@bailsecurity Yup, went through the same situation as in the infographic & can confirm Bailsec found way more issues.
You guys deserve more recognition.
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Sam
3K posts
Catching up on the current discussion around the state of Web3 security:
For Tier-1 audit firms, the conversation should be partly about cost - but primarily about AUDIT QUALITY.
If a client chooses a Tier-1 firm for top-quality security and pays premium fees, they should receive premium security reviews.
In practice, some established Tier-1 firms no longer consistently meet that standard, and many clients treat any audit report they receive as the top benchmark in the space — then present it publicly as such.
We’ve documented results like the one shown in the graphic across multiple audits against multiple traditional Tier-1 firms, and our clients are aware of it.
That’s how BailSec has won many engagements and thats why clients continue working with us: we consistently deliver deeper, higher-quality reviews.
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@samnode_ hey, is there any updates on the settlement of roots?
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I might die on this hill saying that this was the only decent path forward, even though it’s been a very difficult choice. We poured our time, our old company’s treasury, our own money into this, and yeah, it stings that it didn’t land the way we hoped.
I originally stepped in as a cofounder of terminal.fi to build the liquidity hub for Converge. We designed a novel type of DEX that leverages yield-bearing assets to bootstrap on-chain markets more efficiently. Unfortunately, the chain didn’t launch, and we ended up navigating the situation while entrenched in a long points program, trying to convince ourselves that a last-minute chain switch was totally fine because “the design is still good.” Classic self-psyop.
But let’s be real: 99% of projects in this space fade into irrelevance within a few weeks. I honestly thought we had a shot at the 1% that actually matter. But the more we pivoted, the more it felt like we were drifting away from building something durable. Not just something that “works” at TGE because the TVL is decent, but something that deserves to exist. Eventually, the only responsible decision was not to launch at all.
Deposits remain fully redeemable 1:1, and pre-depositors will also receive Ethena points, sUSDe yield, and Etherfi points.
What’s next?
Only priority is making sure everyone is made whole and taking a breath. Beyond that? Honestly, I don’t know yet. And that’s okay.
I apologize again and thank you for the support, it's a tough lesson.
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.
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@bailsecurity Bailsec is in a league of its own.
I’m not paid to say this, I paid to say this.
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Over 3,000 followers in just under 2 years
Thanks to all the founders, project teams, developers, and the most relevant Web3 security researchers.
We have earned the trust of many major players by delivering the best security by far (ask any project and founder we have worked with), repeatedly proving ourselves against every major Tier-1 player in the space.
Quality speaks, no noise, just results!
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I do not have control over those funds, and in my opinion, the only appropriate course of action is for the yield to be returned to Roots holders. I have no intention of benefiting from the funds in that wallet.
While I am not able to comment on the current status, the foundation should have a fiduciary obligation in this matter.
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@RandomKid_75 @samnode_ Probably always planned to just pocket millions in yield.. weeks later still no distribution of weeks prior of underlying yield or any skimmed yield from previous months to roots holders.
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What yield are we keeping here? The skimmed yield won’t go to team members. Are we done bs-ing here?
We started the pre-deposit program because we were told the chain would go live and we were on its testnet, as simple as that.
I know it’s disappointing, especially as YT holders, but we’re suffering from this as well and are working on solutions as of now.
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So what were you thinking when you launched the ROOTS deposit campaign and asked users to lock up their funds? Did you even know the status of @convergeonchain at the time?
If you did know — does that mean you planned to collect users’ money, grab a few months of yield, and then "terminate" Terminal when the underlying chain failed?
If you didn’t know — how could you confidently launch the campaign and ask people to deposit hundreds of millions, without being sure that the infrastructure would ever work?
Looking at your actions, you are either greedy fraudsters or extremely irresponsible fools. @ethena what did you see in this team?
垃圾！
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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.
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Why do people feel the need to comment on things they only have surface-level knowledge of?
Deploying an AMM is no casual lift and comes with serious dependencies.
We could have exit-sold our way out of this recklessly, yet we chose to realize a massive loss. Food for thought, my man.
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@samnode_ How was it that the ethereal team able to predict this and build their own chain to launch on, all during the last few months while you guys sat around and waited?
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@KazumaxCrypto Thanks again for your support @KazumaxCrypto
Addressing the YT issue is our priority.
Please bear with us.
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@samnode_ Honestly even tho I really liked the vision and the team and burned a couple k of YTs, I still respect your hard decision.
looking forward to what you have to offer next
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@andylinee Collaborating with you & your team has been a pleasure as well.
Thank you for your being understanding.
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@samnode_ Totally understand how tough this decision must’ve been. Grateful that DeFi has a team like yours that genuinely cares about users. It was a pleasure working with you before and still excited to see what you continue to build next. Wish you all the best bro!
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I get the frustration, but again, we're not winning anything here.
It doesn’t come out of nowhere. We wouldn’t take a massive loss like this if we believed the project was sound enough.
But there are far more dependencies and risks to consider than someone external to the project might realize.
Launching with decent odds of long-term viability is a tough call. These pivots along with other factors I can’t comment on publicly, ultimately led us to cancel the launch.
I only think we tried too hard to believe in our new playbook.
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@cutlossess @Terminal_fi @convergeonchain That's what they were supposed to do(+deploy on a strategic chain), I don't understand the sunsetting coming from nowhere
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@Terminal_fi @convergeonchain So if I own YT, is my investment lost? Will you return my initial investment? and how will you compensate me? Thanks.
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@tombRaider_kw @Terminal_fi @convergeonchain Solid recommendation.
We hold ourselves to higher standards than screwing retail just to tick a TGE box. Sorry to disappoint.
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@coinfoin_ @levelusd I’m not going to comment on why the situations differ, that’d be out of place.
Both projects had Pendle pools and cancelled TGE, but that still doesn’t make the situations identical.
You’re sharp enough to know what’s going on.
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The end of the Ethena ecosystem
Terminal planned to launch its mainnet on Plasma, but it seems they didn’t succeed. They eventually ended up shutting down the project. Another @levelusd
Strata is now live on Ethereum mainnet
Ethereal Perp DEX has launched its mainnet on its own chain (Ethereal Chain). I am disappointed to join their predeposit
Convergen? Wen mainnet?
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.
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@samnode_ @0xlemoneth @Terminal_fi @convergeonchain If it really doesn’t work, you can use the BSC or Ethereum chain, or the Base chain. And if that still doesn’t work, the Plasma chain or the Stable chain is fine too. The users don’t really care which chain it is.
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@Terminal_fi @convergeonchain What about YT, how will you get this money back?
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@0xFishermane @whisker17 I'm again sorry you're impacted by this, but clearly you don't know what launching a DEX implies.
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@whisker17 It’s crazy because they still could solve that issue on ethereum mainnet lmfao that was their pivot in the first place. Giving USDE/sUSDE/USDtb a liquidity layer.. sadly the French devs strike again
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Shame that.
As a DEX solution that originally tried to solve impermanent loss, the reason for rugging turned out to be “another project got delayed”. The team had countless ways to pivot, but after locking users’ funds for months, they chose to rug instead of completing the TGE.
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.
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@cutlossess @superika_yuuki @tombRaider_kw @Terminal_fi @convergeonchain There are multiple reasons as to why we discarded Ethereum Mainnet, thinking of publishing something on this matter later on.
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@samnode_ @superika_yuuki @tombRaider_kw @Terminal_fi @convergeonchain I truly believe youre throwing in the towel tol early.
Launch on Ethereum, you have a great chance of finding PMF. You can be the Curve of YBS.
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@0xTindorr @Terminal_fi @convergeonchain We're genuinely sorry about this.
It’s not that trivial of a move, given the timelines we were operating under.
Going for a risky pivot to tick a box is outright crime.
I’ll probably livestream to share broader context on this.
We’re not benefiting from this outcome.
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@Terminal_fi @convergeonchain You could pivot away from Converge and still use the codebase to build something meaningful.
The market of yield-bearing assets will keep growing, and these projects will need users to LP while taking on IL. That is a real market gap across networks.
Gutted to see this.
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