Last night (11/11), Terminal Finance announced that it will launch its official version on the Ethereum Mainnet by the end of the year, aiming to become the preferred spot trading market (DEX) in the Ethena ecosystem.
Since Terminal has adhered to the deposit limit rules since July: 225M USDe, 10,000 WETH, 150 WBTC, the inflation experienced by users at the points level is relatively stable and controllable.
Then, how much will the competition intensify after logging onto the Ethereum Mainnet?
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Let me briefly summarize the key points of this announcement:
Reasons for choosing Ethereum? Over 85% of USDe exists on Ethereum, which has the highest liquidity.
Plans to support stablecoins launched for Ethena SaaS services: Sui, MegaETH, Jupiter.
From this perspective, the liquidity injected into Terminal Finance will be from the DEXs on Ethereum, in other words, this liquidity is the potential hot money joining the competition for Terminal airdrop points.
I found the top collectors of Ethena: USDe data dashboard (entropy_advisors) on Dune, and the current liquidity of USDe in Ethereum DEXs is about 166M.
Of course, we know that the overall supply of USDe has been continuously decreasing recently. From the data panel, it can be seen that the peak was in mid-September, around 275M.
If Terminal provides additional incentive mechanisms, along with the original airdrop return expectations (Terminal + Ethena), even if only 50% of the current liquidity in Ethereum DEXs is absorbed, there will be a fund amount of 80M (approximately equal to 38% of the current Terminal USDe stock).
It can be anticipated that as Terminal officially opens the spot trading pair function, the competition for airdrop points will significantly increase.
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Summary
As for the strategy, there’s not much to say, just hurry up and fill the remaining quota of Terminal.
On one hand, take points while the current fund amount has a hard cap limit, and on the other hand, the pre-staking points are more useful (more valuable).
Currently, the quota of USDe is about 10~12M (5M quickly flowed in after the news was announced yesterday), or there is also some quota left in the WBTC pool.
After depositing USDe, you will receive tUSDe, which can be further operated with Pendle; this part depends on personal choice, but it's advisable to hold basic LP, as data shows that the vast majority of tUSDe has passed through Pendle.
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※Ethena code: eu54u
※Terminal code: AUXHUOLV, using the code to participate in Terminal can get a 10% Boost
※The above content does not constitute investment advice. Users should operate according to their own risk tolerance, and DYOR cautiously participate in the investment market.
※Attached image taken from Terminal, Dune
#terminal #ethena #Airdrops #ENA $ENA $ETH $BTC
