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.
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.
Sam retweeted
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.
Yield-bearing stablecoins open up the design space for extremely efficient DEX.
Terminal is the exchange
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.
Turning 29.
@Terminal_fi is nearing launch, couldn’t be more excited for our model to go live.
@nodeguardians now stands as a public good, having fulfilled its original vision.
I was cooked earlier this year, now feeling better than ever.
Grateful for everything this industry has taught and brought me and most of all, for health.
Sam retweeted
The pre-deposit vault is capped at 225M USDe.
Less than 10M USDe left before reaching the cap.
The tUSDe LP yield on @pendle_fi is currently 17.5% APY.
// It has come to our attention that some of you appreciated the last update_
tl;dr: @Terminal_fi’s tUSDe is entering full saiyan mode.
This light change has a massive impact on yield and it’s just the beginning. Effectively making tUSDe, by far, the best USDe ecosystem APR.
More major updates coming as we approach product launch.
Terminal Pendle
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 👇🏻
Sam retweeted
A new option is available for Pendle tUSDe users.
PT-tUSDe (11.77% APY) can be used as collateral on @eulerfinance to borrow USDe.
tUSDe liquidity on Pendle is currently above $50M.
// Loopers gotta loop_
Sam retweeted
New Integration: infiniFi x Terminal
infiniFi has added @Terminal_fi’s PT-tUSDe into its balance sheet strategy.
Another step in deepening alignment with the Pendle x Ethena ecosystems.
Here’s what it means 👇
Well, @Starknet is one of those rare protocols that can claim to be "Home to Bitcoin" without sounding cringe.
The team’s always paved its own road, blending technical excellence with meaning
Features & incentives galore, this clearly is a major push. Would keep an eye on this
Visited the Pendle temple
Working on @Terminal_fi, I get to deal with the team behind the scenes
Can confirm: they’re elite, one of the fastest & most available teams out there
Quick feedback at the weirdest hours, always sharp and diligent
Hard not to be bullish
Pendle
Sam retweeted
Our WETH vault cap for the pre-deposit phase has been reached
Powered by @ether_fi, these deposits will seed the WETH/weETH pool on Terminal
As a yield-bearing asset, weETH will benefit from Terminal’s pool design
Excited to welcome EtherFi as a launch partner
