Terminal Finance

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.

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: terminal.fi/distribution

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.

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.

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.

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

@ethena @RobinhoodApp 🫴

Welcome to Ethena @RobinhoodApp, we've been expecting you. $ENA is now live on Robinhood.

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.

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.

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.