#termmax @TermMax
Been checking TermMax's dashboard every couple of days this week, mostly out of habit before the 25th. The numbers are hard to ignore $90M+ TVL, over 1.5 million wallets, 90K+ daily users. But numbers like that always make me pause for a second instead of getting excited.
TVL tells you how much capital is parked somewhere. It doesn't tell you why it's there. A chunk of that $90M is probably sitting idle, auto-routed into Aave or Morpho while it waits for someone to actually borrow against it. Active loans is the number I'd actually want to see, not total deposits. That's the figure that separates real usage from capital that's just waiting around for something to happen.
I sat through the ALPHA and KERNEL launches too, watching wallets pile in weeks before TGE and thin out days after. Most of that early "demand" wasn't borrowing or trading conviction. It was points farmers positioning for allocation, and once the token dropped, the reason to stay went with it.
TermMax is selling something different on paper fixed-rate certainty for people who actually need to hedge borrowing costs, not just farm a snapshot. Whether that thesis holds shows up after August 25, in what stays, not in what showed up beforehand.
Been checking TermMax's dashboard every couple of days this week, mostly out of habit before the 25th. The numbers are hard to ignore $90M+ TVL, over 1.5 million wallets, 90K+ daily users. But numbers like that always make me pause for a second instead of getting excited.
TVL tells you how much capital is parked somewhere. It doesn't tell you why it's there. A chunk of that $90M is probably sitting idle, auto-routed into Aave or Morpho while it waits for someone to actually borrow against it. Active loans is the number I'd actually want to see, not total deposits. That's the figure that separates real usage from capital that's just waiting around for something to happen.
I sat through the ALPHA and KERNEL launches too, watching wallets pile in weeks before TGE and thin out days after. Most of that early "demand" wasn't borrowing or trading conviction. It was points farmers positioning for allocation, and once the token dropped, the reason to stay went with it.
TermMax is selling something different on paper fixed-rate certainty for people who actually need to hedge borrowing costs, not just farm a snapshot. Whether that thesis holds shows up after August 25, in what stays, not in what showed up beforehand.
