Terminal Finance Cancels Launch After Converge Mainnet Stalls - Unchained

UnchainedCrypto · 2025-12-01T13:00:10+00:00

Terminal Finance, a DEX incubated by Ethena, has canceled its launch due to the failure of its intended platform, Converge, to go live. Despite securing $280 million in deposits, the team prioritized integrity over hasty launches. Participants can withdraw their funds in full.

UnchainedCrypto

2025-12-01 13:00:10

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The Ethena-incubated decentralized exchange (DEX) Terminal Finance has abandoned its launch after Converge — its planned deployment destination — never went live.

“This left us with deposits and a fully built protocol, but without the ecosystem it was designed for,” said the Terminal Finance team in an X post, announcing the decision to cancel the launch.

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“Launching a project just to launch a project goes against our principles. Preserving integrity is paramount.”

Terminal Finance’s pre-deposit “Root Access” campaign attracted $280 million in deposits from over 10,000 wallets, with early deposits flowing in as early as June.

The team noted that existing holders of Pendle positions tied to Terminal Finance will continue receiving their entitled yield-like rewards, and that all participants in the pre-deposit campaign can withdraw their funds at full value.

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