Why is your LP still losing while your USDe is rising? @ Terminal_fi: DEX specifically designed for income based stablecoins—— We always say that a bull market will bring a new type of asset. If the previous round was meme and LSDFi, this round may be the turn of 'yield stablecoins'. From traditional USDT and USDC to native interest bearing USDe and sUSDe, the market's focus is shifting from anchoring assets to capturing returns. This raises a key question: Can you continue to use the old AMM logic to trade and provide liquidity when your assets are quietly increasing in price every day (such as sUSDe)? Terminal， It is in this new stage that a completely different answer has been given. one ️⃣ Your assets are rising, but LP is secretly losing money? Setting aside the technical details, let's first ask a simple question: If you create a USDe/USDT trading pool on Uniswap, where one is a rising yield coin and the other is a regular stablecoin, what will the LP ultimately get? The answer is often: You thought you could earn profits from sUSDe, but after a month, you realize that your sUSDe has decreased? Did it all become USDT? Why is that? Because sUSDe itself is "rising" every day (automatically earning interest on the chain), and AMM needs to maintain price balance on both sides of the pool, it will constantly exchange your sUSDe for USDT. And arbitrageurs have eaten this part of the 'hidden profits'. And as an LP, not only did you not earn any interest, but you also became a tool for maintaining stability. Even worse, if you are using the Concentrated Liquidity Model (CLAMM), this' Impermanent Loss' will be more severe, and after the LP is released, there may only be non income assets left. It is not as cost-effective to hold a separate position. This is not a problem of operation, but a problem of mechanism: the design of traditional AMM cannot adapt to income assets at all. So arbitrageurs had an opportunity, and LP became a passive buyer. In order to retain liquidity, the project party had to continue subsidizing. The first principles thinking of Terminal starts from here: If the structure of assets changes, the structure of AMM must also be rewritten. two ️⃣ Terminal's solution: strip "profits" from trading Terminal did not attempt to optimize traditional AMM, but chose to dismantle the root cause of IL. It has designed a structure called Redeemable Token, which wraps native revenue assets and makes it appear as a "non rising" stablecoin in AMM. For example: 1) Users who deposit sUSDe will receive rUSDe; 2）rUSDe ≈ USDe， Price anchoring, excluding revenue; 3) But the system will track the price increase of sUSDe and distribute the profits separately to holders through the "issuance of rUSDe" method; 4) So LP only holds rUSDe and does not bear the IL caused by the "price increase"; 5) At the same time, the "extracted profits" can be uniformly allocated by the agreement: a portion will be sent to the LP, and a portion will enter the Bribe market for incentive distribution. In this way, Terminal completely separates price liquidity from yield liquidity, where trading is trading and yield is yield. This not only solves the problem of income mismatch in traditional AMM when dealing with LP from the mechanism source, but also provides a natural source of value for incentive mechanisms. This is equivalent to Terminal separating the interest bearing rights of assets and restructuring them into incentive logic. three ️⃣ Current opportunity window: Last 30M USDe deposit limit The total amount of USDe pre deposited vault set up by Terminal is 250M, and currently only about 30M is left for participation. I suggest that everyone participate in Terminal's deposits because for users/protocols: Now is the time window with the lowest entry threshold and the highest division weight; Early LPs will enjoy higher profit extraction rights; Official deposit entrance: https://terminal.fi/?ref=PZIUKEWY In addition to native deposits, I also recommend a better participation path - directly participating in Terminal's tUSDe pool on @ pendle_fi: PT's current APR is stable at around 15%, making it very suitable for low volatility stablecoin wealth management; The points rewards for YT and LP are also extremely high: 60x Roots+50x Sats, which belong to the luxury top configuration; Pendle deposit portal (recommended for higher returns): https://app.pendle.finance/trade/markets?utm_source=landing&utm_medium=landing&search=tusde Whether you want to eat stable interest with low risk or lay out structured track assets, I believe this is a cold start window worth studying and participating in seriously. Because stablecoins are not a short-term narrative, but a core infrastructure that runs through the entire cycle. The significance of Terminal is not just about 'another new DEX', but about providing a new income asset specific AMM for native income assets like sUSDe. It is the core infrastructure of @ ethena_1abs ecosystem, and is an ecosystem level partner handpicked and deeply bound by Ethena: Ethena is responsible for generating revenue, Converge provides clearing execution, and Terminal is responsible for receiving and allocating liquidity, jointly building a complete infrastructure layer for revenue based stablecoins. If you believe—— In the future, it will be the era of stable coins with returns such as USDe, so you really shouldn't miss Terminal now!