Here’s a TermMax metric I think deserves more attention: capital velocity.
TVL tells us how much capital is there. Wallet count tells us how many addresses exist. Neither tells us how often the same capital actually works.
Imagine two protocols with identical TVL. One has capital sitting untouched for weeks. The other repeatedly cycles capital through fixed-term markets as positions mature and new ones open.
Same TVL. Completely different economic activity.
That’s why I’d watch:
→ average time capital stays productive
→ maturity-to-redeployment rate
→ borrower repeat rate
→ liquidity utilization
→ fixed-rate demand vs available liquidity
→ whether TMX demand grows alongside actual usage
A 1B fixed supply makes the ceiling easy to understand.
The harder question is what happens underneath it:
Does real protocol activity create recurring demand for the ecosystem?
That’s the number I want to see.
@TermMax #TermMax
TVL tells us how much capital is there. Wallet count tells us how many addresses exist. Neither tells us how often the same capital actually works.
Imagine two protocols with identical TVL. One has capital sitting untouched for weeks. The other repeatedly cycles capital through fixed-term markets as positions mature and new ones open.
Same TVL. Completely different economic activity.
That’s why I’d watch:
→ average time capital stays productive
→ maturity-to-redeployment rate
→ borrower repeat rate
→ liquidity utilization
→ fixed-rate demand vs available liquidity
→ whether TMX demand grows alongside actual usage
A 1B fixed supply makes the ceiling easy to understand.
The harder question is what happens underneath it:
Does real protocol activity create recurring demand for the ecosystem?
That’s the number I want to see.
@TermMax #TermMax
