DEXs were never built for yield-bearing assets.
That’s why USDe/sUSDe liquidity has been shallow, fragmented, fragile.
But rn @Terminal_fi offers the best way to farm USDe yields today 🧵👇🏻
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▪️ The Importance of TerminalFi
sUSDe accrues yield inside the token itself.
AMMs can’t handle that shift in value → fractured pools, slippage, shallow markets.
TerminalFi, the liquidity hub for Ethena, solves it by designing a DEX purpose-built for these assets, not retrofitting old models.
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▪️ Pre-Deposit Demand
Over $260M has already been deposited ahead of launch.
For me, this is the sign of hard capital positioning for the next phase.
It shows that institutions + farmers know this is the most efficient way to farm USDe today.
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▪️ Real Yield, Not Bribes
Instead of endless emissions, Terminal loops native yield back into liquidity.
This makes incentives sustainable and aligns LPs with protocol health.
Right now, this structure is powering the highest USDe yields live on Pendle.
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▪️ Best Yields in Market
On Pendle, with a 1+ month horizon, you’re farming USDe at the highest live yields.
Add Terminal rewards on top of Ethena rewards → the stack compounds fast.
🔗 Here is where short-term farms end, and compounding strategies begin:
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▪️ Composable Loops
The kicker: PT can be looped on Euler, and soon Aave.
That means farmers can leverage their position for more exposure, while staying inside a yield-optimized design.
Secondary liquidity is no longer a weak link but the engine.
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▪️ Timing
First deployment lands before December Pendle maturities.
That’s key: it positions Terminal at the center of USDe yield when demand spikes.
In DeFi, timing isn’t everything. But it’s close.
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