Starting June 26th, the Root Access program will go live, marking the beginning of our bootstrapping phase for Terminal’s spot decentralized exchange. Over multiple sessions, Roots will serve as a way to track and recognize user’s contributions to Terminal.
We admit general market sentiment has shifted with growing fatigue towards season-based systems. Therefore, Terminal is focusing on sessions instead of seasons.
“Aren’t sessions just seasons with a different name?”
Yes, but these are sessions, not seasons.
We are not the same.
Root Access Program Overview
The program will unfold over multiple sessions, each highlighting different ways to engage with Terminal. The first session will begin with the pre-deposit vaults, during which Ethena and ether.fi will provide additional incentives on top of Roots rewards.
Duration
Our goal is to keep the Root Access Program simple and time-limited. We plan to conclude this first session within 3 months of Converge mainnet launch.
Incentives
Roots rewards scale linearly with both deposit size and duration — the more you deposit and the longer you keep it in, the more you earn. Furthermore, Ethena is offering a 30x multiplier, and ether.fi a 3x boost on points earned through the Root Access Program.
Heads-Up
The Root Access program is designed for long-term participants who genuinely want to engage with the marketplace when it launches alongside the Converge public mainnet.
If your goal is simply to farm rewards for a quick exit, this might not be the right place for you.
We encourage only those with a longer-term (yes) outlook and a real interest in Terminal and Converge to take part.
Additionally, participation is unfortunately restricted for users in certain jurisdictions, including the United States. Access to relevant sections of the Terminal web application, including our dApp UI, will be blocked for users in these regions.
Reminder
Terminal is the liquidity hub to trade institutional assets and reward-bearing digital dollars, powered by Converge.
It aims to:
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Provide deep liquidity for yield-bearing stablecoins
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Support efficient trading of sUSDe across tokenized real-world assets, crypto pairs and other emerging on-chain instruments.
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Enable protocols and institutions to bootstrap liquidity on Converge.
First Session: Pre-deposit
The first session will focus on liquidity provision into three base asset vaults: USDe, WETH, and WBTC.
Deposits into these stable vaults will result in receipt tokens:
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USDe → tUSDe
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WETH → tETH
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WBTC → tBTC
These deposits will be used to form trading pairs for Terminal’s launch, with users receiving receipt tokens (tUSDe, tETH, and tBTC) that represent a share of those future pairs:
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USDe → Staked as sUSDe to form: USDe/sUSDe
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WETH → Wrapped as weETH to form: WETH/weETH
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WBTC → Staked as eBTC to form: WBTC/eBTC
Approximately one week before bridging to Converge, these trading pairs will be created.
No lock-ups. Withdrawals can be made at any time, except during the bridging period — which will be communicated in advance.
Withdrawals are made in the yield-bearing form, as Terminal is designed to natively manage and optimize these productive assets:
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USDe is withdrawn as sUSDe (the staked version)
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WETH is withdrawn as weETH (the wrapped version from ether.fi)
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WBTC remains withdrawable as wBTC
The yield generated from sUSDe and weETH during the pre-deposit phase will be directed to a dedicated smart contract on Converge. The collected yield can only be reinjected into Terminal to power core protocol components in an upcoming version deployed on Converge.
Referrals
Users can earn additional Roots by referring others. For every person you refer, you'll receive 10% of the Roots they accumulate as a bonus, with no impact on their earnings.
Steps for Session 1
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Go to terminal.fi or use a referral link.
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Click "Pre-Deposit" on the homepage.
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Connect your wallet.
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Navigate to the "Roots" tab.
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Choose one of the available assets.
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Enter your deposit amount.
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Pre deposit into Terminal.
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Check your position on the Roots page.
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Start earning Roots!
FAQ
What are Roots?
Roots are Roots.
Where can I see my Roots?
You can see your Roots here, in the Roots section of Terminal Finance website.
When will I receive my Roots?
Roots are distributed automatically every Thursday.
What is a session?
A session is a specific period during which participants are eligible for Roots rewards.
What happens if I withdraw my funds before the end of the pre-deposit phase?
All deposits earn Roots rewards during the pre-deposit phase. Withdrawing early means your position will stop earning additional Roots from that moment.
Can I receive Roots and points from other projects at the same time?
Yes, you can collect both Roots and points from other projects while pre-depositing into Terminal Finance.
Please note that points from other projects will be distributed via their respective websites.
What is impermanent loss, and how does it affect LPs?
Impermanent loss occurs when the prices of the assets in a liquidity pool diverge from each other, causing a liquidity provider’s position to be worth less than if they had simply held the assets outside the pool. It’s a common risk in pools with volatile or uncorrelated assets.
Will my assets fluctuate in value during the pre-deposit phase?
No, the value of your assets will remain stable as long as the underlying stablecoins or pegged assets maintain their pegs. There is no active trading or price risk in the pre-deposit vaults.
Why are stable-to-stable pairs ideal for avoiding impermanent loss?
Impermanent loss arises from price divergence. Since stable-to-stable pairs track the same or very similar value, the risk of divergence is low.
Is impermanent loss a concern once Terminal Finance goes live?
For the pre-deposit pairs, no — stable sUSDe-based pairs are designed to minimize impermanent loss.
Terminal Finance mitigates impermanent loss by skimming the yield accrued, keeping liquidity focused on the principal.
Once Terminal supports volatile pairs post-launch, impermanent loss may occur in certain pools; LPs can choose which pools to join.
For the complete list of questions and answers, please refer to the full FAQ here.