@TermMax for the Gearing Token thing is neater than I expected. GT is basically an ERC-721 that locks your collateral, mints the FT/XT split, and hands you back one NFT representing the whole leveraged position no looping across five protocols, no juggling approvals.
What made me pause though TermMax's TVL is sitting around $31.22M, down 7.2% over 30 days, while active loans are still $27.28M. That's a thin buffer. Fees over the same 30 days were only ~$19.9K.
So the onebclick leverage engine is technically elegant you can literally see it the GT contract on the USDC/ARB market, just sits there holding collateral + debt state per position but real usage looks... quiet. Borrowers get the slick single tx experience first.
Lenders providing the range orders that actually make GT possible seem to be the ones slowly pulling back.
Kind of the opposite of what the marketing implies the leverage taker is the default, favored path, and the liquidity provider is the one absorbing the shrinking side.
still turning this over is thin TVL just early-stage growing pains, or is GT quietly front-running liquidity it doesn't have yet?
#TermMax
What made me pause though TermMax's TVL is sitting around $31.22M, down 7.2% over 30 days, while active loans are still $27.28M. That's a thin buffer. Fees over the same 30 days were only ~$19.9K.
So the onebclick leverage engine is technically elegant you can literally see it the GT contract on the USDC/ARB market, just sits there holding collateral + debt state per position but real usage looks... quiet. Borrowers get the slick single tx experience first.
Lenders providing the range orders that actually make GT possible seem to be the ones slowly pulling back.
Kind of the opposite of what the marketing implies the leverage taker is the default, favored path, and the liquidity provider is the one absorbing the shrinking side.
still turning this over is thin TVL just early-stage growing pains, or is GT quietly front-running liquidity it doesn't have yet?
#TermMax