I found myself catching repeatedly circling one TermMax number while reading the token schedule 1 billion TMX sounds fixed and simple but only 200 million is expected to circulate at the start.
That makes max supply the obvious metric and probably the weaker one.
What matters first is float then the speed at which that float expands. Investor tokens alone imply about 11.67M TMX per vesting month after the cliff. Add team and advisor overlap and monthly linear unlock flow could reach roughly 17.67M. That is not automatically a problem, some scheduled dilution is normal.
The real test is behavior. Is protocol revenue growing faster than circulating supply? Is new TMX being absorbed by staking governance use and real demand or simply becoming more available liquidity?
The 150M team allocation also equals 75% of the initial 200M float. Team plus investors total 430M or 2.15× day-one circulation. That changes how I read fixed supply.
There is another uncomfortable point a 110M disclosure difference is 11% of maximum supply. Document versioning strangely enough becomes tokenomics data.
I am watching free float not the headline billion. Because supply discipline is not only what exists eventually but what becomes sellable when.
#termmax @TermMax
That makes max supply the obvious metric and probably the weaker one.
What matters first is float then the speed at which that float expands. Investor tokens alone imply about 11.67M TMX per vesting month after the cliff. Add team and advisor overlap and monthly linear unlock flow could reach roughly 17.67M. That is not automatically a problem, some scheduled dilution is normal.
The real test is behavior. Is protocol revenue growing faster than circulating supply? Is new TMX being absorbed by staking governance use and real demand or simply becoming more available liquidity?
The 150M team allocation also equals 75% of the initial 200M float. Team plus investors total 430M or 2.15× day-one circulation. That changes how I read fixed supply.
There is another uncomfortable point a 110M disclosure difference is 11% of maximum supply. Document versioning strangely enough becomes tokenomics data.
I am watching free float not the headline billion. Because supply discipline is not only what exists eventually but what becomes sellable when.
#termmax @TermMax