Ngaba i-DEX eyenziwe nge-stablecoins eyenza i-returns ukuguqulwa indlela yokusebenza kwe-crypto markets? Thola amabhokisi ezintathu pre-deposit ku-capacity ngaphambi kokufunda i-business. I-Seoul-based decentralized exchange, eyenziwe ngu Ukubuyekezwa kwe-225 million USDe, i-10,000 WETH, ne-100 WBTC kusuka kumazwe abalandeli abalandeli ukufinyelela ngokushesha ku-imeyili ebizwa ngokuthi "de facto DEX ye-Ethena ecosystem." Ukubuyekezwa kwama-$280 million, ngokuvumelana data ukuyifaka umsebenzi Vault. Terminal Izimali I-Ethena Labs Ukuhlobisa Izibalo zihlanganisa ngaphezulu kwe-speculative positioning. Ngaphezulu kwe-10,000 ama-wallet ezithile zihlanganisa imali ngexesha le-pre-launch, nge-participants ebonakalayo ama-airdrop ezingenalutho njenge-part of a token-generation event ezidlulele ekubeni ukuhlaziywa kwe-platform ekupheleni ngonyaka. Izixhumi zihlanganisa ukuthi ama-trader zibonise impahla e-platform eyenziwe ngempumelelo ebonakalayo ngempumelelo ngenkathi zihlanganisa i-peg to i-currencies ezivamile. Yini i-Terminal Finance iyahlukile kunezinye amayunithi ezingu-decentralized ezisebenzayo ezivela ku-blockchains? I-platform yenzelwe kusukela ekuqaleni ukuhlola uhlobo elilodwa se-asset eyenziwa kusuka ku-$1.5 billion kuya ku-$11 billion emakethe ngexesha le-2024 no-2025, ama-stablecoins eyenza-i- yi-stablecoins eyenza abalandeli ngenkathi ukugcina ukuzinza. Ukuphepha I-Iniquity-Bearing Stablecoins: I-Assets Driving Design ye-Terminal I-stablecoins ezivamile efana ne-USDT ne-USDC inikeza i-peg ye-$1 kodwa akhiqiza iziqinisekiso ezingenalutho. I-emittener ikhiqiza ama-billions yonyaka kusuka ku-Treasury yi-return kanye nama-investments ezininzi eziholela ama-money, kodwa abasebenzisi akhiqize akukho. Izinzuzo ze-stablecoins ze-non-yielding zithintela ku-approx. $9 billion ku-return yonyaka lapho izindleko ze-Treasury zithintela ku-4 kuya ku-5%. Ukubuyekezwa I-stablecoins eyenziwe ngempumelelo ihlukanise lokhu. Lezi zinsizakalo zihlanganisa i-peg while distributing returns to holders through various mechanisms. Ezinye, njenge , back the stablecoin nge U.S. Treasury amayunithi futhi ushiye izindleko ngqo kubathengi token. Olandelayo, njenge Ukusebenzisa izindlela zokuhweba ze-delta-neutral emakethe ze-derivatives ukukhiqiza iziqinisekiso. I-sUSDe token, okuyinto isebenza njenge-asset ye-trading ye-Terminal Finance, ibonise iziqinisekiso ezingu-10 kuya ku-29% kwezinye izinsuku ezingu-2024 no-2025. USDY kusukela Ondo Finance I-SUSDE ye-Ethena I-concept ibandakanya izindlela ezimbili zokuhlanza i-return. I-rebound tokens ukwandisa inani le-tokens e-wallet ye-holders ngosuku ngenkathi ukugcina ixabiso se-$1 ngalinye. I-tokens e-price-appreciating ibandakanya ukugcina isilinganiso esifanele kodwa ukwandisa i-value ye-taken ngamunye phezulu kuka-$1 ngesikhathi. I-sUSDe ye-Ethena isetshenziselwa isampula se-appreciation, lapho ngamunye i-token ibaluleke ngaphezulu kuka-USDe yayo esifundeni njengoba i-return ibandakanya. Abasebenzisi angakwazi ukubheja i-USDe 1,000 ukuze uthole i-sUSDe, futhi ngemva kwiminyaka engu-20% e-APY, Indlela I-Terminal Finance Ukuphendula Imibuzo Emakethe ye-Iniquity-Bearing Stablecoin I-Existing decentralized exchanges ayenzelwe ukuhlangabezana nezinsizakalo ezisebenzayo ngokushesha. Uma abasebenzisi zithunyele i-liquidity ku-automated market maker pools nge-tokens ezisebenzayo, ukuhlangabezana kwezinsizakalo phakathi kwezinsizakalo ezihambelana kusenza ukulondoloza okuphazamiseka okwandisa izindleko. Abathengisi zihlanganisa ukuchithwa phakathi kwezinsizakalo ezisebenzayo ze-stablecoins nezinye izinsizakalo ngoba izinsizakalo zihlanganiswa phakathi kwezindawo eziningi. I-Terminal Finance isixazululo lwezimali ngokusebenzisa okuziwa ngokuthi yi-Yield Skimming. I-Mechanism ikhipha i- yi-asset-like-sUSDe e-liquidity pools futhi ikhipha i-return e-DEX economy. Ngaphandle kokuphumelela kwama-return ku-permanent loss, i-platform ikhipha ku-benefit of liquidity providers, traders, and token holders. "Ukuhlola i-DEX ku-dollar yi-return-bearing, i-Terminal ikhiqiza ekuphumelela kwezimali ngokuvamile. Lokhu kwenza i-bootstrapping ye-liquidity kakhulu kakhulu kumadivayisi we-token futhi ibeka izinga entsha yokukhiqiza kwama-capital e- I-Platform ibambisana ne-orderbook model ne-automated market maker functionality ukuze inikeze i-liquidity ephakeme. Ngokuqala, i-Terminal iyatholakala i-USDe, i-sUSDe, ne-USTb njenge-asset yokuhlanganisa yesisekelo. isekelwe yi-BlackRock's BUIDL fund, i-tokenized Treasury product enezingeni angaphezu kuka-$1.8 billion. Lezi zihlanganisa zithumela abathengisi ukuguqulwa i-stablecoins enezimali ngokubethelwa ku-assets ezinkulu kuhlanganise i-ETH ne-BTC ngaphandle kokubethelwa kwegama lokuthumela. I-USDtb ye-stablecoin Ukukhishwa kwe-Ethena ne-Terminal's Strategic Position I-Ethena iyahambisana ne-protocol ye-decentralized finance. I-Platform I-market capitalization phakathi kwe-$5.46 billion ne-$12.6 billion ngokuvumelana ne-date ye-measurement, okwenza ku-stablecoin ye-third largest globally emva kwe-USDT ne-USDC. I-protocol's total value locked ihlukaniswe Ngo-Agasti 2025, i-protocol ye-DeFi ye-sixth-largest and the second-largest non-staking project emva kwe-Aave. I-USDe Stablecoin ezivela US $ 11.89 Billion I-Ethena ikhiqiza i-return ngokusebenzisa amahora amabili. I-protocol ikhiqiza i-Ethereum i-certified to earn consensus and execution layer rewards from network validation. Ngesikhathi esifanayo, i-Ethena ikhiqiza izindawo ze-delta-neutral emakethe ze-futures, ukuthatha izinga le-financing eyenza abathengisi ukugcina izindawo ze-leverted. Lezi zebhizinisi zebhizinisi zithunyelwe ezingaphezu kuka-$1.2 billion eYurophu Ngo-December 2024, ngokuvumelana nezithombe zebhizinisi. I-Protocol yonyaka yokuthengisa I-Terminal Finance isebenza njenge-hub ye-liquidity ye-ecosystem enhle. "I-Ethena assets iyahambisana ne-Engine ye-DeFi rewards, enikeza izicelo eziningi ezinkulu ezisekelwe ku-Ethereum namahhala angama-billion-dollar. I-Terminal iqembu lihlola le khono, ukwakha i-spot DEX yayo usebenzisa i-sUSDe emkhakheni yayo, ukuze ikhiqize ikhwalithi engaphezulu kubasebenzisi. Thina siphinde ukuthi i-Terminal iqembu ingxenye yesekudla ye-Ethena ecosystem," wathi uNick Chong, umphathi we-Strategy e-Ethena, e-anunithi. I-platform isebenza ngokuzimela kodwa inikeza iz Ngena ngemva , futhi , kanye nokufinyelela isisekelo sokukhula yabasebenzisi abanezimali ezingaphezu kuka 757,000 USDe ku-24 blockchain networks. Ukuhlobisa ikhaya Ukuhlobisa I-Token Distribution ne-Early Participant Incentives I-Terminal Finance uzithintela i-token ye-governance njengesigaba se-launch. Izindaba ze-Ethena ze-website zihlanganisa ukuthi i-10% ye-Terminal's token supply ingahlukaniswa kumadokhumenti we-sENA ngokuvumelana ne-Terminal Points system. Ukuhlola ama-points yasungulwa ngo-Juni 28, 2025, futhi abalandeli abalandeli amabhizinisi ngexesha le-pre-launch zihlanganisa amaphuzu ezivumelanisa i-airdrop enesigodi kanye nama-allocation amaphuzu. I-distribution mechanism ivela isampula esekelwe ku-decentralized finance lapho abasebenzisi abavela amaklayenti amaklayenti njengoba ukuguqulwa kokuphepha lokuqala kanye nokuthatha ingozi ye-platform ngaphambi kokuphumelela ngokugcwele izici. I-model ibonise abasebenzisi ukuvikela imali ngexesha elide nokuhlala ekulawulwa uma amaklayenti amaklayenti amaklayenti amaklayenti amaklayenti amaklayenti amaklayenti amaklayenti amaklayenti amaklayenti amaklayenti amaklayenti amaklayenti amaklayenti amaklayenti amaklayenti. Izinhlangano ezivamile zihlanganisa imali elikhulu iminyaka eminyakeni ngaphandle kokufika ku-plattform ephelele yokuhweba. Amahhovisi amabili amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu amaphuzu. I-Cross-Chain Expansion Plans ne-Competition I-Terminal Finance ibonise izindawo zokuthuthukiswa kwi-blockchains eziningana njengoko i-Ethena ivumela ukufinyelela kwe-USDe ngaphandle kwe-Ethereum. I-Ethena ihlanganisa i-USDe ku-Ethereum kuhlanganise BNB Chain, Solana, neTON usebenzisa i-omnichain fungible token standard ye-LayerZero. I-cross-chain volume ye-USDe iye yethula i-$743 million ngeviki ku-September 2025, okuvumela ukufuna kwe-stablecoin phakathi kwezinhlelo ezahlukahlukene. Ngaphezulu kwe-30 amaphilisi I-Terminal uzodinga ukulungiselela i-liquidity kwelinye i-chain lapho isebenza. I-Platform ithatha ingozi kusuka ku-exchanges ezivamile ze-decentralized ne-user bases ezivamile kanye ne-liquidity depth. I-Uniswap ithatha i-$123 billion ngenyanga ku-volume ku-multi-chain kusukela ngo-2025. I-Curve Finance ibhizinisi ku-stablecoin trading nge-$4 billion ku-value total. I-platform ezintsha njenge zihlanganisa inani elikhulu emakethe ngokusebenzisa izincwadi ze-token kanye nezimali ezincinane. I-Aerodrome on Base Izinzuzo zokusebenza ze-Terminal zihlanganisa ku-specialization. I-General-purpose DEXs zihlanganisa ama-stablecoins eyenziwe ngempumelelo efanayo ne-asset eyodwa, okuholela ku-capital ine-efficiency kanye ne-user experience emibi. I-plattform eyenziwe ikakhulukazi kumadivayisi angakwazi ukuthola abathengisi nabathengisi be-liquidity abaphele nemisombululo eyenziwe. I-success of specialized exchanges in traditional finance, lapho i-platform eyenza ku-asset classes ezithile ikakhulukazi iyanikeza ama-generalists, ibonisa ukuthi lokhu isinyathelo iye i-precedent. Usayizi Market and Growth Trajectory for Yield-Bearing Stablecoins Waze Ukuphumelela kusuka ku-$1.5 billion ekuphumeni kwe-2024 kuya ku-$11 billion ku-May 2025, okuqukethe ukucindezeleka kwama-500%. Lokhu ukucindezeleka kwenziwa nangaphandle kokuphumelela kwimarike okuphumelela kanye nokuphumelela kwezimfuneko zokusetshenziswayo kumazwe amakhulu. I-Segment ibandakanya imikhiqizo esekelwe ku-Treasury ezifana: Ngena ngemva , kanye nemikhiqizo eyenziwe nge-derivatives efana ne-Ethena sUSDe. yield-bearing stablecoin umkhakha Ngena ngemvume USDM kusukela Mountain Protocol I-stablecoins ezivamile yasungulwa i-$27.6 trillion yama-transaction volume ngesikhathi e-2024, okuphumelela i-Visa ne-Mastercard yama-annual throughput ngokuvumelana namadokhumenti zezimboni. Uma unemigodi encane ye-stablecoin abasebenzisi asebenzise ama-alternatives eyenza, emakethe eyenza angama-trillion dollar. Ezinye abanamakhasimende zibonisa emakethe eyenza eyenza eyenza i-stablecoins eyenza angakwazi ukufinyelela kusukela ngo-2030. $3.5 ukuze $10 trillion Ukuvuselelwa kwe-regulatory kungabangela noma ukunciphisa le nophuhliso. I-STABLE Act kanye ne-GENIUS Act eyenziwe e-United States zibonisa izincwadi ezizodwa ezivela kumazwe we-stablecoin. I-Ethena ibhizinisi Ukuphakama kwe-Terminal Finance njengezindawo yokulinganisa yokulinganisa kwe-USDe ye-offshore ne-USDtb kungabangela i-platform ukuthatha i-flow kusuka kumakhasimende abalandeli we-DeFi kanye nama-institutions asekelwe. I-Anchorage Digital I-Technical Architecture kanye ne-Launch Timeline I-Terminal Finance isebenza ku-Converge, isixazululo se-Layer 2 ye-Ethena eyenziwe yama-ecosystem. I-platform ibhokisi i-central limit order book ne-automated market maker pools ukuze inikeze ububanzi lokukhipha phakathi kwezinhlangano ezahlukile zokuhweba. I-market makers professional angakwazi ukubeka ama-limit orders ngentengo ezithile, kanti abasebenzisi be-retail angakwazi ukuchithwa ama-tokens ngokushesha nge-AMM pools ngaphandle kokufunda amamehlo. I-Order Book model inikeza ukuhlaziywa kwama-prize futhi inikeza abathengisi ukubona i-liquidity e-liquidity e-deal ngalinye. I-AMM component inikeza ukusebenza okusheshayo kubasebenzisi abavela ukuhlaziywa kwama-price optimization. Lokhu ukufinyelela kwe-hybrid litholakala ku-platforms njenge-AMM. Ukuhweba kwe-derivatives, lapho izinhlobo ezithile zokusetshenziswa izindlela ezithile zokusebenza. Ngena ngemvume Ukusungulwa kwe-platform kubhalwe ekupheleni kwe-2025, ne-token-generation event iyahambisana ngokufanayo ne-time-line. I-team ayikaze isikhathi esifanele, mhlawumbi ngenxa yokuhlanganisa kokusungula kwezobuchwepheshe, izivakashi zokhuseleko, ukuthengiswa kwe-token, kanye nokuxhumana kwezigidi eziningana. I-pre-deposit vaults ziye ziye kubhalwe ku-active trading pools ekusungulweni, ukunikela i-liquidity yokuqala ye-platform. Izinzuzo futhi Izinzuzo ezivela ku-Terminal Finance Izimo eziningana kungabangela ikhono le-Terminal Finance yokufaka isakhiwo se-market. I-Platform inesibophelela ngokuphelele ekuthuthukiseni kwe-Ethena kanye ne-stablecoins eyenziwe ngempumelelo. Uma izinga lokufinyelela ku-finance emakethe ye-perpetual futures kubhalwe negatively ngexesha elide, izindleko ze-sUSDe angangena noma zihambe, ukunciphisa isidingo sokuhweba kwezinto. Ngo-2022, ukuphazamiseka kwe-stablecoins ye-algorithmic, futhi noma iyiphi ingozi ku-Ethena's delta-hedging mechanism ingangena ingozi efana ne-panic. Ukulungiswa kwe-Earth Moon I-regulatory scrutiny ye-synthetic stablecoins isebenza ngokushesha e-United States futhi eYurophu. Amadivayisi amabhange ukuthi ama-stablecoins eyenziwe ngempumelelo zihlanganisa ukubhalisa nokuhambisana nezinsizakalo zokhuseleko ama-investor. I-Terminal Finance ingangena nezidingo zokuxhumana kwamakhasimende e-US noma ukuhlela izinhlelo zokusebenza ze-know-your-customer ezivela ne-platform yokufaka njenge-authorized decentralized exchange. Izinzuzo zobuchwepheshe zihlanganisa izinzuzo ze-smart contract, ukuguqulwa kwe-oracle, kanye ne-cross-chain bridge exploits. I-Yield Skimming mechanism ye-platform ivumela ukucindezeleka kwama-token contracts okwandisa indawo yokuphendula kwezinzuzo ezinzima. Ukuhlanganiswa nge-protocols eziningana, ama-chain, kanye nama-external price feeds ivela izinzuzo lapho isisindo se-one-component ingathuba inkqubo jikelele. I-team ayizwi iziphumo ze-audit ye-security noma ama-bug bounty programs ezinikezele ukuxazulula izinzuzo ezinzima. I-Analysis and Final Thoughts yami I-Terminal Finance inikeza ukucubungula kwezimali ezivamile ze-decentralized finance. I-platform inikeza ingxenye yentengiso, i-stablecoins enikezelo, ngaphandle kokufaka ukuhlangabezana nezidingo zebhizinisi. Le nqakraza ingathuthukisa imiphumela yebhizinisi uma i-platform ivela indawo yokufakelwa kumadivayisi, efana ne-Curve Finance enikeza i-stablecoin swaps ngokuvumelana ngokuvumelana ngokuvumelana kwezohwebo ezincinane ezivela phakathi kwezimpahla ezivamile. I-$280 million e-pre-deposits ibonise isidingo esiyimfihlo, futhi akuyona kuphela ukucindezeleka kwe-token airdrop. Abalandeli abalandeli imali eminyakeni eminyakeni ngaphandle kokusebenza kwezohwebo, okuvumela ukucindezeleka kwama-value proposition eside. Ukusebenza kwe-10,000 wallets eyahlukile ibonise ukucindezeleka kwe-community ephakeme kune-concentration phakathi kwezinye abalandeli amakhulu. Nangona kunjalo, imibuzo emininzi ayihambile. I-team ayikwazi ukunikezele i-chart yokuqukethwe kwe-token, izinsuku zokusebenza ze-insiders, noma inqubo ye-procentage ye-supply eyenziwe kumadivayisi eduze vs. abalandeli be-community. Ngaphandle kwalokho, abasebenzisi awukwazi ukulawula ingozi ye-token emikhulu ngemuva kokusungula. I-revenue model ye-plattform kanye ne-how it uphinde ukusebenza ngenkathi ibhizinisi be-DEX esekelwe nge-venture funding ayinambuzane. I-Yield Skimming mechanism ibonise ezintsha kodwa inikezela ukuhlolwa emakethe embalwa. Uma ukuthuthukiswa akufanele ukunikela imiphumela engcono kunoma kuphela ukugcina i-sUSDe, ama-liquidity providers zithunyelwa ku-platforms nge-simple, amamodeli ezivamile. Ukuphumelela kwe-Terminal Finance kusekelwe izinga lokuphumelela, futhi akuyona kuphela izinzuzo zofuzo zofuzo. I-Platform ivula ekhompyutha lapho abasebenzisi abanezinhlangano eziningana. Noma i-Terminal Finance ivumela inani elikhulu yentengiso kuya kulingana nokunikezela ukufinyelela kwama-user experience, ukugcina ukhuseleko, futhi ukwakha ububanzi lokukhanyisa phakathi kwama-assets esekelwe. I-pre-launch metric ibonisa ukuthi i-Platform uqala nge izinzuzo, kodwa isakhiwo se-desentralized exchange yaziwa ukuthi izinhlelo ezininzi nge-launches ezinzima ukugcina imithombo uma ukujabulela ukujabulela ekuqaleni. Qiniseka ukunakekela futhi usahlanganyela umlando!

This story contains new, firsthand information uncovered by the writer.

The writer was physically present in relevant location(s) to this story. The location is also a prevalent aspect of this story be it news or otherwise.

Hot off the press! This story contains factual information about a recent event.

Winner of Noonies 2020 for the award Hacker Noon Contributor of the Year - DATA.

2020 - Hacker Noon Contributor of the Year in DATA

Read My Stories

Lo msindo ukhiqizwa ngolimi lokuqala lwendaba!

Kude kakhulu; Uzofunda

Download free Tech Leaders Productivity Report!

I-Terminal Finance I-$280M TVL: Yenza Le-Ethena-Incubated DEX Olunye

About Author

IMIBONO

HANG TAGS

LESI SIHLOKO SETHULWE NGAPHAKATHI

Related Stories

The Billionaires F*cked Up

Zulu Network: Moving The Bitcoin Economy Forward With a Two-Tiered Bitcoin Layer 2 Architecture

The Billionaires F*cked Up

Zulu Network: Moving The Bitcoin Economy Forward With a Two-Tiered Bitcoin Layer 2 Architecture

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps