A DeFi protocol just pulled the plug on its entire operation. Terminal Finance is shutting down after the Converge chain—the backbone they were banking on—never made it past the starting line. Without that underlying infrastructure, the whole project collapsed before it could even launch properly.

The interesting part? They're claiming every dollar users put in is still backed 1:1. That's the reassurance everyone wants to hear when a project implodes, but it's also where the real test begins. Whether those funds actually make it back to users' wallets will tell us if this was a clean exit or just another messy unwind in DeFi's ongoing saga of failed experiments.