Spent way too long on TermMax's Kudos campaign math last night, and the thing that got me wasn't the APY number it was how it's calculated. APY = (USD value of TMX given out yesterday) / (USD value of deposits yesterday) × 100% × 365. That's a live formula, recalculated daily off whatever actually happened, not a target rate someone picked in advance. No cap baked in, no volume assumption that breaks if deposits come in higher or lower than expected. Kind of elegant, honestly.
I also went back and reread my own notes and caught myself wrong I had a $50M figure written down for this, but the doc actually references a $60M FDV, and that number's only used for pricing TMX, not for sizing the campaign. Worth flagging since it's an easy detail to get sloppy on.
What actually stuck with me is what's not formulaic. Converting Kudos into TMX is entirely at the team's discretion right now no vote, no contract, just a promise of a future announcement. Same with the campaign terms generally: rewards and eligibility can change anytime, and nothing actually locks until claiming happens at TGE.
And the split between FT holders and Order Makers bugs me a little. FT rewards are balance-based, hard to game. Order Maker rewards are volume-based, which opens the door to wash trading favoring sophisticated market makers over people just holding.
So the formula is trustless. The distribution around it isn't, yet. Does that gap close before TGE, or is it just how these campaigns always launch?
#termmax @TermMax
I also went back and reread my own notes and caught myself wrong I had a $50M figure written down for this, but the doc actually references a $60M FDV, and that number's only used for pricing TMX, not for sizing the campaign. Worth flagging since it's an easy detail to get sloppy on.
What actually stuck with me is what's not formulaic. Converting Kudos into TMX is entirely at the team's discretion right now no vote, no contract, just a promise of a future announcement. Same with the campaign terms generally: rewards and eligibility can change anytime, and nothing actually locks until claiming happens at TGE.
And the split between FT holders and Order Makers bugs me a little. FT rewards are balance-based, hard to game. Order Maker rewards are volume-based, which opens the door to wash trading favoring sophisticated market makers over people just holding.
So the formula is trustless. The distribution around it isn't, yet. Does that gap close before TGE, or is it just how these campaigns always launch?
#termmax @TermMax