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 reason for this decision is that Terminal was originally designed to be the liquidity hub for the @convergeonchain. We completed the entire codebase development 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 leaves us with deposits and a complete protocol, but lacking the ecosystem to support our services."

We explored various transformation options, but none were sufficiently convincing. Each had substantial obstacles: limited support, low asset integration potential, and uncertain long-term prospects, among others. Ultimately, we were not confident that any of these paths would lead to a successful long-term project. Launching a project for the sake of launching a project violated our principles. Maintaining integrity was paramount.

To Roots holders: All principal is guaranteed, and all user deposits are fully backed by a 1:1 guarantee. Participants can withdraw their deposits at a 1:1 ratio.

Each current Pendle position is entitled to earn Ethena Sats, associated sUSDe earnings, and Etherfi credits.

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.