Terminal Finance Surpasses $280M TVL: What Makes This Ethena-Incubated DEX Different

Terminal Finance, a decentralized exchange incubated by Ethena, reached over $280 million in total value locked during its pre-deposit phase, with more than 10,000 wallets participating. The platform is designed specifically for trading yield-bearing stablecoins like USDe and sUSDe, and plans to launch by the end of 2025 with a token generation event following shortly after. The DEX uses a Yield Skimming mechanism to capture returns from yield-bearing assets and redistribute them throughout the platform's economy.