Terminal Finance, a decentralized exchange (DEX) nurtured by Ethena Labs, has amassed over $280 million in total value locked (TVL) in anticipation of its imminent launch at the end of this year, according to DefiLlama.
The pre-deposit phase featured three capped vaults containing 225 million USDe, 10,000 ether , and 100 bitcoin . Data from DeFiLlama indicates that the vaults have achieved full capacity.
Terminal aims to be the primary DEX for the Ethena ecosystem, which focuses on USDe, Ethena’s synthetic dollar, and sUSDe, its yield-bearing counterpart. The platform will also accommodate trading against USDtb, a token backed by BlackRock’s BUIDL fund.
Decentralized exchanges have emerged as a significant component of the current bull market, with platforms like HyperLiquid beginning to disrupt market share from centralized exchanges such as Binance and Coinbase.
Terminal will provide spot trading pairs involving these stablecoins and major crypto assets like ETH and BTC. The exchange is designed to reintegrate yield from interest-bearing assets back into its liquidity pools via a mechanism known as “yield Skimming,” which reallocates returns to stakeholders in the system.
“Terminal is designed around a yield-bearing dollar, which we believe enhances liquidity efficiency and market depth,” stated Sam Benyakoub, co-founder and CEO of Terminal Finance, in a press release.
More than 10,000 wallets participated in the pre-deposit phase. Early contributors will qualify for token rewards linked to Terminal’s forthcoming token generation event (TGE), anticipated to coincide with the DEX’s launch.
According to Ethena, up to 10% of Terminal’s governance token supply could be allocated to sENA holders based on points accrued since June 28.
“Ethena assets have become a vital element of DeFi liquidity,” remarked Nick Chong, head of strategy at Ethena. “Terminal’s integration of sUSDe builds upon that foundation.”
