Neutral Trade Sets TMX Airdrop Distribution for TermMax Private Credit Vault

The TMX airdrop is being valued at a stated FDV and distributed pro rata from a fixed snapshot, which turns a delayed token launch into a concrete payout schedule for vault depositors rather than an open-ended promise. The staggered release — half after a month, then weekly tranches — matters because it spreads potential selling pressure over roughly two months instead of concentrating it at launch. How depositors treat those tranches, and whether the renegotiated yield terms hold, is the open question for the private credit vault model.