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Commerce is alive and well, although the github repo is now legacy. To improve portal version integration and maintain compatibility with newer releases, commerce has been merged into the main portal repository.

It still has its own release schedule, but it will be available for 7.3 sooner than if it were still in an external repository.

Commerce isn't going anywhere. 2.1 is out and there is currently support for 7.2.  Support for 7.3 is coming, but they may be waiting for 7.3 to stabilize a bit more before the release comes out. I don't have release schedule details, so I'll have to let folks with more access chime in, but it is an important product for Liferay and will continue to be supported and developed.

Hi all
we are in process to migrate the code to liferay-portal repo under the master branch, this as you imagine is requiring a bit of work. 
As David explained this is to "improve portal version integration and maintain compatibility with newer releases". 
Really soon it will be back and merged in portal code.
Thanks
Marco

Thank you very much for the information. I am very glad that the work on this great product is going on. It will be nice if you can write a message when the eCommerce Project is merged in the Liferay-Portal project.Best regardsDieter