Ethena Labs and Securitize Launch Converge, an EVM-Compatible Layer-1 Blockchain
Ethena Labs and Securitize have launched Converge, an EVM-compatible Layer-1 blockchain aimed at bridging traditional finance and decentralized finance. Key details include:
- Converge will serve as a settlement layer for tokenized assets and digital dollars.
- A developer testnet is expected soon, with the mainnet rollout slated for Q2 2025.
- The network will integrate infrastructure from LayerZero, Pyth Network, Wormhole, and RedStone.
- ENA, Ethena’s governance token, will support staking, while USDe and USDtb will be used as native gas tokens.
- Securitize plans to tokenize real-world assets (RWAs) on Converge, expanding its $2 billion in issued tokenized assets beyond treasury-backed products.
- Converge will offer both permissionless DeFi access without KYC verification and permissioned applications for TradFi institutions.
- The total value of RWAs on-chain has grown significantly, indicating increased adoption.
- The stablecoin market cap is rising, with USDe becoming a leading stablecoin in the ecosystem.
This development underscores the merging of traditional and decentralized finance, positioning Converge as a significant player in this sector.