@TermMax biggest revenue quarter looked impressive until I checked what actually produced it.
DefiLlama shows $186.94K in gross protocol revenue for Q3 2025. But $161.54K of that, about 86.4%, came from liquidation fees.
Now compare the composition with Q3 2026 so far.
TermMax has generated $20.51K in gross revenue, with $19.70K coming from protocol fees and only $370 from liquidations.
The dollar totals aren't comparable yet. The revenue mix already is.
A dollar from a liquidation and a dollar from protocol fees both count as revenue. Economically, they describe completely different activity.
Liquidation fees and protocol fees are simply different revenue sources on TermMax.
That is why, for $TMX, I would not judge revenue growth by the headline number alone. I would track the share of revenue coming from non-liquidation activity, alongside revenue generated per dollar of active loans.
Q3 2025 had the bigger revenue headline. Q3 2026 so far has a very different revenue engine.
The more useful question is not just how much TermMax earns. It is whether revenue is being created by recurring protocol activity or by positions being liquidated.
#TermMax
#termmax
DefiLlama shows $186.94K in gross protocol revenue for Q3 2025. But $161.54K of that, about 86.4%, came from liquidation fees.
Now compare the composition with Q3 2026 so far.
TermMax has generated $20.51K in gross revenue, with $19.70K coming from protocol fees and only $370 from liquidations.
The dollar totals aren't comparable yet. The revenue mix already is.
A dollar from a liquidation and a dollar from protocol fees both count as revenue. Economically, they describe completely different activity.
Liquidation fees and protocol fees are simply different revenue sources on TermMax.
That is why, for $TMX, I would not judge revenue growth by the headline number alone. I would track the share of revenue coming from non-liquidation activity, alongside revenue generated per dollar of active loans.
Q3 2025 had the bigger revenue headline. Q3 2026 so far has a very different revenue engine.
The more useful question is not just how much TermMax earns. It is whether revenue is being created by recurring protocol activity or by positions being liquidated.
#TermMax
#termmax
