The Converge public chain, which Ethena is collaborating with Securitize, has not yet made any progress in its launch. Terminal Finance, positioned as the liquidity core of Converge, has announced its suspension. The deposit amount of 300 million dollars will be fully refunded, along with interest.
Terminal: Development has been completed, but Converge has yet to go live.
Terminal Finance officially announced: We regret to announce that we will not be launching the Terminal service. The official statement indicated that the reason for this decision is that Terminal Finance was originally positioned as the liquidity core of the Converge public chain ecosystem. The code development for Terminal has been completed, and it is prepared to go live in the first quarter of 2025.
However, the Converge chain has not gone live as scheduled, and there seems to be no plans for it to go live in the near future. This has resulted in having deposits and a complete agreement, but lacking the ecosystem it was designed for. The official team is exploring various transformation options but cannot find a successful long-term path. Under the measure of integrity, they chose to suspend the development of the agreement. The money of depositors and Pendle users will be fully refunded.
Ethena partners with on-chain broker Securitize to launch Converge
Terminal Finance is a DEX built on the Converge public chain, focused on attempting to address the impermanent loss of interest-bearing stablecoin liquidity pools (such as sUSDE/USDE). Converge is a public chain launched in deep collaboration with Ethena and Securitize (investors include Jump Crypto, Blackrock, Coinbase, Paxos, Circle, Nomura Holdings, Sony Financial Ventures, and other on-chain securities issuers), using USDE as gas fee to pay for tokens and ENA for consensus layer staking tokens.
It is reported that Terminal Finance is an agreement developed by Ethena on an outsourced basis. Now that the agreement has announced a suspension, it seems to imply that the progress of Converge is still stalled. Other Ethena-affiliated Converge agreements include the on-chain perpetual exchange Ethereal and the structured yield agreement Strata.
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This article discusses Ethena's child, Terminal, suspending operations, claiming that the code has been fully developed, while the Converge public chain has yet to go live. It first appeared in Chain News ABMedia.
