To be honest, there aren't many DeFi projects that really impress me in this bull market. Most DEXs are still stuck in the old ways: competing for transaction fees, breadth, and incentives, and ultimately either end up with no meat to eat or become a "pseudo centralized" liquidity pool. As an experienced veteran in the cryptocurrency industry for many years, I have recently been amazed by the @ Terminal_fi project. This is not an ordinary DEX. Behind it stands Ethena Labs, which has created the USDe synthetic dollar, essentially using the key to "crypto native dollars" to reconstruct the trading market. Terminal's positioning is not related to Uniswap or HyperLiquid competitors, but rather to unify the flow of funds and income in the entire Ethena ecosystem, making USDe/sUSDe the "new capital base" of DeFi. The supported assets include USDe, sUSDe, and USDtb (the US dollar income asset supported by BlackRock BUIDL), ETH，BTC。 When I first saw its data, I couldn't sit still. Firstly, before officially opening, this guy managed to lock up over 300 million US dollars, setting a new record for DEX preheating. How did it happen? It has established three "VIP wealth management pools" for everyone to deposit and occupy seats in advance: 225 million USDe (Ethena's synthetic US dollars), 10000 ETH, and 100 BTC. Now all three pools have been robbed and exploded, just like the scene of "internet celebrity store opening queue" in the cryptocurrency circle. What's even more ruthless is that the more than 10000 wallet addresses that participated in the pre deposit can all receive airdrop candies in the future, and this wave of user binding has played extremely well. And it is expected that Terminal DEX will be launched in December this year, so this wave of airdrops is definitely a big deal! The core weapon of Terminal is that it fuses "making money" and "trading" together. In traditional DEX, once you complete the transaction, there will be no transaction fee. However, here we use a tricky operation called 'Yield Skimming' - the stablecoins you deposit (such as sUSDe) are already earning staking profits, and now these profits will automatically roll back to the trading pool. The Terminal will then skim these profits and distribute them to LPs, turning them into thicker liquidity to lower the slippage. Equivalent to saving transaction fees while generating interest on the money you save, a double buff is added. Their CEO said, 'We're playing with interest bearing dollars, liquidity efficiency outperforms traditional stablecoins.'. Looking at the assets it connects with, they are all top tier in the cryptocurrency circle: not only can you use USDe/s USDe, a self generating "wealth management dollar", but you can also directly trade BlackRock's BUIDL fund token USDtb. Simply put, it means connecting the high-quality assets of traditional finance with the ETH/BTC of cryptocurrencies through the shortest possible path. This pattern is so much higher than simply building a Tugou coin exchange that I don't know where it goes. Ethena's strategic leader put it more bluntly: 'Our assets are already the blood of DeFi, and Terminal is building a heart for this blood.'. Finally, let's talk about how to harvest wool: The pre storage stage has ended now, but don't panic! Their token airdrop has not been issued yet. According to the rules announced by Ethena, those who hold sENA (Ethena Ecological Token) starting from the end of June will be able to receive Terminal tokens in proportion to their points, with a maximum possible share of 10% of the total amount. This is equivalent to issuing an "original stock subscription certificate" to old ecological users in advance. Overall, the Terminal operation is essentially expanding Ethena's "synthetic dollar empire" from the payment layer to the transaction layer. And combined with Ethena's $10 billion network expansion and Binance's deep binding, the potential can be imagined. When others are still dealing with zero gas consumption, it directly reconstructs the liquidity production relations, turning every locked up fund into a 'goose that lays golden eggs'. At the current stage of accelerated entry of institutional funds, this exchange that bridges TradFi and DeFi is likely to become a traffic entry point for the next cycle, which deserves special attention and focus