Ethena-Incubated DEX Terminal Finance Tops $280M TVL Before Launch

[PRESS RELEASE – Seoul, South Korea, October 28th, 2025]

Terminal Finance, a spot decentralized trade constructed for buying and selling yield-bearing stablecoins and institutional belongings, in the present day introduced it has surpassed $280 million in pre-deposit complete worth locked, forward of its upcoming launch. The determine displays the mixed capability of three pre-deposit vaults, which collectively reached their caps of 225 million USDe, 10,000 WETH, and 100 WBTC.

The DEX launch is deliberate for the tip of the yr, with the TGE anticipated to align intently round that interval. The pre-deposit TVL is publicly verifiable by way of DeFiLlama, which tracks Terminal’s vault exercise and development.

Acting because the de facto DEX of the Ethena ecosystem, Terminal operates independently however is incubated by Ethena. At launch, the platform will characteristic USDe, sUSDe, and USDtb (backed by BlackRock BUIDL) as its core pairing belongings, enabling buying and selling towards main belongings together with ETH and BTC. Yield-bearing stablecoins type the inspiration of the DEX, providing composability throughout DeFi ecosystems.

“At Terminal, we’re constructing the deepest liquidity swimming pools to commerce Ethena’s artificial greenback, USDe, towards any asset, from crypto to tokenized real-world belongings. By designing the DEX round a yield-bearing greenback, Terminal advantages from improved economics by default. This makes liquidity bootstrapping considerably extra environment friendly for token issuers and units a brand new customary for capital productiveness in DeFi,” stated Co-Founder & CEO Sam Benyakoub

Terminal’s Yield Skimming mechanism units it other than standard decentralized exchanges. The system captures the yield generated by yield-bearing belongings resembling sUSDe and reinjects it into the DEX economic system. This design advantages liquidity suppliers, merchants, and token holders by enhancing the effectivity and economics of on-chain markets.

More than 10,000 wallets participated in Terminal’s pre-deposit section, and early individuals will obtain airdrop rewards as a part of the TGE. According to public data on Ethena’s web site, as much as 10% of Terminal’s governance token provide could also be distributed to sENA holders primarily based on the Terminal Points system. Points monitoring started June 28, and last eligibility, allocations, and timing might be confirmed nearer to the TGE.

“Ethena belongings have grow to be an engine for DeFi rewards, powering most main Ethereum-based purposes in the present day at a billion-dollar scale. The Terminal staff has taken this idea, constructing their spot DEX utilizing sUSDe at its core, to drive extra worth to customers. We’re proud that the Terminal staff is a core a part of the Ethena ecosystem,” stated Head of Strategy at Ethena, Nick Chong

Looking forward, Terminal goals to increase throughout a number of blockchains alongside Ethena’s USDe development technique and grow to be the main liquidity hub for yield-bearing stablecoins in DeFi.

About Terminal Finance

Terminal Finance is a spot decentralized trade incubated by Ethena Labs, purpose-built for buying and selling yield-bearing stablecoins and institutional belongings. By integrating Ethena’s artificial greenback USDe and its yield-bearing counterpart sUSDe, Terminal advantages from improved economics by default.

During its pre-deposit section, Terminal attracted over $280 million in deposits and secured integrations with main DeFi protocols, together with Pendle, EtherFi, and Morpho. Designed to be the liquidity hub of the Ethena ecosystem, Terminal connects yield, liquidity, and token issuance throughout chains, making a sound basis for the following era of on-chain markets.

For extra data, go to terminal.fi and observe @TerminalFi on X.

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