- Ethena Labs and Securitize are becoming a member of forces to launch Converge, a new blockchain for decentralized finance and tokenized belongings.
- Converge can be Ethereum Virtual Machine-compatible and serve each retail and institutional DeFi.
- ENA value rose 5% to change arms above $0.38 following the announcement
Ethena Labs and Securitize are teaming up on a enterprise that may see the crypto tasks unveil Converge, a new blockchain constructed for tokenized belongings and decentralized finance.
Announced on Mar. 17, Converge can be a custom-built, Ethereum-compatible blockchain. The builders envision a platform that may cater to each on a regular basis traders and deep-pocketed institutional gamers.
Per a weblog publish introducing the new blockchain, the anticipated launch date is Q2 2025.
Ethena, Securitize unveil Converge
According to Ethena Labs, Converge is a blockchain platform designed to bridge the hole between conventional finance and DeFi.
The know-how behind the EVM-compatible chain will permit customers to leverage user-friendly decentralized purposes for retail traders. Converge may even supply a suite of prime instruments aimed toward institutional traders.
Both Ethena Labs and Securitize plan to faucet into the new blockchain to advance the DeFi and asset tokenization ecosystem. In this case, the partnership will see Ethena convey its burgeoning DeFi to Converge.
Securitize may even revamp its traction within the real-world asset (RWA) tokenization house. With almost $2 billion minted, Securitize stands out as one of many prime platforms championing the expansion of tokenized belongings.
Converge’s unveiling will convey an EVM-compatible settlement layer, driving new adoption for stablecoins and tokenized belongings.
“We’re developing Converge to fill a clear gap in the market as the go-to settlement layer for institutional-grade DeFi and tokenized assets,” Guy Young, founding father of Ethena Labs, mentioned in a assertion.
According to Young, “storage and settlement of stablecoins and tokenized assets” is ready to be a large alternative within the coming years.
Stablecoins, blockchains and exchanges are a “holy trinity of crypto protocols” the Ethena Labs founder posted on X.
Further feedback got here from Carlos Domingo, the co-founder and CEO of Securitize. He famous:
“By combining Ethena’s innovation in DeFi with Securitize’s leadership in tokenizing real-world assets, Converge sets a new standard for how institutions can confidently engage with on-chain financial markets.”
Converge’s preliminary launch companions
The two corporations will look to advance Converge through key business collaborations. Helping the trigger are preliminary launch companions, together with Pendle, Aave Labs (through its Horizon challenge), Morpho, Ethereal and Maple Finance.
Converge’s RWA traction may even profit from custodial help from Anchorage, Copper, Fireblocks and Zodia amongst different institutional-grade custody suppliers.
Also key can be interoperability companions LayerZero and Wormhole. Meanwhile, Converge will faucet into oracle help from Pyth Network and RedStone.
Furthermore, Converge will use Ethena’s native governance token ENA for staking and safety. The latter will faucet into a permissioned validator set. The USDe and USTb stablecoins will energy community transactions as gasoline tokens.
The information noticed the ENA token soar greater than 5% to commerce above $0.38.
