@Terminal_fi

The claim portal for the sUSDe yield generated between June and September is now live. Users can claim their pro-rata share of the underlying yield here: https://t.co/Voib6a56x6

We’re preparing the redistribution of the sUSDe yield generated between June and September. A total of ~$2.8M was accrued over this period. This figure may slightly adjust as we finalize third-party administrative costs. The distribution will be claimable through a dedicated mechanism we’re currently working on, and will be allocated pro-rata to each user’s tUSDe exposure during that period — whether through direct deposits or YT purchases, not based on the number of Roots. More details soon.

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 now spans ~$10B in TVL across 2 core products (USDe & USDtb backed by BlackRock BUIDL) & 10+ chains. Such an ecosystem needs its own trading venue, a unified exchange for reward-bearing stablecoins and institutional assets. Terminal: Becoming the Ethena Liquidity Hub https://t.co/l9XHBJjHPi

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.