How many wallets actually fund positions hold TMX return after maturity then commit capital again?
That matters more than the clean 1B fixed supply story. No inflation makes TMX scarcity measurable. Demand is the messy part.
Same with multichain expansion. Ten EVM chains sounds broad but a simple average gives roughly $9M TVL per chain. Maybe expansion improves access. Some fragmentation is normal. But fixed-rate markets need depth not just deployment addresses.
I would watch another uncomfortable number idle capital ratio. If 40% of vault assets are sitting in Aave Morpho or Venus instead of TermMax fixed-term markets is that efficient routing.... or evidence that native borrower demand is still thin?#termmax @TermMax
That matters more than the clean 1B fixed supply story. No inflation makes TMX scarcity measurable. Demand is the messy part.
Same with multichain expansion. Ten EVM chains sounds broad but a simple average gives roughly $9M TVL per chain. Maybe expansion improves access. Some fragmentation is normal. But fixed-rate markets need depth not just deployment addresses.
I would watch another uncomfortable number idle capital ratio. If 40% of vault assets are sitting in Aave Morpho or Venus instead of TermMax fixed-term markets is that efficient routing.... or evidence that native borrower demand is still thin?#termmax @TermMax