#termmax TermMax markets itself as fixed-rate infrastructure spanning nine chains — Ethereum, Arbitrum, BNB, Berachain, Hyperliquid, and more — the kind of multi-chain reach that suggests distributed, chain-agnostic demand for predictable credit.$TMX, built by @TermMax , actually shows something narrower. Ethereum alone holds 98.4% of the protocol's roughly $31M TVL, with the other eight chains splitting scraps. And within that Ethereum liquidity, the "clear product-market fit," as the team itself has put it, isn't generic fixed-rate lending across asset types — it's Pendle PT markets specifically, where users borrow against yield-tokenized collateral rather than the broader RWA or LST use cases the protocol advertises. So the infrastructure is genuinely chain-agnostic, but the demand isn't; it's concentrated in one chain and one collateral pattern that happens to already have a sophisticated yield-trading audience. Multi-chain deployment reads more like optionality for future demand than evidence of current demand. Makes me wonder whether fixed-rate credit needs a rate-sensitive user base to exist first, and whether that base is still mostly confined to wherever Pendle-style yield trading already lives.