Terminal Finance’s capped pre-deposit vaults for USDe, ETH, and BTC have hit capacity, marking strong early demand ahead of its Ethena-integrated DEX launch and token generation event.
Terminal Finance, a decentralized exchange incubated by Ethena Labs, has secured more than $280 million in total value locked during its pre-deposit phase, according to DeFiLlama. This phase included three capped vaults holding 225 million USDe, 10,000 ETH, and 100 BTC, all reaching full capacity. Built around Ethena’s synthetic dollar (USDe) and yield-bearing sUSDe, the DEX will support trading pairs for ETH, BTC, and USDtb—backed by BlackRock’s BUIDL fund—while employing a ‘yield skimming’ mechanism to enhance liquidity. Over 10,000 wallets participated in pre-deposits, with early users eligible for token rewards. The token generation event is expected to coincide with the year-end launch, and up to 10% of governance tokens may go to sENA holders based on points earned since June 28.