18 小時前
Stablecoins are a huge narrative this cycle, so much so that I'm constantly looking for plays that feed off the meta, one I see potential in is Terminal, a DEX purpose-built for yield-bearing assets like USDe & sUSDe
There's not many DEX'es with deep enough liquidity & most legacy AMMs have a hard time handling assets that earn yield over time. Terminal solves this with solid secondary-market liquidity + cost-efficient bootstrapping , already at $280M+ in pre-deposits, with launch ahead of Dec Pendle maturities
Terminal's KYC-gated pools allow regulated institutions to join via segregated, compliant capital using whitelisted wallets verified by partners like Securitize. This bridges permissionless DEX liquidity with regulated on-chain markets, starting with yield-bearing assets like USDe and sUSDe
You can start stacking Ethena, Terminal rewards + Pendle boosts, with looping on Euler today and Aave, might be interesting to look at for anyone interested in DeFi
23 小時前
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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