Securitize and Ethena Labs, two companies that work closely with BlackRock’s Money Market Toks Buidl, have created an Ethereum-compatible blockchain called Converge, designed to accommodate Tokenized Activa and bid the innovation of decentralized finance).
Ethena, which offers a yield-bearing usde-token, as well as a Puidl-stundled USDTB Stablecoin, will migrate $ 6 billion defi-ecosystem to converge, while Securitize, the transfer agent for BlackRock’s Puidende Goed (Rwased), his suite of told), Apollo-credit fund, to the new chain token, to the new chain token, to the new chain token, to the new chain token, to the new chain token.
From the early days of Defi, a joint effort has been made to go beyond cryptocurrencies and to bring traditional assets to chains as collateral. Nowadays, traditional financial companies are shouting to get into the tokenization race, so it makes sense for companies such as Securitize and Ethena to create an institutionally friendly path to Defi.
“Tokenization, in itself, only put your effects on another ledger and it produces cost savings and efficiency, but it does not necessarily lead to something that is considerably different in what you can do with these assets,” said CEO of Securitize CEO Carlos Domingo in an interview. “On the other hand, Crypto has developed very new ways to use digital assets.
Securitize and Ethena have brought a solid company of initial partners to come together, including Pendle, Avara (the parent company of Aave Labs), Ethereal, Morpho and Maple Finance. Considering services are supplied by copper, fire blocks, comeainu and zodia, while interoperability comes via Layerzero, Wormhole and Oracle support from Redstone.
Looking ahead to what can be built using the converge blockchain, Ethena founder Guy Young said there will be new products thanks to Secureitize to be housed in the chain and open new use cases.
“That can use this stuff if collateral in customized money markets, whether it could be to trade different assets that do not now exist on the chain on a real scale, so that can be shares or whatever,” Young said in an interview. “We think something that was built for this intersection of Tradfi and Defi will be one of the greatest opportunities in the coming years.”
Converge will be compatible with the Ethereum Virtual Machine (EVM), so that it can be performed in Ethereum-based smart contracts, dapps and tools without changes. It will boast the performance in line with leading block chains, according to a press release.
The Native Governance token of Ethena, ENA, will serve as a Stakible Activum (via Sena) for Convergeren, securing the network with a permitted validator set composed of traditional financial entities and centralized fairs. Both Usde and USDTB will serve as a gas socks for the network.
Converge is a public open chain with a kind of Know-Your-Customer (KYC) Wrapper, who goes beyond mere wallisting of portfolios, Domingo said.
“Defi today is specifically designed for permissionless and anonymous market participants and freely over -manageable assets,” said Domingo. “To bring that innovation into a context in which the collateral and the active that you promise in the protocol is actually a regulated instrument, there are a number of things that are further than pure white quotes and KYC.”
