Spent the afternoon poking around $TermMax's dashboard and the "every chain, every order" pitch from the V2 launch. Nine chains listed — Ethereum, Arbitrum, BNB, Berachain, even Robinhood Chain and Hyperliquid L1 in there. Sounds sprawling.
Then I pulled the actual split. Ethereum is sitting at 98.4% of TVL. Ninety eight point four. The other eight chains are basically rounding error. TVL overall is $31.22M, down 7.2% over the last 30 days, fees over that same window landed at $19,930 — all protocol revenue, no separate treasury cut, which is its own small tell about how lean this thing still runs.
Hold up — that's the part that stuck. The multichain deploys read like distribution strategy, chain-count as a growth metric. But the actual capital, the actual fixed-rate activity, hasn't moved off Ethereum at all. Everywhere-liquidity is the story being told. Ethereum-liquidity is what's happening.
Not knocking it, fixed-rate protocols probably need deep, sticky liquidity more than they need chain logos on a landing page. Still makes me wonder if TermMax rolls this back to fewer chains eventually, or just keeps the flags up while one chain does all the work underneath.
#termmax @TermMax
Then I pulled the actual split. Ethereum is sitting at 98.4% of TVL. Ninety eight point four. The other eight chains are basically rounding error. TVL overall is $31.22M, down 7.2% over the last 30 days, fees over that same window landed at $19,930 — all protocol revenue, no separate treasury cut, which is its own small tell about how lean this thing still runs.
Hold up — that's the part that stuck. The multichain deploys read like distribution strategy, chain-count as a growth metric. But the actual capital, the actual fixed-rate activity, hasn't moved off Ethereum at all. Everywhere-liquidity is the story being told. Ethereum-liquidity is what's happening.
Not knocking it, fixed-rate protocols probably need deep, sticky liquidity more than they need chain logos on a landing page. Still makes me wonder if TermMax rolls this back to fewer chains eventually, or just keeps the flags up while one chain does all the work underneath.
#termmax @TermMax
