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.

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.

Maths

Tell your mom, tell your neighbours and everyone you love, because @Terminal_fi tUSDe (Dec 2025) just got a whole lot better. Starting today, tUSDe (Dec 2025) will start accruing 100% of sUSDe yield - a Pendle exclusive 😉 Details below 👇🏻

tUSDe's IY has climbed 22% over the past week, now sitting comfortably at 12.45% APY. Despite being a longer-dated pool, this places it at a 2x premium vs. USDe. Bullish things coming for @Terminal_fi? Perhaps @samnode_ discovering Bak Kut Teh? Pendle Terminal

1/ Bitcoin doesn’t change. But what you can do with it just did. From the June 2024 announcement that Starknet would scale Bitcoin, to the product rollouts of March 2025, the path has been clear. BTCFi on Starknet is where that momentum now leads 🧵

Signal received Processed Response loading Terminal Pendle Ethena*** // Overclocking engaged_ ⌛️