11h ago
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!
1d ago
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.
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