DEX Terminal Finance, incubated by Ethena, achieves a TVL of over $280 million ahead of its launch.

By: blockbeats|2026/03/28 10:49:49

Source: Terminal Finance

DEX Terminal Finance, incubated by Ethena, achieves a TVL of over 80 million ahead of its launch.

Terminal Finance is a spot decentralized exchange (DEX) designed for trading yield-bearing stablecoins and institutional assets. Today, it announced that its pre-launch total value locked (TVL) has exceeded $280 million. This data reflects the total capacity of three liquidity pools, consisting of 225 million USDe, 10,000 WETH, and 100 WBTC, all of which have reached their limits.

The DEX is expected to officially launch by the end of the year, and the token generation event (TGE) will also take place around that time. The TVL during the pre-launch phase can be verified publicly through DeFiLlama, a platform that tracks Terminal's treasury activities and growth.

As the de facto DEX of the Ethena ecosystem, Terminal operates independently but is incubated by Ethena. Upon launch, the platform will feature USDe, sUSDe, and USDtb (backed by BlackRock's BUIDL) as core trading assets, supporting trading with mainstream assets such as ETH and BTC. Yield-bearing stablecoins form the foundation of this DEX, providing composability to the entire DeFi ecosystem.

Sam Benyakoub, Co-founder and CEO of Terminal, stated: "At Terminal, we are building the deepest liquidity pool to trade Ethena's synthetic dollar USDe against any asset, from cryptocurrency to tokenized real-world assets. Designing a DEX around a yield-bearing dollar defaults Terminal to a superior economic model. This not only enhances the liquidity bootstrapping efficiency for token issuers but also sets a new standard for DeFi capital efficiency."

Terminal's "Yield Skimming" mechanism is key to what sets it apart from traditional DEXs. This mechanism captures the yield generated by yield-bearing assets like sUSDe and reinjects it into the DEX's economic system. This design enhances the efficiency and economics of the on-chain market, benefiting liquidity providers, traders, and token holders.

Over 10,000 wallets have participated in Terminal's pre-launch phase, with early participants set to receive airdrop rewards in the TGE. According to public information on the Ethena website, up to 10% of Terminal's governance token supply will be allocated to sENA holders based on the Terminal scoring system. Scoring commenced on June 28, and final eligibility, allocation, and timing will be confirmed closer to the TGE.

Ethena's Head of Strategy, Nick Chong, stated: "Ethena's assets have become the engine of DeFi rewards, driving the billion-dollar scale of most Ethereum applications today. The Terminal team has built a spot DEX with sUSDe at its core, bringing additional value to users. We are proud of the Terminal team as a core member of the Ethena ecosystem."

Looking ahead, Terminal plans to expand its presence across multi-chain ecosystems as part of Ethena's USDe growth strategy, aiming to become the preferred liquidity hub for yield-bearing stablecoins in DeFi.

About Terminal Finance

Terminal Finance is a spot decentralized exchange incubated by Ethena Labs, designed specifically for trading yield-bearing stablecoins and institutional assets. By integrating Ethena's synthetic dollar USDe and its yield-bearing version sUSDe, Terminal inherently possesses a superior economic model.

In its presale stage, Terminal has attracted over $280 million in deposits and has formed integrations with leading DeFi protocols such as Pendle, EtherFi, and Morpho. As the liquidity hub of the Ethena ecosystem, Terminal bridges yield, liquidity, and token issuance across chains, laying a solid foundation for the next generation of on-chain markets.

This article is contributed content and does not represent the views of BlockBeats

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