#termmax @TermMax 837,000+ registered wallets and 170,000+ peak daily active users are both numbers termmax puts front and center in its own milestone list. next to them: $64m tvl. i went back and forth on this for a minute because on the surface it looks impressive, three big numbers stacked together — but wallets and dau measure interest, not capital committed, and $64m spread across that many active users isn't actually that deep per user.
i'm not saying the engagement is fake, points programs and campaigns genuinely do pull people in, that part's real. it's just a different kind of number than tvl, and stacking them together in one milestone list makes the protocol look more capitalized than the tvl figure alone actually supports.
doesn't mean the growth isn't real. it means wallet count tells you about attention, tvl tells you about money, and they shouldn't get read as the same signal 💡
i'm not saying the engagement is fake, points programs and campaigns genuinely do pull people in, that part's real. it's just a different kind of number than tvl, and stacking them together in one milestone list makes the protocol look more capitalized than the tvl figure alone actually supports.
doesn't mean the growth isn't real. it means wallet count tells you about attention, tvl tells you about money, and they shouldn't get read as the same signal 💡