I initially found TermMax’s activity a little misleading. There can be plenty happening around farming and crafting without that necessarily creating demand for $TMX.

The part I keep coming back to is the conversion step. Most of the effort happens off-chain, while demand only becomes visible when that effort is turned into something permanent on-chain.

So I’m less interested in how active the system looks and more interested in whether users are consistently reaching that final step.

If conversion pressure keeps up with activity, the demand side looks healthier.

#termmax @TermMax