#termmax @TermMax
Spent some time digging into TMX's pre-mine structure, expecting a single flat reward pool for anyone who shows up early.
That's not quite it. Total TMX supply is fixed at 1 billion tokens, with exactly 40 million — 4% — carved out specifically for the pre-mine, starting Day 1 of mainnet. But the docs describe two genuinely separate reward tracks inside that pool. General users earn through monthly campaigns, accruing tokens continuously across markets, non-transferable until claimable after the Token Generation Event. Early Deposit Vault depositors earn differently — a fixed dollar-matched rate, $1 deposited equals 1 TMX, capped at 1 million TMX per vault, with the pool locked at a snapshot date.
None of those numbers looked connected at first. But the structure made me pause.
One track rewards broad, ongoing participation across the whole protocol. The other rewards a narrow, early, capital-committed bet on specific vaults before anyone knew if they'd perform. Same 40M pool, two completely different risk-reward shapes layered inside it.
What caught my attention is that leaving a vault early doesn't just reduce your reward proportionally — it forfeits your share entirely to whoever stayed till maturity, per TermMax's own vault terms.
I haven't confirmed how the 40M splits between these two tracks specifically, or which one has claimed more so far.
Spent some time digging into TMX's pre-mine structure, expecting a single flat reward pool for anyone who shows up early.
That's not quite it. Total TMX supply is fixed at 1 billion tokens, with exactly 40 million — 4% — carved out specifically for the pre-mine, starting Day 1 of mainnet. But the docs describe two genuinely separate reward tracks inside that pool. General users earn through monthly campaigns, accruing tokens continuously across markets, non-transferable until claimable after the Token Generation Event. Early Deposit Vault depositors earn differently — a fixed dollar-matched rate, $1 deposited equals 1 TMX, capped at 1 million TMX per vault, with the pool locked at a snapshot date.
None of those numbers looked connected at first. But the structure made me pause.
One track rewards broad, ongoing participation across the whole protocol. The other rewards a narrow, early, capital-committed bet on specific vaults before anyone knew if they'd perform. Same 40M pool, two completely different risk-reward shapes layered inside it.
What caught my attention is that leaving a vault early doesn't just reduce your reward proportionally — it forfeits your share entirely to whoever stayed till maturity, per TermMax's own vault terms.
I haven't confirmed how the 40M splits between these two tracks specifically, or which one has claimed more so far.