$280M in pre-deposits is a testament to the insatiable demand of quality yield
we're talking about @ethena_labs ' incubated DEX → @Terminal_fi
if you need a gauge of the demand, over 10,000 users participated and they've hit the cap across three vaults: ≈225 M USDe, 10,000 ETH, and 100 BTC
Terminal is building liquidity that’s productive via "yield skimming” → routing yield from interest-bearing assets back into pools
and if you're an sENA holder, you might grab a share of up to 10% of Terminal's governance token
fundamentally, instead of chasing token drops, we're seeing the creation of structural flow between stablecoins, yield, and trading.
in Pill's POV, @Terminal_fi is a mandatory case study - esp. its involvement in the $ENA flywheel
what's your take?
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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