Terminal Finance

The exchange for trading yield-bearing stablecoins and institutional assets, powered by @convergeonchain.

[Terminal Finance @Terminal_fi]

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 live as expected, and a launch doesn’t appear to be planned for the near future. This left us with deposits and a fully built protocol, but without the ecosystem it was designed for.

We explored multiple pivots but none were compelling enough. Each option came with material blockers: limited support, low asset-onboarding potential, weak long-term perspective among others.

Ultimately, we were not convinced that any of these paths would lead to a successful long-term project. Launching a project just to launch a project goes against our principles. Preserving integrity is paramount.

To Roots holders

All principal is preserved, and all user deposits remain backed 1:1.
Participants are able to withdraw their deposits 1:1.
Each current Pendle position is entitled to the Ethena Sats earned, the sUSDe yield associated with it, as well as etherfi points.

A tough call

To our supporters, LPs, ambassadors— we’re sorry. This is a difficult decision, and we know it’s painful for everyone. We are all losing something today. But we believe this is the most honest and responsible path forward.

We will open-source the fully audited protocol codebase. Terminal was designed as a MetaDEX with a novel mechanism to address yield-derived impermanent-loss and reinject yield to bribe markets, improving the model economics by default.

Thank you for being with us on this journey.

[Terminal Finance @Terminal_fi]

The claim portal for the sUSDe yield generated between June and September is now live.

Users can claim their pro-rata share of the underlying yield here:

https://t.co/Voib6a56x6

[Terminal Finance @Terminal_fi]

We’re preparing the redistribution of the sUSDe yield generated between June and September.

A total of ~$2.8M was accrued over this period.

This figure may slightly adjust as we finalize third-party administrative costs.

The distribution will be claimable through a dedicated mechanism we’re currently working on, and will be allocated pro-rata to each user’s tUSDe exposure during that period — whether through direct deposits or YT purchases, not based on the number of Roots.

More details soon.

[Terminal Finance @Terminal_fi]

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 live as expected, and a launch doesn’t appear to be planned for the near future. This left us with deposits and a fully built protocol, but without the ecosystem it was designed for.

We explored multiple pivots but none were compelling enough. Each option came with material blockers: limited support, low asset-onboarding potential, weak long-term perspective among others.

Ultimately, we were not convinced that any of these paths would lead to a successful long-term project. Launching a project just to launch a project goes against our principles. Preserving integrity is paramount.

To Roots holders

All principal is preserved, and all user deposits remain backed 1:1.
Participants are able to withdraw their deposits 1:1.
Each current Pendle position is entitled to the Ethena Sats earned, the sUSDe yield associated with it, as well as etherfi points.

A tough call

To our supporters, LPs, ambassadors— we’re sorry. This is a difficult decision, and we know it’s painful for everyone. We are all losing something today. But we believe this is the most honest and responsible path forward.

We will open-source the fully audited protocol codebase. Terminal was designed as a MetaDEX with a novel mechanism to address yield-derived impermanent-loss and reinject yield to bribe markets, improving the model economics by default.

Thank you for being with us on this journey.

[Terminal Finance @Terminal_fi]

Ethena now spans ~$10B in TVL across 2 core products (USDe & USDtb backed by BlackRock BUIDL) & 10+ chains.

Such an ecosystem needs its own trading venue, a unified exchange for reward-bearing stablecoins and institutional assets.

Terminal: Becoming the Ethena Liquidity Hub

[Terminal Finance @Terminal_fi]

Together, Ethena + Terminal form a complementary stablecoin economy:

• Ethena powers stablecoins & yield

• Terminal gives them liquidity & use

We’ll share more about the pre-deposit transition and our launch partners in the coming weeks.

[Terminal Finance @Terminal_fi]

@ethena @RobinhoodApp 🫴

[Terminal Finance @Terminal_fi]

Amid recent DeFi events, all Terminal pre-deposit funds remain idle and available in their vaults.

sUSDe yield distribution for Pendle LP & YT holders will be completed this Friday.

More details soon on the DEX deployment transition.

[Terminal Finance @Terminal_fi]

Ethena sits between CeFi and DeFi, having reached scale across both markets with a ~$15B TVL through USDe and USDtb — the latter backed by BlackRock’s BUIDL tokenized fund.

Terminal aims to expand alongside Ethena by exporting USDe in a format that TradFi can consume.

A year ago, sUSDe yielded over 20% in CeFi while DeFi rates stayed near 10%. More than $1B flowed into Aave within days to capture the spread.

In TradFi, capital can often be sourced at SOFR +100 bps, while sUSDe can offer returns above 10%.
This spread represents an even larger opportunity as institutional capital moves on-chain.

Terminal is building the exchange for institutional asset trading powered by USDe, where yield-bearing assets serve as core pairs — launching later this year.

[Terminal Finance @Terminal_fi]

https://t.co/5t4823swsq

[Terminal Finance @Terminal_fi]

Even with Terminal’s vaults at capacity, your PT-tUSDe doesn’t have to sit idle.

A new PT-tUSDe/USDC market on Morpho trusted by @hyperithm lets you use PT-tUSDe as collateral.

USDC liquidity comes from Hyperithm’s vault.

You can keep earning 12% APY while gaining liquidity.

[Terminal Finance @Terminal_fi]

https://t.co/MrjdUH33MJ