A few days ago, I wrote about Pendle launching three new pools on Terminal, and I personally participated in some of them.

Looking back today, the TVL of tUSDe has quickly surpassed $46 million, and the market's response is faster and more enthusiastic than I expected.

If you are sensitive to points multipliers and yield structures, you will likely notice that the incentive multiplier for tUSDe is the heaviest among all pools (60x Root + 50x Sats).

Just the 50x SATS points are already close to a 10% annualized return, and when you add Terminal's Root points and the potential future airdrop expectations tied to $TML (the native token of the Converge chain), participating in Terminal's pre-stored offers an excellent cost-performance ratio, ranking at the top level in the entire points race!

1. Terminal — one of the closest entities to an institutional service platform in the current DeFi world.

@Terminal_fi is the DEX of the Converge chain, positioned as a liquidity hub more oriented towards institutions, focusing on promoting the use of yield-bearing stablecoins and structured asset trading.

Let me briefly discuss its intrinsic value:

It is a compliant yield market backed by BlackRock (through Securitize), serving participants like Ethena, Maple, Ondo, and Centrifuge that are already positioning themselves in RWA or yield-bearing stablecoins in TradFi.

Many people have not yet fully understood the relationship among these parties; you can think of it this way —

Ethena: Issues assets, including USDe and sUSDe.
Converge: Provides underlying settlement, clearing, and stability.
Terminal: Works at the trading layer, helping these assets to be structured, providing liquidity, and acting as a conduit.

Adding another layer with Pendle: Working at the yield layer, assisting these assets with initial cold starts and incentive realization.

Imagine this:

If institutional funds really want to enter DeFi in the future, they absolutely won't be like us retail investors, directly opening Uniswap on their wallets to place orders. Instead, they will go through scenarios like Terminal, walking through compliance, splitting asset structures, and then sending them on-chain for trading or structured yield.

And what we see now, tUSDe, is precisely a structural yield asset from Ethena, serving as one of the vehicles on Terminal.

2. Why is the tUSDe pool worth participating in?

To begin with, tETH and tBTC are actually more supplementary assets. The true core currency at the institutional level is tUSDe, which also has the highest structural participation value among the three pools. The reason is —

1) tUSDe is backed by USDe / sUSDe, which are yield-bearing stablecoins issued by Ethena that achieved $6B in returns within 10 months. The yield logic is not staking or volatility arbitrage, but delta-neutral with a hedged funding structure.

This kind of structure is the most familiar to traditional asset management institutions and is the yield model they are most willing to participate in.

2) tUSDe is the first asset to drive large-scale traffic to Terminal, serving as the main force in the cold start. This round, the total TVL pre-stored in Terminal exceeded $100 million, with 70% concentrated in tUSDe.

3) @pendle_fi is the first cooperative protocol of Terminal, accounting for over 71% of the growth source in this cold start, offering a points multiplier better than holding USDe outright:

Single pool 60x Root + 50x Sats, while also stacking LP's vePendle rewards, effectively opens multiple incentive paths for the same amount of capital, resulting in a very high combination efficiency, making it suitable for retail investors to participate lightly.

3. The second half of DeFi: The interest rate war of stablecoins has just begun.

In the past two years, DeFi has actually fallen into a strange state — protocol innovation continues to roll out, increasingly complex, but the entire structure has become increasingly hollow, especially with many assets experiencing excessive volatility and insufficient expectations. Projects that can truly bring in incremental funds are becoming fewer.

Real liquidity, stable interest rates, and low-volatility assets are still hidden off-chain.

Traditional finance has actually started to focus on this area long ago.

Since the Genis bill was enacted, actions from firms like BlackRock and Securitize have become more frequent, indicating a basic judgment:

Their demand for yield-bearing stablecoins is experiencing explosive growth.

It can be foreseen —

The past DeFi was a yield composition stage dominated by Degen players;
The upcoming DeFi will be a gathering place for institutions to wage yield management wars using stablecoins.

And behind Terminal stands Converge (the settlement layer) and Ethena (the asset issuer), along with Pendle's clear structural yield, essentially conducting an experimental demonstration:

A chain of traditional finance → stable yield assets → composable entry is taking shape, with the tUSDe pool being the first point of access opened to users along this path.

So it’s hard to find a reason not to participate!

Currently, the annualized return on PT-tUSDE is 13%. Both YT and LP can earn 60X Terminal points and 50X Ethena Sats points. I suggest allocating some positions first to get in before it's too late!