Original source: Terminal Finance
Terminal Finance is a decentralized exchange (DEX) specifically built for trading yield-bearing stablecoins and institutional assets. Today, it announced that its total locked value (TVL) in the pre-launch phase has surpassed $280 million. This figure reflects the total capacity of three pre-launch vaults, which are capped at 225 million USDe, 10,000 WETH, and 100 WBTC.
The DEX is expected to officially launch by the end of the year, with the token generation event (TGE) also taking place around that time. The TVL during the pre-launch phase can be publicly verified through DeFiLlama, a platform that tracks Terminal's vault activities and growth.
As the de facto DEX of the Ethena ecosystem, Terminal operates independently but is incubated by Ethena. Upon launch, the platform will use USDe, sUSDe, and USDtb (supported by BlackRock's BUIDL) as core trading assets, facilitating trades with mainstream assets like ETH and BTC. Yield-bearing stablecoins form the foundation of this DEX, providing composability for the entire DeFi ecosystem.
Sam Benyakoub, co-founder and CEO of Terminal, stated: "At Terminal, we are building the deepest liquidity pools to trade Ethena's synthetic dollar USDe with any asset, from cryptocurrencies to tokenized real-world assets. Designing the DEX around yield-bearing dollars gives Terminal a superior economic model by default. This not only enhances the liquidity launch efficiency for token issuers but also sets a new standard for capital productivity in DeFi."
Terminal's "Yield Skimming" mechanism is key to its differentiation from traditional DEXs. This mechanism captures the yields generated by yield-bearing assets like sUSDe and reinjects them into the DEX's economic system. This design improves the efficiency and economics of on-chain markets, benefiting liquidity providers, traders, and token holders.
Over 10,000 wallets participated in Terminal's pre-launch phase, and early participants will receive airdrop rewards during the TGE. According to publicly available information on Ethena's official website, up to 10% of Terminal's governance token supply will be allocated to sENA holders based on the Terminal points system. Points tracking began on June 28, and the final qualifications, allocations, and timing will be confirmed as the TGE approaches.
Nick Chong, Strategic Lead at Ethena, stated: "Ethena's assets have become the engine for DeFi rewards, driving the billion-dollar scale of most Ethereum applications today. The Terminal team is building a spot DEX centered around sUSDe, bringing more value to users. We are proud of the Terminal team as a core member of the Ethena ecosystem."
Looking ahead, Terminal plans to expand into a multi-chain ecosystem alongside Ethena's USDe growth strategy, aiming to become the preferred liquidity hub for yield-bearing stablecoins in DeFi.
About Terminal Finance
Terminal Finance is a spot decentralized trading platform incubated by Ethena Labs, designed specifically for trading yield-bearing stablecoins and institutional assets. By integrating Ethena's synthetic dollar USDe and its yield-bearing version sUSDe, Terminal inherently possesses a superior economic model.
During the pre-launch phase, Terminal attracted over $280 million in deposits and has integrated with leading DeFi protocols such as Pendle, EtherFi, and Morpho. As a liquidity hub within the Ethena ecosystem, Terminal connects yield, liquidity, and token issuance across multiple chains, laying a solid foundation for the next generation of on-chain markets.
This article is from a submission and does not represent the views of BlockBeats.
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