⚡️For those holding USDe series assets, pay attention, the DEX from Terminal is finally coming—

@Terminal_fi announced that the DEX based on the Ethena ecosystem will officially launch on the Ethereum mainnet by the end of the year.

This is actually a natural outcome!

Currently, the two core products of @ethena_labs (USDe and USDtb backed by BlackRock BUIDL) have expanded to over 10 chains, reaching nearly $10 billion in TVL, and the real issues are becoming increasingly apparent:

These assets are generating yield every day, yet with so many DEXs and AMMs in the market, most only understand price pairing, and there hasn't been a place that can truly handle the trading logic of "yield-bearing assets."

In simple terms, you can no longer treat swaps between yield-bearing assets as merely "coin-to-coin" exchanges; the assets themselves generate yield, and the old market-making logic has turned into a negative yield mechanism—LPs are losing, arbitrageurs are profiting, and protocols are compensating.

Therefore, the DEX that Terminal aims to create will completely rewrite this layer, building a unified scenario for yield-bearing stablecoins + institutional asset circulation + on-chain structured liquidity.

Once it launches at the end of the year, it will become the main trading venue for the entire Ethena ecosystem—

Institutional dollars, on-chain yield coins, and various whitelabel stablecoins will all be hedged, settled, and compounded here.

The current pre-launch TVL has surpassed $280M, even outperforming many established protocols during their cold start phases.

Now that everything is ready, Terminal is moving from the "accumulating liquidity" phase to the "releasing liquidity" phase, which could be one of the most noteworthy DeFi events by the end of 2025.

Don't forget, behind it is Ethena × BlackRock × Converge, one responsible for generating yield and the other providing settlement. If everything goes smoothly, Terminal could completely rewrite the economic logic of on-chain trading!

Looking forward to a successful launch by the end of the year; by then, my pile of points should be worth a lot! 😂

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