TechFlow news, November 29: Terminal Finance, a DEX incubated by Ethena, announced on social media that Terminal was initially designed to become the liquidity hub on Converge chain. However, since the Converge mainnet failed to launch as scheduled and there is no foreseeable timeline for deployment, the project will cease its planned launch. User funds are unaffected—users may fully withdraw their principal. Existing Pendle position holders will continue to receive their entitled Ethena Sats rewards, associated sUSDe yields, and etherfi points.
The official statement noted that the team explored multiple transformation strategies, but all faced fundamental obstacles, including limited ecosystem support, insufficient asset integration potential, and bleak long-term prospects. Ultimately, the team concluded that none of these paths could lead to a successful sustainable project. Launching merely for the sake of launching would violate their core principles; maintaining integrity remains the top priority.
