Christal Halinas

Most DeFi protocols say, “Come in and earn.” @TermMax asks, “Who are you and what exactly do you want to do?”

That was the first thing that struck me when I got to grips with how it works. There isn’t just one "user" role - there are seven different ways to interact with the protocol. And each one corresponds to a different level of experience and a different objective.

Want to start simple? Become a #Depositor , put your funds into a vault managed by an experienced curator, and simply earn a return. You don’t need to understand anything about pricing curves, and you don’t need to monitor your positions. Put it in - forget about it - earn a return.

Want more control? Become a #Curator and manage the vault yourself, allocating capital across several markets and earning a performance-based commission. This is for those who know what they’re doing.
Want leverage without liquidations? Become a #Leverager and, in a single atomic transaction, get a full leveraged position. No fuss, no multiple steps, no risk of being liquidated in the middle of the night.

And all of this comes with fixed rates. You know exactly how much you’ll earn or pay before you sign off on the transaction.
That’s the difference: whilst most #DeFi protocols say "come in and earn", TermMax asks: "who are you and what exactly do you want to do?"

That’s the difference between TermMax and, say, Aave. There, there’s just a single "deposit" button and a floating rate that takes on a life of its own. Here, there’s a whole ecosystem of roles where everyone finds their place: from passive depositors to market makers who trade on both sides of the market simultaneously via two-way range orders.

These seven roles are enough to cater for both beginners and experienced traders. And this isn’t just marketing - it’s the actual architecture of the protocol.

#termmax $TMX

I decided to carry out an analysis of the #TermMax protocol (based on data from DefiLlama)

So, what is @TermMax ?
TermMax is a DeFi protocol in the lending category, which combines AMM mechanics with lending and borrowing at fixed rates and with fixed maturity dates. It features a ‘one-click leverage’ function – the ability to open a leveraged position with a single click – as well as Vaults for passive earnings without the need for manual position management.

Key #TVL Metrics
The protocol’s total TVL stands at $31.27 million, of which the lion’s share – 98.5% ($30.8 million) – is held on the Ethereum network. Other networks (BSC, Robinhood Chain, Berachain, X Layer, Base, Arbitrum) account for a negligible share. Over the last 30 days, TVL has fallen by 8.7 per cent, indicating a certain outflow of capital.

#Fees and Revenue
Fees over 30 days: $17,539
Annualised rate: $314,450 in fees and $312,742 in revenue
Cumulative fees since launch: $384,479, which is very good

Interestingly, almost all fees are converted into revenue; in other words, the protocol retains virtually all the income (there is no significant distribution to third parties), which is good for the tokenomics but means there is little incentive for external liquidity providers beyond the interest rates themselves.

Market position
Among 514 lending protocols, TermMax ranks only 40th by TVL, accounting for 0.1 per cent of the total lending market ($46.3 billion). By comparison, the category leader, Morpho Blue, has a TVL of $8.8 billion, meaning TermMax is a significantly smaller player.

My conclusion
TermMax is a relatively small protocol operating in an interesting niche (fixed-rate lending); it has been audited and has genuine institutional investors. However, current metrics show a downward trend: TVL is falling, and the protocol’s revenue has plummeted compared to its 2025 peak; but we are well aware that the crypto market itself has not been experiencing the best of times recently. I’ll add it to my list of interesting projects.

Leverage in DeFi: Five Strategies from #TermMax

Most people associate leverage with risk.
@TermMax takes a different approach, with minimal risk. Fixed rates mean you know the cost of the loan before you even open a position. And with five different strategies to choose from, you won’t have to settle for a one-size-fits-all solution.

Strategy 1. One-click leverage using Gearing tokens
The easiest way to get started. Purchase GT tokens, and the smart contract will automatically handle the entire cycle of operations – borrowing, reinvesting, and increasing your position. One transaction instead of many. Lower gas fees, and no need for manual coordination between protocols.

Strategy 2. Fixed-rate borrowing for external use
Pledge your assets on TermMax, borrow at a fixed rate and invest those funds in more profitable opportunities elsewhere in #DeFi The fixed borrowing cost is known in advance, which simplifies profitability calculations and removes a significant variable from your risk model.

Strategy 3. Combined Internal Leverage
Borrow within TermMax and reinvest on the same platform, either into Fixed-rate Tokens (FT) for stable predictable income, or back into GT for additional leveraged exposure. Keeping everything within one ecosystem reduces friction and transaction costs.

Strategy 4. Yield-Bearing Collateral
Deposit yield-generating assets as collateral. Those assets continue earning while locked. Borrow against them and deploy the borrowed funds separately. One asset, two simultaneous income streams, a meaningful improvement in capital efficiency.

Strategy 5. Recursive Leveraging
For advanced participants. Repeatedly borrow and reinvest to compound exposure. Returns are amplified – but so are losses. This strategy demands active position management and a clear understanding of liquidation thresholds.

A note on risk
Leverage amplifies returns in both directions. Market volatility affects the risk of liquidation. Fixed rates eliminate one source of uncertainty, but they do not eliminate market risk. Manage your positions accordingly.

Most people in the crypto space don’t even realise what a fixed rate in DeFi is. And I understand them, because you usually log into Aave, see a certain percentage, and just accept whatever they offer.

@TermMax has done things differently. It has a marketplace where buyers and sellers of interest rates negotiate amongst themselves,
just like on a regular exchange, only instead of tokens, they trade interest rates. If you want to borrow at a fixed rate of 8% for 30 days, you find someone willing to lend at that rate. The deal is locked in. Nobody runs off. It’s an interesting mechanism…

Personally, one detail caught my attention - they’ve called their position tokens ‘GT’ (Gearing Tokens), which represent automated leveraged positions. Essentially, this is packaged leverage that you can hold like a regular token and even sell before the term expires. That’s more interesting than just ‘put it in and wait’. Such unusual mechanics always attract attention.

Although the crypto market isn’t going through the best of times, DeFi, as we can see, is carrying on as usual. Do you still have funds left to farm passively #termmax ?

A real platform where you don’t have to choose between speed and security.

Most exchanges solve this simply - they take your funds into custody and get things done quickly. It’s convenient until you start to wonder what would happen if something went wrong. DeFi offers an alternative - but the price you pay is lag, gas fees and interfaces designed for people with three monitors and a couple of years’ experience.

#grvt has tackled the problem differently. #CeFi performance plus #DeFi principles - not just a slogan, but a technical reality built on ZKsync. Your keys, your funds, your responsibility - but without sacrificing convenience or speed.

Three things that stood out after actually using it. Firstly, the latency is truly imperceptible; it’s not ‘almost like a CEX’ - it really is just like a CEX. Secondly, the interface is designed for traders, not developers; essentially, it’s a UX that requires no tutorial. Thirdly, $350 #billion in trading volume and a top-3 ranking on DefiLlama speak for themselves.

Still thinking about it? See you on 21 July))

$BTC $GRVT $LAB

#GRVT I’ve gone for 1x. No worries.

The logic is simple: I’ll see what happens at the opening on the 21st, sell some straight away, and then play it by ear. If it drops — I’ll jump in via a trade. If not — well, that’s how it goes. At least it’s stress-free.

I claimed it on the #BNBChain via Binance Alpha. A transfer from GRVT Spot takes 6 hours – I didn’t want to take any risks with the timing on TGE day. Better to be safe than sorry here.

Generally speaking, after what’s been happening with #EdgeX and the like, I’ve got my thoughts. If this pattern of ‘early access → betrayal’ continues, trust in an entire class of projects will simply be wiped out. And perhaps that’s even a good thing.

I came to this conclusion for myself a long time ago: the West and Asia are two different ball games. Not because of prejudice, but because of actual patterns.

The West: VCs with a reputation to uphold, regulatory compliance, a public team. Asia: marketing first and foremost, vague promises, reliance on KOLs and hype.

There are exceptions on both sides. But as a general rule, it holds true.
As the saying goes, a bird in the hand is worth two in the bush. Get the funds and invest further in something interesting

I hope @grvt_io will show us the best price, won’t they?

In a world obsessed with hype, @grvt_io quietly tackles what really matters: capital efficiency, faster order execution, self-custody of assets and control over risky assets. Nothing flashy, but these are the very improvements that traders really notice ⚡
Although many are unhappy with the drop’s vesting, I think it’s not the project’s fault, but rather the market, which is quite challenging at the moment.

#grvt #CryptoTrading #DeFi #NoHype

Has CZ WOKEN UP AGAIN❓

Еoday,#ChangpengZhao burned the tokens that had been sent to his wallet: 70% from #CZ and 40% from $TTC.

An interesting move is currently underway, along with yet another attempt to take volume away from Robinhood.

It will be interesting to see whether #ChangpengZhao will want to launch a token with the same ticker as his nickname, and whether the US government will take action against it again. Incidentally, #Binance’s anniversary is in two days’ time.

@grvt_io has introduced an interesting mechanism: a fixed airdrop pool combined with a multiplier system. If more participants choose a multiplier, the rest receive a smaller share.
This adds an element of game theory that wasn’t there before.
But there’s a catch. The project team can also participate via their own accounts and select the maximum multiplier. The result is that the average user receives less than they expected.
A similar mechanism operates in staking campaigns. If, out of $10 million in deposits, $9 million comes from the team, then an attractive APY on paper does not translate into real benefits for external users.
#Airdrops are becoming more complex. But those who understand the mechanics are the first to adapt.
#grvt

I’ve been trading for quite some time now, and it’s rare for a product to genuinely surprise me.
@grvt_io has surprised me. Not with a pitch or marketing — but by simply going ahead and building a hybrid exchange where you hold your own keys but trade at #Cex speeds. 600,000 transactions per second, with a latency of less than a millisecond. This isn’t #DEFİ that lags — it’s in a league of its own.
Registration for the airdrop is open right now — until 27 July. You can choose to receive tokens on #Grvt, #BSC or #Ethereum✅ . There’s a multiplier option if you’re prepared to wait 4–8 months.
I’ve signed up. Let’s see where we’ll be trading in a year’s time.

#grvt

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