COINOTAG News reported on November 29 that DEX Terminal Finance, incubated by Ethena, disclosed a strategic update. The project had aimed to be the on-chain liquidity hub for Converge, but delays to Converge’s mainnet and the absence of current deployment plans have prompted a termination.
Most critically, user funds remain protected, with full withdrawal of principals available. Pendle position holders will continue to accrue Ethena Sats rewards, sUSDe rewards, and etherfi points as previously scheduled, reflecting ongoing reward mechanics despite the program’s closure.
Ethena‘s team reviewed several transformative options, yet challenges persisted: limited ecosystem support, restricted asset access, and unfavorable long‑term development prospects. After careful evaluation, the group concluded that no viable path could sustain a durable DeFi initiative, making a premature launch counterproductive.
Commitment to integrity remains paramount; launching merely for optics would compromise credibility. The project’s conclusion reinforces prudent risk governance and a disciplined approach to DeFi incubations.