[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Romanson [@Romanson00](/creator/twitter/Romanson00) on x XXX followers Created: 2025-07-13 16:16:26 UTC 💡Ethena Ecosystem: who’s building what? Quick refresher before the next deep-dive. Let’s update the basics: 1️⃣ @ethena_labs – home of synthetic dollar USDe + its staked twin sUSDe • USDe: delta-neutral (ETH spot + short perp) collateral • sUSDe: earns ≈ X % APY from that hedge • FDV $XXX B | TVL $XXXX B ———————— 2️⃣ @convergeonchain – high-throughput L2 for TradFi, RWAs & digital stables • Co-built by Ethena Labs × Securitize • Stack: Arbitrum (execution) + Celestia (DA) + validator network ❗️No native token - sENA secures & rewards the chain • Mainnet slipped from Q2; community now eyes Q3. Its launch gates every other project below. ———————— 3️⃣ @etherealdex – spot + perp DEX on Converge, collateralised in USDe • CEX-like speed claimed (< XX ms, > X M orders / s) • Points farming live since XX Feb; end pushed to “later this year” (likely < XX Aug) • TVL $XXX M • Caveats: farming pool crowded; team pseudonymous (lead @Fells0x). XX % of future tokens earmarked for ENA/sENA, investors undisclosed. ———————— 4️⃣ @Terminal_fi – liquidity hub & AMM for institutional trading of stables + RWAs on Converge Goal: marry yield-bearing liquidity (USDe, WETH, WBTC…) with HFT-grade UX & minimal slippage • Early-deposit phase live since XX Jun (USDe/WETH/WBTC → Roots points) • Pre-deposit contracts audited by Midas; full audits (ChainSecurity & BailSec) due pre-mainnet • TVL $XX M | TGE ≤ X mo after Converge goes live • Founder @samnode_ is the only public face; team & backers remain anon. Ethena & act as partners, not investors. ➡️ In next thread I'll cover how to maximise rewards in the Terminal pre-deposit campaign. Stay tuned!  XXX engagements  **Related Topics** [tvl](/topic/tvl) [hedge](/topic/hedge) [perp](/topic/perp) [susde](/topic/susde) [usde](/topic/usde) [money](/topic/money) [ethenalabs](/topic/ethenalabs) [ethereum](/topic/ethereum) [Post Link](https://x.com/Romanson00/status/1944430732094435641)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Romanson @Romanson00 on x XXX followers
Created: 2025-07-13 16:16:26 UTC
💡Ethena Ecosystem: who’s building what? Quick refresher before the next deep-dive. Let’s update the basics:
1️⃣ @ethena_labs – home of synthetic dollar USDe + its staked twin sUSDe • USDe: delta-neutral (ETH spot + short perp) collateral • sUSDe: earns ≈ X % APY from that hedge • FDV $XXX B | TVL $XXXX B
————————
2️⃣ @convergeonchain – high-throughput L2 for TradFi, RWAs & digital stables • Co-built by Ethena Labs × Securitize • Stack: Arbitrum (execution) + Celestia (DA) + validator network ❗️No native token - sENA secures & rewards the chain • Mainnet slipped from Q2; community now eyes Q3. Its launch gates every other project below.
————————
3️⃣ @etherealdex – spot + perp DEX on Converge, collateralised in USDe • CEX-like speed claimed (< XX ms, > X M orders / s) • Points farming live since XX Feb; end pushed to “later this year” (likely < XX Aug) • TVL $XXX M • Caveats: farming pool crowded; team pseudonymous (lead @Fells0x). XX % of future tokens earmarked for ENA/sENA, investors undisclosed.
————————
4️⃣ @Terminal_fi – liquidity hub & AMM for institutional trading of stables + RWAs on Converge Goal: marry yield-bearing liquidity (USDe, WETH, WBTC…) with HFT-grade UX & minimal slippage • Early-deposit phase live since XX Jun (USDe/WETH/WBTC → Roots points) • Pre-deposit contracts audited by Midas; full audits (ChainSecurity & BailSec) due pre-mainnet • TVL $XX M | TGE ≤ X mo after Converge goes live • Founder @samnode_ is the only public face; team & backers remain anon. Ethena & act as partners, not investors.
➡️ In next thread I'll cover how to maximise rewards in the Terminal pre-deposit campaign. Stay tuned!
XXX engagements
Related Topics tvl hedge perp susde usde money ethenalabs ethereum