I’ve been following @ethena_labs for a while now, and it’s wild seeing what they’re incubating next -> @Terminal_fi.
Imagine a DEX fully built around USDe, Ethena’s synthetic dollar, and sUSDe, its yield-bearing version. Not just another exchange, this is a yield-powered DEX at the heart of the Ethena ecosystem.
➦ The crazy part? Terminal has $280M+ in pre-deposits already.
That’s 225M USDe, 10K ETH, and 100 BTC sitting in vaults, with over 10K wallets in before the protocol even goes live. That kind of conviction doesn’t happen by accident.
Terminal isn’t trying to be another copy of HyperLiquid or Uniswap.
It’s built differently with a yield-skimming mechanism that feeds earnings from sUSDe and other yield assets back into the liquidity pools, boosting depth, efficiency, and rewards.
They’re starting with spot trading across ETH, BTC, and USDtb (yep, the BlackRock-backed BUIDL fund), and positioning themselves as the primary liquidity hub for Ethena assets: swaps, staking, yield aggregation, all in one place.
➦ And with TGE around the corner, early users are looking at rewards, while up to 10% of supply could go to sENA holders.
To me, this isn’t just another DEX launch.
It’s the start of yield-backed DeFi, where liquidity isn’t idle, it works for you.
Terminal Finance might just be the DEX that defines the next cycle.
Interested to know your thoughts!
Ethena sits between CeFi and DeFi, having reached scale across both markets with a ~$15B TVL through USDe and USDtb — the latter backed by BlackRock’s BUIDL tokenized fund.
Terminal aims to expand alongside Ethena by exporting USDe in a format that TradFi can consume.
A year ago, sUSDe yielded over 20% in CeFi while DeFi rates stayed near 10%. More than $1B flowed into Aave within days to capture the spread.
In TradFi, capital can often be sourced at SOFR +100 bps, while sUSDe can offer returns above 10%.
This spread represents an even larger opportunity as institutional capital moves on-chain.
Terminal is building the exchange for institutional asset trading powered by USDe, where yield-bearing assets serve as core pairs — launching later this year.
9,742
91
本页面内容由第三方提供。除非另有说明，欧易不是所引用文章的作者，也不对此类材料主张任何版权。该内容仅供参考，并不代表欧易观点，不作为任何形式的认可，也不应被视为投资建议或购买或出售数字资产的招揽。在使用生成式人工智能提供摘要或其他信息的情况下，此类人工智能生成的内容可能不准确或不一致。请阅读链接文章，了解更多详情和信息。欧易不对第三方网站上的内容负责。包含稳定币、NFTs 等在内的数字资产涉及较高程度的风险，其价值可能会产生较大波动。请根据自身财务状况，仔细考虑交易或持有数字资产是否适合您。