Terminal Finance, a decentralized exchange (DEX) powered by Athena Labs, has raised more than $280 million in total value locked (TVL) ahead of its upcoming launch at the tail end of this year, according to Defillama.
The pre-deposit phase spanned three capped vaults holding 225 million USDE, 10,000 ether and 100 bitcoins . Data from DeFillama shows vaults reaching full capacity.
Terminal positions itself as the main DEX for the Athena ecosystem, centered around USDE, Athena’s synthetic dollar, and Susde, the yield-bearing version. The platform will also support trading against USDTB, a token backed by BlackRock’s Buidl Fund.
Decentralized exchanges have been a focal point of the recent bull market, with the emergence of platforms like hyperliquid starting to take market share away from centralized exchanges like Binance and Coinbase.
The Terminal will offer spot trading pairs between stablecoins and major crypto assets such as ETH and BTC. The exchange is designed to route yield from interest-bearing assets back into liquidity pools through a mechanism called “yield skimming,” which returns participants to the system.
“Terminal is designed around a dollar-carrying yield, which we believe improves liquidity efficiency and market depth,” said Sam Benyakoub, co-founder and CEO of Terminal Finance, in a press release.
More than 10,000 wallets participated in the pre-deposit phase. The first participants are eligible for token rewards tied to Terminal’s upcoming Token Generation (TGE) event, expected to take place at the time of the DEX launch.
According to Athena, up to 10% of the Terminal management token supply can go to Sena holders based on points earned since June 28.
“Ethena assets have been a key component of Defi Liquidity,” said Nick Chong, head of strategy at Athena. “The integration of the Susde Terminal builds on that foundation.”
