Terminal Finance
@Terminal_fi
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The marketplace for trading institutional assets and reward-bearing digital dollars, powered by @convergeonchain.
Converge
Joined December 2024
Announcing the launch of Terminal's early deposit phase!. To participate, you can deposit USDe, WETH, WBTC through Terminal. sENA holders will also be eligible for Terminal's incentives. Details on Session 1 can be found below.
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when you hear Ethena and Pendle, what’s the other name that comes to mind? . dear pre-depositors, PT-tUSDe is about to discover a new home.
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By separating yield from liquidity, Terminal pools let LPs:. -Avoid yield-derived IL.-Capture yield safely.-Use tighter ranges → more fees, less slippage. As yield-bearing stablecoins grow on Converge, Terminal intends to provide the infrastructure to trade this new asset class.
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Terminal’s approach: Redeemable Tokens. – Wrap yield-bearing stablecoins into redeemables pegged 1:1 to their base stablecoin. – Pools hold the redeemable (non-yielding) version → no yield-derived IL. – Yield is separated, then redistributed to LPs.
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Concentrated liquidity amplifies the issue. LPs can get fully drained of the yield-bearing asset and left with only the non-yield token. The higher the yield, the bigger the loss.
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The limitation: Yield-Derived Impermanent Loss. When a yield-bearing stablecoin like sUSDe appreciates vs. USDT, AMMs rebalance. LPs end up with more of the non-yield asset, less of the appreciating one. Result: they quietly lose vs. just holding.
mirror.xyz
The DeFi landscape is witnessing a surge in yield-bearing stablecoins. Ethena's USDe has become the third-largest stablecoin by market capitalization, and other issuers like Spark, Aave, and Circle...
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The rise of yield-bearing stablecoins led by @ethena_labs's sUSDe is reshaping DeFi. But there’s a hidden problem: existing DEXs weren’t built for assets that grow in value over time. The article linked below discusses the limitations and Terminal’s approach to fix them
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// Enabling the Trading of Internet Money_.
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Fed fund rates trending down, funding rates trending up. We are not the same
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→ sUSDe Annual Percentage Yield: ~9%. imagine reading this and not wondering what happens when interest rates fall . couldn't be you, Ethena enjoyer.
Today Ethena has crossed $500m in cumulative gross interest revenue. Over the last week:.→ Protocol weekly revenue: $13.4m.→ USDe mints: +670m.→ USDe supply ATH: $11.7bn.→ sUSDe APY: ~9%
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1 week later. looks like a few of you couldn’t resist adding leverage on your dear PT-tUSDe
PT-tUSDe at 16%+ fixed yield APR is about to hit its vault cap on @eulerfinance, 2 weeks after launch. We see you . We hear you
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digital dollars that yield natively . the place to trade them at scale . Terminal
Yield-bearing stablecoins have paid out over $800 million in total yield. Leading the charge in the last 30 days are:.@Ethena_Labs sUSDe: $30.71M.@Securitize BUIDL: $8.39M.@SkyEcosystem sUSDS: $6.78M. The stablecoin era is clearly gaining momentum. 🫡
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we simply watch the show and wait for the next sUSDe APY update. (pics related)
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PT-tUSDe at 16%+ fixed yield APR is about to hit its vault cap on @eulerfinance, 2 weeks after launch. We see you . We hear you
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If you read Ethena’s roadmap, you’ve seen iUSDe. sUSDe, wrapped for TradFi. Token-level restrictions so it can be held in licensed investment structures, giving institutions a way in through traditional rails. Access it on Converge. Trade it on Terminal
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internet money at scale . (real).
everyone wants to know what we'd say if we didn't reach $10b supply. i guess we'll never know
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To use your LP tUSDe as collateral on Morpho, you first need to wrap it on Pendle via the link below. Once wrapped, your LP balance will appear on Morpho, and you’ll be able to borrow against it.
app.pendle.finance
Pendle V2 is the leading spot yield trading platform, enabling users to earn fixed yield or speculate on yield from most popular DeFi protocols.
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Pendle PT-tUSDe (13.33% APY) & LP-tUSDe (10.27% APY) are now live on @MorphoLabs . With $138M tUSDe TVL on Pendle, that liquidity can now be used as collateral on Morpho to borrow stablecoins, loop positions and optimize yield. //
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