Binance Alpha will officially list TermMax (TMX) on Aug. 25, the same day the project plans to launch its token generation event, or TGE. The threshold for joining the TermMax airdrop has already been published: users need 225 Alpha points to qualify, participation consumes 15 points, and the score declines by 5 points per minute. The event opens at 18:00 today.
TermMax, built by Term Structure Labs, is a fixed-rate, fixed-term lending and leverage protocol. Its central design is straightforward: rates and maturities are locked in when a position is opened, and users gain leveraged exposure by paying a one-time premium. The process does not involve margin calls, and there is no liquidation price.
From V1 launch to the Alpha product
TermMax V1 went live on Ethereum and Arbitrum in April 2025. It was later deployed on BNB Chain and then expanded to Base, Berachain, X Layer, HyperEVM, and Robinhood Chain.
On top of its core fixed-rate market, the team introduced the TermMax Alpha module. Users can pay a fixed premium to open Call or Put positions. If price moves in their favor by expiry, they profit. If it does not, the maximum loss is capped at the premium already paid. There are no additional margin requirements and no liquidation trigger throughout the life of the position.
For users holding Binance Alpha new listings or stablecoins, the protocol also offers a Dual Investment vault. Depositors can earn the premiums paid by traders, and the article says annualized returns can reach the double-digit range. The same structure is expected to extend to tokenized stocks, referred to as bStocks, and some RWA-backed collateral scenarios.
How the protocol structures its assets
TermMax uses three token types at the base layer.
- FT, or Fixed-rate Token, represents principal and can be redeemed at face value on maturity. Buying it at a discount locks in yield.
- XT, or Yield Token, represents interest. Borrowers can sell it immediately, which fixes their borrowing cost.
- GT, or Gearing Token, wraps leveraged positions in NFT form and compresses what would otherwise be a multi-step recursive lending strategy into a single transaction.
Institutional push in the first half of 2026
In the first half of 2026, the project began rolling out institutional-facing products. TermPrime, described as a venue for fixed-rate, fixed-term financing, was deployed on Canton Network. TermMax also runs validator nodes there.
Its App V2 introduced unified cross-chain order placement and position management. During the same period, the team graduated from YZi Labs EASY Residency Season 3 and deepened integrations with Keyrock, Morpho, Aave, Venus, and Pendle.
Disclosed metrics, fundraising, and roadmap
According to project disclosures cited in the article, TermMax currently has more than $90 million in TVL, over 1.5 million registered wallets, and about 90,000 daily active users, with peak DAU above 170,000. It says the protocol now covers 10 EVM chains and has completed integrations with Morpho, Aave, Venus, Pendle, and Keyrock.
The article adds an important qualifier: public on-chain data sources can show different TVL readings at different moments, and actual tradable liquidity is not the same thing as total value locked.
On fundraising, TermMax completed a seed round of about $4.25 million in November 2023. Cumberland DRW led the round, and Decima Fund, HashKey Capital, Longling Capital, and MZ Web3 Fund took part. Publicly disclosed cumulative financing stands in a range of roughly $4.25 million to $6.8 million.
The roadmap in the article lists several milestones:
- April 2025: V1 launch, followed by multi-chain expansion and the rollout of V2 functions such as composable yield and atomic orders.
- November 2025: launch of the Alpha product.
- 2026: App V2 rollout, launch of the institutional version of TermPrime, operation of Canton validator nodes, and graduation from YZi Labs.
- Aug. 25, 2026: TGE and launch of the governance token.
Future plans include deeper governance decentralization, broader RWA development, interest rate swap-style functionality, and additional institutional partnerships.
Tokenomics and valuation notes
TMX has a fixed total supply of 1 billion tokens, with about 20% in initial circulation. The token’s use cases include governance voting, staking into sTMX for rewards, whitelist access for risk managers, and market creation permissions.
The distribution structure cited in the piece allocates about 15% to the community, 29% to the ecosystem, 28% to investors, and 15% to the team, with the remainder assigned to liquidity, the foundation, and advisors. Early XP, AP, and MP point rewards will become claimable after the TGE.
As for valuation, the article says there is currently no dedicated prediction market on platforms such as Polymarket for TMX fully diluted valuation expectations. Price discovery, it says, will depend on post-listing liquidity depth and real usage data.
Founders and advisors
Public information shows that TermMax is developed by Term Structure Labs. Its co-founder and CEO is Jerry Li, while Vincent Li, also referred to as Vincent W. Li, serves as co-founder and CTO.
Jerry Li previously worked at Deutsche Bank, where he served as managing director and head of global emerging markets for Greater China, and was a member of the global emerging markets executive committee. He holds master’s degrees in mechanical engineering and financial engineering from Cornell University.
Vincent Li has a serial entrepreneurship background. He previously served as co-founder and CTO of Termsoup.com and co-founder and general manager of Enlightouch Inc. He is a Fulbright scholar and holds a master’s degree in political science from the University of Kansas.
The public advisor list includes Luphia Chang, CTO of TideBit and Boltchain; GH Hwang, a professor in the Department of Information Engineering at National Taiwan Normal University; NIC Lin, a senior blockchain engineer at imToken; and Ethan Yang, head of Matrixport Taiwan.
What sets TermMax apart
The article argues that the Binance Alpha listing is, at its core, a two-way exchange of points and traffic. The project is trading product progress and disclosed metrics for visibility, while users are using points for a chance at an airdrop. It also says the market is watching how much demand appears in secondary trading.
It also notes that Curator controls vault pricing and management authority, while the protocol’s ability to capture fees remains to be tested.
Compared with protocols such as Pendle, which already hold a strong place in the fixed-yield segment, TermMax is presented as differentiated by its no-liquidation leverage model and its use in new-token scenarios, not just by the rate-locking feature itself. The Aug. 25 TGE marks the point where the project moves from product buildout into a public test of governance and liquidity.
