Ethena, Ethereal, Terminal & Converge: What’s new in the ecosystem and when TGE?

What’s still worth farming? What strategies still make sense?

Let’s find the best spots to park our bags together 👇

0→/ @ethena_labs: the core protocol

> $USDe: a stablecoin backed by a delta-neutral strategy (ETH spot + short perp)

> $sUSDe: staked version earning around 5% APY, TVL is almost $7B

> But the real alpha is not in Ethena itself, it’s in the projects being built around it

1→/ @etherealdex: Perp DEX

> Aims to feel like a CEX, fast speeds & cheap.

> Farming campaign started in February

> Rumors say TGE is coming +- August 14 (if Converge launches on time)

> 15% of the token supply is reserved for ENA/sENA holders

> The team is anonymous, the founder is silent: @0xAfif

I’m still farming it, here’s my ref link for a +10% point boost: deposit.ethereal.trade/points?ref=XDW…

2→/ @convergeonchain, the launchpad for everything

> Once it goes live, other projects will follow

> No native token, validators will earn sENA instead

> Mainnet delayed but expected in Q3

> Layer 2 built by Ethena + Securitize

> Uses Arbitrum + Celestia stack

3→/ @Terminal_fi: Marketplace and AMM optimized for large-scale trading

> Backed by Ethena and @etherfi_VC

> Already $100M+ in pre-deposits

> You can deposit USDe, $ETH, or $BTC and farm points ("Roots")

> Best use-case right now is ETH & BTC, strong yield

> Bonus rewards if you use Pendle LPs, 2x boosts and APY on top

> For stablecoins there are too many farming options right now on the market, I’d wait a bit

The $ENA ecosystem is growing fast

And I’m still bullish on Ethena Ecosystem and everything related