how else could you get rekt as a YT-holder?
the project not launching =
• liquidity woes
• opportunity cost
• drawdown on yields
• points become redundant
while the leverage on yields and points can be enticing, the inherent risk is > PT/LP holders
didn’t think we’d see this for @Terminal_fi
anything can happen in crypto - we can be bullish but we also need to be objective
.@Terminal_fi wasn’t a rushed project.
It was fully built, audited, and ready, but the chain it depended on never launched.
When @convergeonchain didn’t go live, the whole plan lost its foundation.
They decided to shut it down the clean way:
> All deposits refunded 1:1
> Full codebase released
> No forced launch just to save face
> All rewards still given (@ethena_labs Sats, Etherfi points, sUSDe yield, minus the Terminal airdrop)
It sucks for everyone involved, but being honest now avoids a bigger mess later.
My take:
I was only in LPs, so I mainly lost opportunity time and terminal airdrop. YT holders took the real hit.
And yeah, this is a reminder:
> points mean nothing if the project never reaches TGE.
> YT isn’t a guaranteed printer
So ape into YT wisely, unexpected situations like this do happen.
We saw something similar with Level before it shut down, though the story was different. Level only returned deposits. Hopefully Terminal delivers all earned rewards and maybe compensates those who burned their YT.
Tough ending, but I respect the call.
Now we wait for updates on how much base yield we’ll actually receive.
867
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