Ethena DEX Reaches $250M TVL Before Launch — Will ENA Soar?
The Ethena-supported DEX Terminal has now surpassed a quarter-billion dollars in deposits prior to its launch, indicating robust initial interest in yield-generating stablecoin trading and prompting the question: Is ENA the top crypto asset to invest in at this moment?
Terminal Finance, an exchange designed for institutional-quality assets and interest-accruing stablecoins, announced that its pre-launch total value locked has exceeded $280 million.
This amount reflects three vaults that have already reached their limits: 225 million USDe, 10,000 WETH, and 100 WBTC. The network is expected to launch around year-end, coinciding with its crypto token generation event.
Vault balances can be viewed on public Decentralized finance tracking dashboards that oversee Terminal’s operations.
While Terminal operates independently, it is incubated by Ethena and is regarded as the primary trading hub within the wider ecosystem.
Can Terminal’s “Yield Skimming” Enhance Decentralized finance Available volume and Establish ENA as the Top Crypto asset to Buy Now?
Upon launch, users will find price floor for USDe, sUSDe, and USDtb, the latter of which is backed by BlackRock’s BUIDL, paired against leading assets like Ethereum and BTC.
The exchange centers around yield-bearing stablecoins. The concept is straightforward: allow users to maintain interest-generating base assets while engaging with spot markets, facilitating greater capital efficiency for Decentralized finance applications.
Sam Benyakoub, co-founder and CEO of Terminal, noted that the initiative aims to establish deep market fluidity pools for trading Ethena’s synthetic dollar, USDe, across a variety of assets, including crypto asset and tokenized real-world items.
Terminal refers to its strategy as “Yield Skimming.” The framework captures the yield from assets like sUSDe and reinvests it into the trading market.
The objective is to benefit liquidity providers, traders, and coin owners by deploying that yield effectively on the protocol.
The team suggests this strategy is intended to align interests so that trading activity and available volume can expand over time without relying solely on external incentives.
Interest has surged ahead of launch, with over 10,000 wallets participating in its pre-deposit initiative.
Early adopters are anticipated to receive airdrop bonuses once the tokens are available.
Public information on Ethena’s website indicates that up to 10% of Terminal’s governance crypto supply may be allocated to sENA holders via the Terminal Points program.
Points have been building since June 28. Final regulations, allocations, and timing will be determined closer to the token event.
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ENA Price Forecast: What Levels Must ENA Surpass to Indicate a Optimistic Reversal?
Ethena’s ENA is attempting to stabilize after weeks of downward pressure. The price action is currently testing a descending trendline that has limited gains since early September.
Crypto investor Rand highlighted the movement, stating ENA is “breaking directly above the bearish resistance” and could be gearing up for a bullish turnaround.
Eyes on $ENA, pushing straight over the pessimistic barrier level.
Looking to trigger the optimistic reversal
More trade set ups at: https://t.co/N3WuQcWWkm pic.twitter.com/3vPggmmo0M
— Rand (@crypto_rand) October 28, 2025
On the three-day chart, ENA rebounded from the $0.42–$0.46 buyer interest range, a level that has previously prompted short recoveries.
This rebound has propelled the price into the $0.52–$0.58 range, a distinct resistance area that transitioned from base level in late September. The price is pushing into this level while meeting the pessimistic drawn from the $0.80 swing highs.
A clear upward movement above the diagonal line and the $0.58 barrier would create opportunity toward $0.64, followed by $0.72. Those levels marked prior supply during the late-Q3 downturn.
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If buyers cannot reclaim $0.58, ENA risks another decline, with support around $0.46 and deeper potential towards $0.34.
ENA has been declining since July, forming a broad downward channel. Each rebound indicates that traders are still defending critical price levels.
In late October, the price briefly fell below $0.20 before being recovered. This suggests that some buyers are willing to enter when the market experiences a sharp drop.
Currently, momentum appears stagnant. There isn’t a strong trend in either direction. The forthcoming action hinges on whether ENA can close above the declining trendline.
If it successfully breaks and sustains above it, that would indicate a potential early recovery shift. If it fails again, the broader bearish may persist until the year’s end.
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