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Decentralized exchange project Terminal Finance announced on the 30th that it will shut down operations, citing significant delays in launching its underlying blockchain, Converge.
It’s with a heavy heart that we announce we won’t be launching Terminal.
Why we made this decision
Terminal was originally designed to be @convergeonchain liquidity hub. We completed the full codebase and were ready for a Q1 2025 launch. However, the Converge chain never went…
— Terminal Finance (@Terminal_fi) November 28, 2025
Terminal Finance, incubated by Ethena Labs, aimed to become a major liquidity hub built on the Converge chain, which is an Ethereum-compatible network designed to bridge traditional finance (TradFi) and decentralized finance (DeFi). But with Converge’s mainnet failing to go live as scheduled, the team concluded that continuing development under the original design was no longer viable.
Core Chain Failure Forces a Difficult Decision
Terminal had planned to launch as a spot-enabled DEX built entirely on Converge, which was envisioned as a next-generation crypto infrastructure layer combining Ethereum compatibility with improved scalability.
However, the chain’s mainnet did not launch on time, and its future timeline has become uncertain. The project, which had generated strong pre-launch attention, ultimately faced a dead end.
Before the shutdown announcement, Terminal had already attracted USD 280 million in total value locked (TVL), according to DefiLlama data. Assets deposited into its vaults included:
- USD 225 million in USDe
- 10,000 ETH
- 100 BTC
More than 10,000 wallets had participated in the ecosystem.
Terminal originally planned a Q1 2025 official launch and token generation event (TGE), with early user rewards scheduled for distribution.
Technical Limitations and User Fund Protections
The development team explored migrating to other blockchains but faced fundamental compatibility limits. Terminal’s architecture was deeply optimized for the Converge environment and closely tied to Ethena’s product suite, especially USDe and the yield-bearing token sUSDe.
In its official statement, Terminal said that launching on an unsuitable or incomplete foundation would violate its core principles:
“Launching just for the sake of launching goes against our values.”
Instead of forcing a premature rollout, the team chose to prioritize transparency and user trust. To protect users:
- All deposited principal is now withdrawable 1:1.
- Existing position holders will still receive previously promised Ethena Sats, sUSDe yields, and other rewards.
- The entire protocol codebase will be open-sourced for transparency.
Community reactions have been mixed. Some praised Terminal’s integrity and user-first approach, while others criticized the failure of Converge’s launch and questioned Ethena’s responsibility in the breakdown.
