Today I took some time to research the @Terminal_fi project. First, let me explain why I wanted to study it. The reason is that this year the stablecoin market has exploded, which is an inevitable trend. Whether it's the stablecoins themselves or the emergence of various protocols and public chains, it occupies a significant position in the entire market, especially with the rise of USDe and sUSDe, indicating that market users have a strong desire for yield-bearing stablecoins: the lending market uses it as collateral, liquidation engines focus on its predictable curve, and market makers and traders rely heavily on its depth. The advantage of Terminal is that it builds a DEX on profit-generating assets (sUSDe). A recent optimization allows YT holders to enjoy the inherent yields of sUSDe, which in turn increases the APR, meaning the implied yield has improved. Users can maximize profits through leverage strategies and also earn Roots and Sats, with potential airdrops. Participation portal: Terminal has achieved a leading position in increasing income through a positive flywheel, enhancing capital efficiency via leverage strategies and sUSDe. Additionally, let me share my experience with traditional DEXs. After personally experiencing it, I found some shortcomings: the demand for USDe and sUSDe is increasing, but traditional DEX's AMM has not kept up, treating it merely as a type of stablecoin rather than a yield-bearing stablecoin. The consequence is that if you add them to the LP pool, you will incur impermanent loss, using the yield that comes with it. In other words, the price of sUSDe will slightly increase daily due to yield, about 0.024% a day, which adds up to 0.72% drift over a month. The static curve of traditional AMM cannot keep up with this pace. As a result, the pool needs frequent rebalancing, slippage increases, and gas fees and maintenance costs rise sharply. Worse, impermanent loss starts to feel like an inescapable shadow, constantly eating into the yields of sUSDe. What impressed me about Terminal is that it separates yield from liquidity. It does not directly use sUSDe, an appreciating asset, to create pools but instead has a "wrapped coin" rUSDe, which is pegged to the non-yielding USDe, with the yield distributed to holders through share issuance. This way, the pool (like rUSDe/USDT) is not dragged around by the price drift of sUSDe, stabilizing trading prices, reducing slippage, and minimizing gas fees and rebalancing troubles. I think this effectively removes the "yield troubles" from the pool, leaving LPs and traders with a clean stage. The second point that excites me is that it allows LPs to earn yields without bearing the burden of impermanent loss. Since the pool uses rUSDe, a "non-yield pair," price fluctuations are small, and rebalancing frequency is low, so LPs do not have to constantly worry about being arbitraged out of their yields. The yields from sUSDe are directly delivered to me through the issuance of rUSDe, making it feel like while providing liquidity in the pool, the yields are quietly accumulating in the background. This is completely different from the traditional AMM experience where "yields and losses clash." The third highlight is Terminal's support for concentrated liquidity. Because prices are stable, LPs can set narrower ranges, earning more in fees, and the pool's depth becomes more substantial. For someone like me who occasionally needs to make large trades or hedge, this is crucial. Key point: Finally, it's worth noting that the LP pool from June has expired, and the LP pool expiring in December can now accept pre-deposits, which is for 84 days. Looking at the website, The June LP can continue to roll over to December, continuing to enjoy 60x Terminal Roots and 50x Sats from Ethena. Additionally, you can choose different types of yield based on your needs, as shown in the image below: The process is simple: click on the official website above, and you will see three pools to choose from: YT, LP, PT, and connect your wallet. 1. YT deposits maximize points, with Terminal Roots at 60x and Ethena at 50x Sats. 2. LP-tusde allows you to enjoy around 6% APY while retaining the right to earn most of the points. 3. PT-tUSDe, which has the highest APY, is currently the maximum APY after giving up points, at 9.34%, far exceeding other yield pools. If you choose the PT pool, PT will circulate on Euler, and in the future, it can be re-staked on Aave to improve utilization and earn more yields. If you have idle funds, I highly recommend participating in this yield segment. According to the official data, the LP annual interest rate is between 9.1% and 10.98%, plus additional point rewards, continuously compounding your assets. Another layer of yield is the points, and currently, Terminal's potential airdrop is very attractive, referencing the recent hot $xpl, stablecoin projects are very likely to yield high return airdrops. Moreover, this is a project developed based on Ethena, and there should be a continuous stream of DeFi projects joining in the future. If you consider storing yields for more than a month in stable projects, Terminal is the first choice. Besides having a higher APY than other yield pools, its points are also a form of future yield, so overall, I feel the APY will be above 30%.