I used to just assume that when a team says 200 million tokens are entering circulation, we are mostly just waiting to see what price the order books settle on. Then I spent an evening tracing where those 200 million $TMX are actually going, looking at the split between seed liquidity, early claims, and MM inventory, and I realized I was looking at it from the wrong end.

The interesting part isn't the pie chart or the percentage float. I look at it as an experiment in capital stickiness.

When you run a standard spot DEX or an Aave fork, mercenary capital works fine because pools adjust every single second. People dump, rates spike, and new money steps in to balance the pool. But TermMax is trying to build fixed-term debt. That means the protocol literally breaks if people do not leave their assets locked in place until a maturity date passes.

So when 200 million tokens hit the market on day one, you are basically injecting pure, fast-moving liquidity into a machine that only works if people stay patient. The consistent logic between traditional bond desks and on-chain debt hasn't changed at all: if nobody wants to hold the underlying paper, the market maker just widens the spread until borrowing becomes too expensive to use.

At the end of the day, an initial float is just the market testing whether anyone actually cares about the yield infrastructure, or if everyone is just there to flip the governance token and leave.

#termmax @TermMax $EDEN $RED $TUT