Core Insights - Terminal Finance, a decentralized exchange (DEX) by Ethena Labs, has achieved over $280 million in total value locked (TVL) before its launch [1] - The platform aims to be the primary DEX for the Ethena ecosystem, focusing on USDe and sUSDe, and will support trading against USDtb [2] - Terminal will facilitate spot trading pairs with major cryptocurrencies and implement a "yield Skimming" mechanism to enhance liquidity [3] Company Overview - Terminal Finance has completed a pre-deposit phase with three capped vaults, reaching full capacity with 225 million USDe, 10,000 ETH, and 100 BTC [1] - Over 10,000 wallets participated in the pre-deposit stage, with early participants eligible for token rewards linked to the upcoming token generation event (TGE) [4] - Ethena's assets are becoming significant in DeFi liquidity, with Terminal's integration of sUSDe enhancing this foundation [5] Industry Context - Decentralized exchanges are gaining traction in the current bull market, with platforms like HyperLiquid competing against centralized exchanges such as Binance and Coinbase [2] - The focus on yield-bearing assets and liquidity efficiency is expected to improve market depth within the DEX space [3]