Terminal Finance Shuts Down After Converge Chain Launch Failure

Terminal Finance Shuts Down After Converge Chain Launch Failure

Terminal Finance ends operations due to Converge chain’s failed mainnet start, assuring users their funds and rewards remain intact despite bleak ecosystem outlook.

ENA
PENDLE

Fact Check
The evidence provided by the primary sources overwhelmingly and consistently supports the statement. All sources that address the topic confirm that Terminal Finance ceased operations. A clear majority of these sources (seven out of eight) explicitly link this shutdown to problems with the Converge Chain. The phrasing varies slightly, with sources mentioning the chain "not having launched," having "failed to launch," or experiencing "delays," but all these descriptions are synonymous with the statement's claim of an "unsuccessful launch." The information is corroborated across multiple, independent crypto news platforms, including Ainvest, Bitget News, and ChainCatcher. There are no contradictions in the evidence; the single source that does not mention the Converge Chain simply confirms the shutdown without providing a reason, which does not negate the cause cited by all other relevant sources. The high degree of consistency across numerous sources with moderate to high authority provides a strong basis for concluding the statement is true.
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Summary

On November 29, Ethena-incubated DEX Terminal Finance announced it will cease plans to launch following the Converge chain’s unsuccessful mainnet start. In its official statement, the team cited limited ecosystem support and poor long-term prospects as key reasons for the decision. Terminal Finance confirmed that user funds remain fully backed and unaffected, and that existing Pendle position holders will keep all accrued rewards.

Terms & Concepts
  • Ethena ecosystem: A network of blockchain-based projects and services built around the Ethena platform.
  • Converge chain: A blockchain network intended to support projects like Terminal Finance, but delayed and unable to launch as planned.
  • Liquidity hub: A platform or service that aggregates and facilitates access to liquidity across multiple sources in a blockchain ecosystem.