最近看有大佬在讨论 Terminal @Terminal_fi 这个项目，因为之前没有参与Ethena @ethena_labs ，看参与了的都收益很高，所以对 Terminal 这个Ethena 孵化的 DEX 来研究一下。🤔
Terminal 在预存阶段就吸引了超过 2.8 亿美元的 TVL，三个金库全部达到上限：2.25 亿 USDe、1 万 WETH、100 WBTC，超过 1 万个钱包参与，说明市场对收益型稳定币交易的需求其实是真实存在的。
Terminal 的核心逻辑是：
传统 DEX 只能交易，但 Terminal 围绕 sUSDe、USDtb 这些收益型资产构建，用户交易的同时还能获得底层资产的收益。
更关键的是他们的「Yield Skimming 」机制——捕捉 sUSDe 等资产产生的收益，重新分配给流动性提供者、交易者和代币持有者。
这等于把传统被中介吃掉的收益，直接返还给用户。
〰️〰️〰️〰️
从数据对比看：
一年前 sUSDe 在 CeFi 收益率超过 20%，DeFi 只有 10% 左右，套利空间巨大，几天内就有超过 10 亿美元流入 Aave。
现在 TradFi 资金成本通常是 SOFR +100 bps，而 sUSDe 能提供 10% 以上回报。
这个利差空间，随着机构资金上链会越来越大。
〰️〰️〰️
Terminal 计划年底TGE，根据官网信息，最多 10% 的治理代币会分配给 sENA 持有者，积分追踪从 6 月 28 日开始。
我觉得这个项目最大的看点，不是又一个 DEX，而是它真正解决了收益型稳定币的流动性和交易效率问题。
当 USDe 规模达到 150 亿美元，USDtb 背靠 BlackRock 的 BUIDL 基金，Terminal 作为这个生态的流动性枢纽，想象空间确实不小。
听说最近Terminal 还会再开放小型的vault ，已经有很多人在开始蹲了。🤔
Ethena sits between CeFi and DeFi, having reached scale across both markets with a ~$15B TVL through USDe and USDtb — the latter backed by BlackRock’s BUIDL tokenized fund.
Terminal aims to expand alongside Ethena by exporting USDe in a format that TradFi can consume.
A year ago, sUSDe yielded over 20% in CeFi while DeFi rates stayed near 10%. More than $1B flowed into Aave within days to capture the spread.
In TradFi, capital can often be sourced at SOFR +100 bps, while sUSDe can offer returns above 10%.
This spread represents an even larger opportunity as institutional capital moves on-chain.
Terminal is building the exchange for institutional asset trading powered by USDe, where yield-bearing assets serve as core pairs — launching later this year.
5.5K
0
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.