Convergence is a flop. I never believe in post-TGE DeFi projects announcing launching a chain, very lame.
I do have a lot of respect for @Terminal_fi making this decision - much easier to do the otherwise and just tge. And can I say eco projects tge before the chain is really the only chance for them. RIP to all berachain and monad eco projects.
Ethena (funding rate arb) is always meant to be a bull market product.
Adding BUIDL (USDtb) was a good move to plan for the bear (despite t-bills rate + ethena points cannot sustain $7b of PT loops on aave).
But Ethena losing 50% of TVL is entirely market driven. Leveragers will come back when funding rate is good again.
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_fi @SolvProtocol @MengLayer @RyanChow_DeFi @0xYond @arndxt_xo
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