Executive Summary
Terminal Finance, the Ethena Labs-incubated decentralized exchange specializing in yield-bearing stablecoin trading, successfully executed a strategic Korean community building campaign from October 14-28, 2025. This initiative targeted South Korea's rapidly expanding cryptocurrency market, which is projected to reach $1.1 billion in revenue by 2025 with over 12.31 million users expected by 2026. The campaign leveraged Terminal Finance's impressive $280 million pre-launch TVL and institutional backing to establish a strong foothold in one of Asia's most lucrative crypto markets.
Project Overview: Terminal Finance
About Terminal Finance
Terminal Finance represents a paradigm shift in decentralized exchange design, purpose-built for trading institutional assets and reward-bearing digital dollars. Incubated by Ethena Labs, the platform functions as the central liquidity hub for the Ethena ecosystem.
Key Innovations
Yield-Bearing Assets
Specialized infrastructure for USDe, sUSDe, and USDtb.
Concentrated Liquidity
Adapted Uniswap v3 pools with unique yield models.
Institutional Grade
Built for institutional trading and liquidity bootstrapping.
Ethena Integration
Central liquidity hub for the Ethena ecosystem.
Korean Market Opportunity Analysis
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Rapid Growth: Projected $1.1B revenue (2025) and 12.31M users (2026).
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High Penetration: 22.48% user penetration rate expected in 2025.
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Active Trading: Digital asset volume surpassed stock market volume in 2024.
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Market Structure: Dominated by Upbit (72% share) with strong retail participation (whales control 90%).
Campaign Strategy & In-Depth Execution
The campaign was designed to build authentic engagement through culturally localized incentives.
Timeline: October 14-28, 2025 (14 days)
Incentive Structure
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🍗
10 Whole Chickens
Korean community favorite -
☕
100 Coffee Vouchers
High engagement utility
Community Infrastructure
Channel Growth: The Korean Community Chat (@terminal_fiKorea) grew to 1,741 members with 379 online during peak hours (22% engagement rate).
Campaign Results and Impact Analysis
Community Growth
Reached 1,741 active members with significant growth from baseline.
High Engagement
22% online rate during peak hours suggests strong organic interest.
Brand Recognition
Established Terminal Finance as a premium DEX option for yield-bearing assets.
Market Positioning
Successfully differentiated via institutional backing and Ethena integration.
Strategic Implications Future Outlook
The successful Korean community campaign represents a foundational step in Terminal Finance's Asian market expansion strategy. With Korea's DeFi user base expected to reach 3.04 million users by 2026, Terminal Finance is well-positioned to capture significant market share.
The initiative proves that specialized, yield-focused DeFi products resonate strongly with sophisticated Korean retail investors when supported by localized community building.