Been sitting with TermMax's numbers for a bit and something's nagging me. $31.29m TVL, 98.5% of it sitting on Ethereum — textbook flagship-chain story. #TermMax @TermMax TMX
then I checked the fees tab. last 7 days: $3,071 total protocol fees, and $2,999 of that came off BSquared — a chain currently showing $0 TVL on the dashboard. Ethereum, holding basically the whole treasury, kicked in seventeen cents. hold up—
that's not a rounding error. that's a whole week of real activity — loans maturing, fees getting collected — happening somewhere the balance sheet says is empty. TVL tells you where the money's parked. fees tell you where people are actually doing something with it. this week those turned out to be almost entirely different places.
refreshed the page twice before I trusted it. could just be a handful of big positions closing out, might flip back by next week, who knows. but if TVL is the number everyone quotes and fees are the one nobody checks… which one's actually telling you what $TMX users are doing right now?
@TermMax
#TermMax
then I checked the fees tab. last 7 days: $3,071 total protocol fees, and $2,999 of that came off BSquared — a chain currently showing $0 TVL on the dashboard. Ethereum, holding basically the whole treasury, kicked in seventeen cents. hold up—
that's not a rounding error. that's a whole week of real activity — loans maturing, fees getting collected — happening somewhere the balance sheet says is empty. TVL tells you where the money's parked. fees tell you where people are actually doing something with it. this week those turned out to be almost entirely different places.
refreshed the page twice before I trusted it. could just be a handful of big positions closing out, might flip back by next week, who knows. but if TVL is the number everyone quotes and fees are the one nobody checks… which one's actually telling you what $TMX users are doing right now?
@TermMax
#TermMax