one ️⃣ Current situation of liquidity in the cryptocurrency market Recently, everyone in the circle has been anxious and unable to sleep. The US stock market has reached a new high, expectations of interest rate cuts have been implemented, and tariff disputes have been resolved, but why hasn't the Bitcoin I bought risen? Is Shanzhai still declining? Is the cryptocurrency industry running out of money? No. Every new (low-risk) project is being rushed to grab, indicating that the money is sufficient but the confidence is not enough. Previously, TradFi and DeFi were two separate systems: TradFi: Large and stable funds, but low returns; DeFi: High returns, but also significant risks and volatility. Now, traditional funds are starting to 'move onto the chain', pursuing not just a knockoff boom, but stable and sustainable returns. This is an invisible capital migration. They have come to grab our share, causing us to be unable to secure stable financial projects. two ️⃣ Capital Arbitrage: The Rise of a New Generation of Stable Assets. Like Ethena's USDe/sUSDe, It is a 'dollar bond on the chain': with real returns, transparent and traceable, accepted by traditional finance. The financing cost of traditional institutions is about SOFR+1% ≈ 6%, while on chain returns like sUSDe can reach 10%+. ➡️ Stable interest rate spread of 3-4%. Don't underestimate this 3%, when managing a billion dollar fund pool, this is the profit margin of billions of dollars. And @ Terminal_fi, incubated by Ethena Labs, is the "on chain exchange" designed for these institutions. three ️⃣ What is Terminal doing? Core asset: USDe (on chain USD) Yield asset pair: sUSDe/USDe (with built-in interest) Institutional level experience: settlement, custody, liquidity, cross chain scheduling After the 10/10 injection, the market was worried that USDe would become the next Luna, but it survived and the price difference was quickly smoothed out. Terminal had already locked $300 million in its vault before going live, indicating that capital's enthusiasm for this new track is still ongoing. four ️⃣ Participation method for airdrop: https://terminal.fi/?ref=PNYXLOKT one ️⃣ Deposit USDe → Obtain tUSDe voucher two ️⃣ TUSDe automatically earns Terminal Roots points+Ethena Sats three ️⃣ Deposit in pending, no lock up, withdraw at any time (withdrawal is in USDe) Profit reference: TUSDe LP on Pendle annualized at approximately 12.5% +60x Terminal Roots Points +50x Ethena Sats USDe native interest rate (approximately 5%) The overall annualization rate is 17.5%+token airdrop. Based on the previous generous 1:1 airdrop by ena, I think it shouldn't be a problem to reach an annualization rate of 25% -50%. I have deposited it.