tl;dr
Ethena Labs and Securitize have launched Converge, a layer-1 blockchain focused on institutional capital flows and integrating tokenized assets with DeFi. The initiative aims to provide a purpose-built network for permissioned and permissionless financial applications. Converge will support DeFi spe...
Ethena Labs and Securitize have launched Converge, a layer-1 blockchain focused on institutional capital flows and integrating tokenized assets with DeFi. The initiative aims to provide a purpose-built network for permissioned and permissionless financial applications.
Converge will support DeFi speculation and provide storage and settlement for stablecoins and tokenized assets. It features an Ethereum Virtual Machine (EVM)-compatible execution environment with institutional validators securing the network by staking ENA tokens. The blockchain will operate with three parallel application tiers, including permissionless DeFi ecosystem, permissioned applications, and new financial products leveraging Securitize's tokenized securities.
The launch of Converge is scheduled for the second quarter, with technical documentation set to be released in the coming weeks. Ethena Labs and Securitize envision supporting DeFi speculation and providing storage and settlement for stablecoins and tokenized assets as the primary applications for blockchain technology, emphasizing the institutional adoption of tokenized financial products.
Securitize, having issued approximately $2 billion in on-chain assets, including products from prominent entities, plans to become the primary issuance layer for tokenized assets, expanding its scope to a broad range of financial instruments. Ethena Labs aims to bring its suite of stablecoins and yield-bearing assets to Converge, facilitating new institutional-grade financial products.
Converge is equipped with an Ethereum Virtual Machine (EVM)-compatible execution environment, with institutional validators securing the network by staking ENA tokens. The blockchain will operate with three parallel application tiers, including permissionless DeFi ecosystem, permissioned applications, and new financial products leveraging Securitize's tokenized securities.
The blockchain also has the support of institutional custodians, including Anchorage, Copper, Fireblocks, Komainu, and Zodia Custody, which will offer asset management and key custody services.