Terminal Finance, a new decentralized exchange incubated by Ethena, has attracted over $280 million in pre-deposit total value locked. The Structural Difference: Code Over Custody In the wake of centralized exchange (CEX) failures and allegations of opaque governance following the market crash…

The x402 ecosystem has exploded in just three days—expanding from 10 listed tokens worth $178 million on Oct. 25, 2025, to 44 coins with a combined value of $832 million as of Oct. 28, according to Coingecko. The Rise of x402 Tokens…