⚡️Heads up if you hold USDe series assets—Terminal's DEX is finally coming! @Terminal_fi has announced that the DEX built on the Ethena ecosystem will officially launch on Ethereum mainnet by the end of the year. Honestly, this is a natural progression! Right now, @ethena_labs' two core products (USDe and USDtb, backed by BlackRock BUIDL) have expanded across 10+ chains, reaching nearly $10 billion in TVL. But as the scale grows, real-world issues are becoming more apparent: These assets generate yield daily, yet most DEXs and AMMs on the market only know how to handle price pairings. Shockingly, there’s still no platform that can truly process the trading logic of "yield-bearing assets." To put it bluntly, you can’t treat swaps between yield-bearing assets as simple "coin-for-coin" exchanges anymore. Since the assets themselves generate yield, the old liquidity provision logic turns into a negative yield mechanism—LPs lose, arbitrageurs profit, and protocols have to cover the gap. That’s why Terminal’s DEX is rewriting this layer entirely, building a unified scenario for yield-bearing stablecoins, institutional asset transfers, and on-chain structured liquidity. Once it launches at the end of the year, it will become the main trading hub for the entire Ethena ecosystem— Institutional dollars, yield-bearing tokens on-chain, and various whitelabel stablecoins will all converge here for hedging, settlement, and compounding. The pre-launch TVL has already surpassed $280M, outperforming many legacy protocols during their cold start phases. Everything is ready now, and Terminal is moving from "accumulating liquidity" to "unlocking liquidity." This could be one of the most noteworthy DeFi events by the end of 2025. Let’s not forget the powerhouse behind it: Ethena × BlackRock × Converge—one generates yield, one provides clearing. If this lands successfully, Terminal could completely rewrite the economic logic of on-chain trading! Fingers crossed for a smooth launch by year-end. By then, my stash of points might be worth a fortune!