
Terminal Finance Pre-Deposits
An Ethena-incubated spot DEX on Ethereum built around yield-bearing stablecoins like sUSDe and concentrated liquidity pools.

What is Terminal Finance Pre-Deposits?
Terminal Finance is a spot decentralized exchange incubated by Ethena Labs, designed to be the central liquidity hub for sUSDe, USDe, and other yield-bearing institutional assets. It uses concentrated liquidity pools adapted from Uniswap v3 plus a yield-skimming mechanism that captures yield from pool reserves and redistributes it to liquidity providers. Its pre-deposit phase drew ~$280M TVL across capped USDe, ETH, and BTC vaults from 10,000+ wallets.
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