Ethena-incubated DEX Terminal Finance abandons launch after Converge chain fails to materialize
Terminal Finance, an Ethena-incubated DEX, has canceled its launch because its supporting Converge blockchain has not materialized as planned.Summary
Terminal Finance, a spot decentralized exchange incubated by Ethena Labs, has scrapped its planned launch because the Converge blockchain, which it was built to serve, has failed to materialize on schedule.
The project, which had secured significant pre-deposits totaling about $280 million in USDe, ether, and bitcoin across over 10,000 wallets, stated that launching without a viable ecosystem goes against its principles of preserving integrity. Converge, an Ethereum-compatible chain intended to merge traditional finance with DeFi using Ethena's stablecoins, was expected in Q2 2025 but is reportedly not planned for the near future, leading Terminal to explore and reject several pivots due to blockers like limited support.
Terminal assured users that all principal deposits are fully backed and available for immediate withdrawal, and existing yield rewards will continue. Furthermore, the team committed to open-sourcing its fully audited protocol codebase for potential community use.
(Source：The Block)