The $TMX Signal I’d Watch After TGE
TVL gets the attention, but capital efficiency tells the deeper story.
TermMax has significant liquidity on Ethereum, while Base has recently shown stronger fee generation relative to its TVL.
That mismatch is interesting.
If Base keeps producing meaningful activity with less capital, it could signal that users care more about execution and efficiency than headline TVL.
After the Aug 25 TGE, I’ll be watching: @TermMax
→ Where active borrowing actually grows
→ Whether Ethereum liquidity becomes more productive
→ If Base can sustain fees without heavy incentives
→ Whether revenue scales with TVL
Big TVL shows potential.
Consistent usage shows the market is actually putting that capital to work.
That’s the $TMX signal I care about. 👀