a premium feature — only available to those willing to pay extra.
That’s not a flaw. But it changes the narrative. Dusk markets itself as "privacy for everyone," but in practice, privacy might end up being a luxury good when the network is congested.
And here's another layer: validators are rewarded in TMX. When gas fees spike, validators earn more. That attracts more stakers. That's good for network security. But it also means TMX becomes more valuable as usage grows — which is great for holders, but it also means new users face higher entry costs to stake or transact.
So there's this tension: growth drives TMX value, which is good for early adopters. But growth also makes the network more expensive for new participants.
That's not unique to Dusk. Every L1 faces it. But it's worth being honest about before you buy the token.
Imagine Dusk actually lands a major security token issuer. Suddenly, thousands of transactions are hitting the network every second — Moonlight transfers, Phoenix private notes, smart contract calls, staking rewards being claimed. Everything is burning TMX as gas.
Now here’s the question: who gets priced out?
In Ethereum, when gas spikes, small users get pushed to the back of the line. They either pay more or wait. Dusk's design is more efficient, but the same economic rule applies — if demand exceeds block space, gas prices go up.
For Moonlight transactions, it's straightforward. You pay gas, you get processed. But Phoenix transactions require ZK proof generation, which takes extra compute. That means the gas cost for private transactions will naturally be higher than transparent ones. So during a busy period, privacy becomes a premium feature — only available to those willing to pay extra.
That’s not a flaw. But it changes the narrative. Dusk markets itself as "privacy for everyone," but in practice, privacy might end up being a luxury good when the network is congested.
And here's another layer: validators are rewarded in TMX. When gas fees spike, validators earn more. That attracts more stakers. That's good for network security. But it also means TMX becomes more valuable as usage grows — which is great for holders, but it also means new users face higher entry costs to stake or transact.
So there's this tension: growth drives TMX value, which is good for early adopters. But growth also makes the network more expensive for new participants.
That's not unique to Dusk. Every L1 faces it. But it's worth being honest about before you buy the token.