Terminal Finance, a highly anticipated decentralized exchange (DEX) incubated by Ethena Labs, is canceling its launch after the Converge blockchain, its intended base layer, failed to go live – showcasing the risks DeFi projects face when relying on untested infrastructure.

The DEX was designed specifically for Converge, an institutional-focused blockchain co-developed by Ethena Labs and Securitize. With the network still not launched and no clear timeline, the Terminal Finance team said it could not move forward.

The Defiant reached out to Terminal Finance and Ethena Labs for comment but did not receive a response by press time.

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