🧐 Terminal × Pendle, the production end of the on chain revenue market has finally taken shape 丨 Use tUSDe to leverage 60 times the point revenue! A few days ago, I wrote about three new pools for Terminal on Pendle, and I also participated in some of them myself; Looking back today, the TVL of tUSDe has rapidly exceeded 46 million US dollars, and the market feedback has been faster than I expected, with even higher enthusiasm. If you are sensitive to the points multiplier and return structure, you are likely to notice that the incentive multiplier of tUSDe is the heaviest among all pools (60x Root+50x Sats). Just 50x SATS points alone are already approaching an annualized rate of 10%, combined with Terminal's Root points and the expectation of future airdrops that may be linked to TML (the native token of Converge Chain). The cost-effectiveness of participating in Terminal's pre storage is considered top tier in the entire points race! one ⃣ Terminal - currently one of the closest institutional service platforms in the DeFi world @Terminal_fi is the DEX of Converge Chain, positioned as a more institutional liquidity hub, focused on promoting the use of income based stablecoins and asset structured trading. Let me briefly explain its gold content: It is a compliant revenue market endorsed by BlackRock (through Securitize), serving TradFi participants such as Ethena, Maple, Ondo, and Centrifuge who are already laying out RWA or revenue stablecoins. Many people haven't figured out the relationship between these parties yet, you can understand it in this simple way—— Ethena: Engage in asset issuance, issuing USDe and sUSDe Converge: Undercover settlement, provide settlement and stability Terminal: Build a trading layer to help these assets structure, liquidity, and channel Add another layer of Pendle: create a revenue layer to help these assets with initial cold start and incentive implementation. You can imagine: If institutional funds really want to enter DeFi in the future, they will definitely not be like us retail investors who directly open Uniswap on our wallets and place orders for trading. Instead, they will use scenarios like Terminal to comply with regulations, split asset structures, and then send them to the chain for trading or structured returns. And the tUSDe we see now is one of the carriers of structured income assets from Ethena on Terminal. two ⃣ Why is the tUSDe pool worth participating in? First of all, let's understand that tETH and tBTC are actually more supplementary assets. The true institutional core currency is tUSDe, which has the highest structural participation value among the three pools. Reason—— 1) Behind tUSDe is USDe/sUSDe, which is a yield stablecoin issued by Ethena and achieved 6B after running for 10 months. The profit logic is not staking or volatility arbitrage, but delta neutral, the funding structure after hedging. This type of structure is the most familiar and preferred income model for traditional asset management institutions. 2) TUSDe is the first asset to attract large-scale traffic from Terminal, and the main force for cold start. The total TVL pre stored in this round of Terminal exceeds $100 million, of which 70% is concentrated on tUSDe. 3) @ pendle_fi is the first cooperation agreement of Terminal, which has borne over 71% of the growth source in this wave of cold start, and the given points multiplier is better than bare USDe: A single pool of 60x Root+50x Sats, combined with LP's vependle rewards, is equivalent to the same amount of funds, opening up multiple incentive paths with extremely high combination efficiency, making it very suitable for retail investors to participate lightly. three ⃣ DeFi's second half: stablecoin's spread war has just begun DeFi has actually been in a strange state in the past two years - protocol innovation is still ongoing and constantly playing around, but in fact, the entire structure is becoming increasingly empty, especially in the case of many assets with excessive volatility and insufficient expectations. There are fewer and fewer projects that can truly bring incremental funds. Truly large-scale liquidity, stable interest rate differentials, and low volatility assets are still hidden off the chain. Traditional finance has actually been focusing on this area for a long time. Since the implementation of the Genis Act, actions such as BlackRock and Securitize have become increasingly frequent, indicating a basic judgment: Their demand for income based stablecoins is exploding. It can be foreseen—— In the past, DeFi was a revenue mix stage dominated by Degen players; The upcoming DeFi will be an aggregation arena for institutions to use stablecoins for profit management battles. And behind Terminal stands Converge (clearing layer) and Ethena (asset issuer), coupled with Pendle's clear structural returns, which is equivalent to conducting an experimental demonstration: A chain of traditional finance → stable income assets → combinable entry points is taking shape, and the tUSDe pool is the first foothold open to users on this path. So it's hard for you to find a reason not to participate! Now PT tUSDE has an annualized return of 13%, and both YT and LP can earn 60X Terminal points and 50X Ethena Sats points. I suggest dividing the warehouse configuration points and taking a seat on the car first before proceeding! You can enter through the following entrances 👇👇 ✅ Pendle deposit (recommended for higher returns): https://app.pendle.finance/trade/markets?utm_source=landing&utm_medium=landing&search=tusde ✅ Official Deposit: https://terminal.fi/?ref=PZIUKEWY You can enter Pendle's Chinese community to see if there are any more profitable ways to participate! https://t.me/PendleFinance_CN