Terminal Finance: The project has been shut down due to difficulties in developing the Converge blockchain. The protocol codebase will be open-sourced later.

Odaily Planet Daily reports that Ethena's ecosystem project, Terminal Finance, has announced its closure on the X platform with a lengthy post. The details are as follows: "It is with a heavy heart that we announce we will not be launching the Terminal service. The reasons for this decision are as follows: Terminal was initially designed to be the liquidity hub for @convergeonchain. We completed the entire codebase and were ready to launch in Q1 2025. However, the Converge chain did not launch as scheduled, and there seem to be no plans for a launch in the near future. This has left us with deposits and a complete protocol, but lacking the ecosystem to support our services. We explored various transformation options, but none were compelling enough. Each option had substantial obstacles: limited support, low asset integration potential, unclear long-term prospects, etc. Ultimately, we are not confident that any of these paths will lead to a successful long-term project. Launching a project for the sake of launching a project goes against our principles. Maintaining integrity is paramount. To Roots holders: All principal is guaranteed, and all user deposits are guaranteed 1:1. Participants can withdraw deposits at a 1:1 ratio. Each current Pendle position is entitled to earn Ethena Sats, associated sUSDe yield, and EtherFi." Points. To our supporters, LPs, and ambassadors—we are deeply sorry. This was a difficult decision, and we know it's painful for everyone. Today, we have all lost something. But we believe this is the most honest and responsible way forward. We will open-source the fully audited protocol codebase. Terminal is designed as a MetaDEX that employs a novel mechanism to address impermanent loss derived from yields and re-injects yields into the market to 'bribe' it, thereby fundamentally improving the model's economics. Thank you for your support along the way.