what's terminal finance?
Terminal Finance is a decentralized finance (DeFi) protocol designed as a marketplace for trading yield-bearing dollars and institutional-grade assets. It functions as a liquidity hub, enabling users to deposit and trade assets like USDe, WETH, WBTC, and staked tokens such as sUSDe. The platform integrates with established DeFi ecosystems, including Ethena for synthetic dollar yields, Pendle for yield tokenization, and Ether.fi for staking rewards, allowing seamless liquidity provision and yield optimization. At its core, Terminal Finance facilitates early deposit programs and points-based incentives to bootstrap liquidity, where participants earn rewards through staking pools and trading execution. It emphasizes compliant infrastructure for real-world assets (RWAs), partnering with entities like Securitize to explore tokenized equities and new ERC standards. This positions it as a bridge between traditional finance and DeFi, focusing on institutional adoption by providing tools for yield trading, reward distribution, and cross-protocol liquidity. The protocol's architecture supports creator economies and traders by reducing friction in asset swaps and yield farming, with features like pre-deposit campaigns to attract TVL before full mainnet deployment. Built on chains like Base, it leverages partnerships to distribute incentives, such as sENA rewards, fostering a sustainable ecosystem for long-term liquidity and value accrual.
Terminal Finance winds down completely after Ethena's mainnet failure, leaving $280M in deposits.
Links
x.com/terminal_fiIntegrates prediction markets to allow traders to reference prediction market data while trading perpetuals.
Terminal Finance winds down operations completely following Ethena's Converge blockchain failure to launch its mainnet.
The cancelled launch left $280 million in deposits on the platform.
The project discontinues launch after the Converge chain failure, with user principal fully backed 1:1 for withdrawal and Pendle positions receiving Ethena Sats, sUSDe yield, and etherfi points.
Terminal commits between 5% to 15% of its future token supply to sENA holders as part of building inside the Ethena ecosystem.
Latest sENA pool with Feb 5, 2026 maturity includes Terminal at 3X rewards multiplier alongside Sats (40X), Ethereal (1X), Echelon (1X), Strata (3X), and Based (3X).
Pump acquired Terminal (previously Padre), with Terminal launching premium tooling for Pump's new features to incentivize high volume traders to migrate to the platform.
PumpFun gives Terminal users a competitive edge designed to drive trader migration to the platform. The tweet references Padre alongside Terminal.
v1 goes live on Ethereum with pre-deposits now open. Partnerships confirmed with Sui, MegaETH, and Jupiter as whitelabel partners for USDe stablecoin launches, with sENA holders receiving Terminal rewards.
Terminal rewards program and future airdrop are confirmed, with v1 launch scheduled before year-end.
First deployment on Ethereum Mainnet about to launch, followed by expansion to every major chain where Ethena Labs operates.
The project is incubated by Ethena Labs.
Product features include 35% cashback rewards, Kolscan integration displaying KOLs on charts, and Trenching feature for early opportunity identification.
Padre rebrands to Terminal, positioning as the fastest and most rewarding multichain trading terminal.
Pre-deposit campaign reaches new peak of $300M TVL across 9,000+ wallets, and tUSDe and tBTC Pendle markets hit capacity.
Up to 10% of token supply goes to sENA holders. Initial spot trading pairs include ETH, BTC, and USDtb backed by BlackRock's BUIDL fund.
Mainnet and token launch expected in Q4 2025, with tokens routing rewards to sENA stakers similar to BNB's ecosystem model.
Pre-deposit campaign TVL reaches $280M+, up from the previously reported $200M. Looping strategies to stack Terminal rewards and Pendle boosts are available on Euler and Aave platforms.
Terminal launches its most requested feature and deploys $5,000 in developer bounties across multiple repositories.
The platform approaches launch date with the model set to go live soon.
tUSDe offers 13% boosted APY on Equilibria with 250% vePENDLE boost, plus 60x Terminal Roots and 50x Sats points rewards.
Infinit Labs includes Terminal_fi in their Multi-LP Midas strategy offering with equal 25% allocation alongside Pendle as part of their automated DeFi strategies platform.
Pre-deposit campaign TVL surpasses $200M, and partnership with Securitize announced to enable compliant tokenized equities trading through a planned new ERC standard and KYC-gated pools.
Following the 100% sUSDe yield announcement, tUSDe trades at only a 2.5% premium from pre-announcement levels, potentially underpriced given current sUSDe yields of 5-8% APY according to market analysis.
Starting today, tUSDe (Dec 2025) begins accruing 100% of sUSDe yield in a Pendle-exclusive arrangement.
tUSDe's Implied Yield climbs 22% over the past week to 12.45% APY, trading at a 2x premium versus USDe despite being a longer-dated pool.
5,000 USDC in incentives deployed on Equilibria's voting market for the tUSDe 18-Dec-2025 pool, expanding incentive programs beyond Penpiexyz to maintain maximum boosted APY through vlEQB holder participation.
Echo integration announced as lightweight infrastructure for monetizing generative AI applications, with Terminal managing the payout layer.
tUSDe liquidity has surpassed USDe liquidity on Pendle, Morpho Labs, and Euler Finance, with Aave integration planned soon. DEX deployment is scheduled before the second Pendle pool expires in December 2025.
Pre-deposits cross $300M milestone with the points program now distributing 100M points monthly, while TGE is expected in December according to team communications.
TVL crosses $300M milestone with multiple deposit cap raises during pre-deposit phase, offering 18.6% base APY on tUSDe pair through Pendle integration.
Terminal deposits $5,000 in USDC incentives on Penpiexyz voting market, providing +99% APR for vlPNP owners supporting the tUSDe pool.
Noon Capital discusses incorporating tUSDe PT-assets into their USN strategies as part of a broader PT-asset integration initiative.
PT-tETH yields 10.24% fixed APY with caps at full capacity, indicating high demand and potential for capacity expansion.
Integration with Penpie goes live, enabling deposits of tBTC, tETH, and tUSDe LP tokens for up to 60x Terminal Points plus boosted PENDLE rewards.
New tUSDe pool launches with Equilibria's 250% vePENDLE boost effect for maximum yield optimization on Pendle.
Pre-deposit phase crosses $300M with $230M USDe via Pendle, $65M PT-tUSDe on Euler, and $10M LP-tUSDe on Morpho, attracting 1,500+ wallets on Pendle alone. Aave governance prepares to onboard tUSDe December-expiry PT tokens into V3 Core.
TVL reaches new ATH of $12B with $57M monthly revenue, while expanding to BNB and XRP/HYPE perpetuals trading pairs and launching USDtb on Aave with additional 2% yield.
New DEX launching on Converge blockchain, powered by Ethena Labs, with active Galxe Quest campaign.
TVL surpasses $11B while yield traders can acquire Terminal Roots at 2.57% APY net cost after accounting for Ethena Sats rewards.
Dual rewards structure confirmed for tUSDe: 10.28% yield plus maximum multipliers on Terminal Roots (60x) and Ethena Sats (50x).
New USDe derivatives comparison shows YT-USDe earning 60x sats, while YT-tUSDe and YT-pUSDe offer additional protocol points with 48% ROI and 400% APR potential.
sENA staking now earns points across five protocols including Ethereal DEX, Derive, Echelon, Strata, and Terminal.
tUSDe deposit caps reach maximum capacity of $145M, closing further deposits.
$7,500 USDC voting incentives activated for tUSDe pool, enabling 89% APR for vlPNP holders on Penple.xyz.
Achieves $163M TVL in pre-deposit phase with institutional inflows; offers up to 60x yield multipliers through Pendle integration.
Expands institutional RWA infrastructure through new integrations with Maple Finance, Ondo Finance, and Centrifuge for regulated asset flows.
StablecoinX SPAC secures $360M PIPE investment and plans to lock 11% of ENA supply, while Ethena Foundation already holds 8%, creating a 26% total supply sink through long-term escrow.
YT-tUSDe offers 15.12% implied yield with 50x Sats and 60x points multiplier, estimated 70% return through ENA airdrop.
Launches institutional-only KYC-gated stablecoin (iUSDe) with exclusive trading on platform, while confirming all Converge chain value accrues to ENA token.
BlackRock backs institutional asset trading marketplace, while TVL grows to $137M with increasing diversification beyond Pendle's contribution.
TVL reaches $121M with Pendle driving 76% of growth; offers 16%+ APY on stablecoins with up to 60x multipliers through Roots program.
TVL surges 66.7% ($54m) as Pendle's contribution rises to 77.71%
Deep liquidity pool launching for sUSDe trading against all digital assets.
USDe hits $6B+ ATH with multiple growth catalysts: Strata pre-deposits, September rate cuts, and Converge mainnet launch.
tUSDe Pendle pool receives 10,000 USDC incentive boost for voters.
Pre-deposits reach $100M milestone with Pendle contributing 71% of total TVL, demonstrating significant early traction.
Three new Terminal pools (tUSDe/tETH/tBTC) set to expire on September 25.
tUSDe pool debuts with triple incentives: 7% APY, 60x Terminal points, 50x Ethena points.
PT-tUSDe offers highest Ethena fixed yield at 10.45% APY.
Terminal x Pendle pools offer enhanced yield and points compared to direct Terminal deposits across all assets.
tBTC yield farming now live offering 33% APY plus points, with zero IL exposure via Pendle partnership.
New yield farming program launches for interest-bearing stablecoins with focus on USDe.
sENA holders now earn Terminal points, adding a fifth points system alongside Sats, Etherealdex, Derive, and Echelon Market points.
New liquidity hub launches with early deposit program for USDe, WBTC, and ETH; sENA holders eligible for future airdrop rewards.
New liquidity hub launches for institutional assets and reward-bearing stablecoins on Converge platform.
Expanding to Converge L2 chain through partnership with Ethena Labs and Securitize to launch DeFi applications.
New AI agent system 'Private Terminal' launches, enabling automated trading and casting through natural language commands.
Runs on Llama 405B AI system. Plans include automated trading, KOL behaviors automation, and social engagement features. Currently at token analysis stage using Dither technology.