It is well known that staking in Ethena $ENA can receive airdrops from ecosystem projects, including Ethereal, Derive, Echelon, and today’s introduction, Terminal Finance. It is likely that projects on the Converge chain will distribute airdrop tokens to Ethena holders.
* Airdrop distribution ratios for sENA: Ethereal (15%), Derive (5%), Echelon (5%), Terminal (10%).
Basic Information about Terminal Finance
Terminal focuses on providing a trading market for YBS (Yield-Bearing Stablecoins), using Ethena's sUSDe as the main underlying asset.
Trading Market: Retail Trading Market (DEX) + Institutional Asset Trading Market (Compliance Audit)
Audit: ChainSecurity, Bailsec (Note: Currently, the audit records for Terminal cannot be found on these two websites.)
Supported Coins: USDe, WETH, WBTC
Airdrop Points: Roots, distributed based on staking amount + staking duration
Terminal Pre-Staking Activity
Terminal opened the pre-deposits feature on 6/26, with a current TVL of 67M.
USDe (40M): 40x Roots + 30x Ethena Rewards
WETH (19M): 20x Roots + 3x EtherFi Rewards (Note: in cooperation with EtherFi)
WBTC (7M): 10x Roots
* Assets can be redeemed at any time, but after redemption, they will become yield-bearing tokens, such as sUSDe, weETH.
* Roots airdrop points are distributed every Thursday.
Important Information
The first phase is expected to end within three months after the Converge mainnet launch (implying airdrop timing).
Liquidity providers (LP) can forgo income to earn Roots airdrop points.
Another stablecoin, USDtb, may join Ethena in the future.
By minting rUSDe, LPs can avoid impermanent loss due to the appreciation of sUSDe.
Currently built on Ethereum, with plans to bridge to Converge in the future.
Summary
Terminal is the second officially announced project in the Converge ecosystem to airdrop tokens to sENA holders.
In my opinion, Terminal focuses on the spot market, while Ethereal targets the contract market. Ethena is indeed gradually building the integrity of the Converge ecosystem.
From another perspective, the pricing of ENA will fluctuate with the success or failure of the Converge chain and the airdrop rewards from ecosystem projects. (The recent decline of ENA is reasonable, as the wealth effect of Converge has yet to be verified.)
Regardless, the current participation capital in Terminal is not large, and compared to Ethereal, the competition is much less. If you have idle USDe, consider allocating it to Terminal for a chance at an airdrop explosion.
* Note that there is not much public information about Terminal, participating in new projects carries certain risks.
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※ Ethena code:
eu54u
※ Terminal code:
AUXHUOLV
Welcome to use the link to go to Terminal, leave a top comment.
※ The above content does not constitute investment advice. Users should operate according to their own risk tolerance and participate in the investment market with caution, DYOR.
※ The attached image is from Terminal.