Before TermMax TGE, I would watch this one metric.
For me, it’s fixed-rate borrowing volume and utilization.
The reason is pretty simple. TermMax already has more than $90M TVL and around $22M in active loans. Those numbers show capital is there.
But the more interesting question is how much of that activity is actually choosing fixed rates.
If fixed-rate borrowing starts taking a larger share before or around the August 25 TGE, that tells me something more useful than raw TVL growth.
It means users are paying for rate certainty.
That matters because TermMax is built around known maturity and fixed borrowing costs. If borrowers keep choosing floating or simply leave capital unused, the product thesis gets harder to read.
I’d rather see $10M of consistently utilized fixed-rate borrowing than another headline number showing TVL moving from $90M to $100M.
There’s also a small tension here.
Higher utilization sounds good, but if it only appears because incentives are pushing users in, I’m not sure it means much yet.
So before watching TMX price, staking activity, or governance participation, I’d check one thing:
Are people repeatedly borrowing at fixed rates because they actually want the product?
That number might tell us more about post-TGE demand than the launch itself.

What matters more?
#termmax @TermMax