After the RLUSD campaign ended, I actually became more concerned about whether these users are staying because they remember the rewards—or because they’ve formed a habit of using the product.
This campaign phase attracted roughly $20.7 million in deposits. Now that it’s over, the details of the new campaign haven’t been released yet. In fact, this phase is more valuable than the campaign period itself: once the incentives are removed, real behavior shows.
The Puzzle Challenge is crucial—it didn’t just have everyone deposit once and done. Instead, it connected Earn and Borrow, so participants kept engaging with TermMax’s core modules. At the same time, Alpha also newly launched SPYon, QQQon, SPCXB, TSLAB, and NVDAB markets on the BNB Chain, giving users real scenarios beyond the campaign.
For @TermMaxFi, it’s not very meaningful to only look at how much capital the campaign pulled in—that’s just traffic. What’s truly valuable is whether they can get past the campaign cycle and keep the usage habit. That’s the kind of thing the protocol can own long-term.
So really, everyone can watch whether RLUSD users continue to go into Earn/Borrow, whether campaign users have started using Alpha, and after the rewards are completely gone, whether there’s still ongoing demand.
After all, for fixed-rate protocols, what matters most has never been getting users to come for a visit—it’s getting them to start managing their funds on their own over time.
#TermMax
This campaign phase attracted roughly $20.7 million in deposits. Now that it’s over, the details of the new campaign haven’t been released yet. In fact, this phase is more valuable than the campaign period itself: once the incentives are removed, real behavior shows.
The Puzzle Challenge is crucial—it didn’t just have everyone deposit once and done. Instead, it connected Earn and Borrow, so participants kept engaging with TermMax’s core modules. At the same time, Alpha also newly launched SPYon, QQQon, SPCXB, TSLAB, and NVDAB markets on the BNB Chain, giving users real scenarios beyond the campaign.
For @TermMaxFi, it’s not very meaningful to only look at how much capital the campaign pulled in—that’s just traffic. What’s truly valuable is whether they can get past the campaign cycle and keep the usage habit. That’s the kind of thing the protocol can own long-term.
So really, everyone can watch whether RLUSD users continue to go into Earn/Borrow, whether campaign users have started using Alpha, and after the rewards are completely gone, whether there’s still ongoing demand.
After all, for fixed-rate protocols, what matters most has never been getting users to come for a visit—it’s getting them to start managing their funds on their own over time.
#TermMax