One thing I find more interesting than a token's launch is what the protocol chooses to reward before it.
TermMax gives us an interesting example with TMX.
Its pre-mine program allocates 40 million TMX, or 4% of the total 1 billion supply, to incentivize early users.
But the interesting part isn't simply the size of the allocation.
The rewards are tied to actual protocol activity. FT holders can qualify, while contributors to matched orders—including Range Order Makers and Curators—can also participate.
I think that creates a more interesting question than simply asking how many tokens will be distributed.
What kind of behavior is the token actually encouraging?
If incentives bring people into the protocol, but those users disappear when rewards decline, the program has only created temporary activity.
If they help build lasting liquidity, lending and market participation, the effect could be very different.
That's why I'm more interested in watching what happens to real protocol activity around TMX than simply watching the token launch itself.
#termmax @TermMax
TermMax gives us an interesting example with TMX.
Its pre-mine program allocates 40 million TMX, or 4% of the total 1 billion supply, to incentivize early users.
But the interesting part isn't simply the size of the allocation.
The rewards are tied to actual protocol activity. FT holders can qualify, while contributors to matched orders—including Range Order Makers and Curators—can also participate.
I think that creates a more interesting question than simply asking how many tokens will be distributed.
What kind of behavior is the token actually encouraging?
If incentives bring people into the protocol, but those users disappear when rewards decline, the program has only created temporary activity.
If they help build lasting liquidity, lending and market participation, the effect could be very different.
That's why I'm more interested in watching what happens to real protocol activity around TMX than simply watching the token launch itself.
#termmax @TermMax