Decentralized finance (DeFi) protocol Ethena and tokenization firm Securitize have announced their partnership with Arbitrum’s tech and data availability network Celestia for their upcoming Converge chain. This Ethereum-compatible blockchain project is...
Decentralized finance (DeFi) protocol Ethena and tokenization firm Securitize have announced their partnership with Arbitrum’s tech and data availability network Celestia for their upcoming Converge chain. This Ethereum-compatible blockchain project is focused on real-world assets and is set to launch its mainnet in the second quarter of this year.
The Converge chain aims to have fast block times, allowing users to pay gas fees through Ethena’s USDe and USDtb tokens, while ensuring security through its Converge Validator Network. The project plans to launch a testnet in the coming weeks, followed by the mainnet before the end of Q2, according to Carlos Domingo, co-founder and CEO of Securitize.
The public rollout timeline will also depend on third-party integrations such as Anchorage and Fireblocks, as well as partnerships with other DeFi applications. Converge, unveiled last month, seeks to bridge the gap between tokenized real-world assets (RWA) and the DeFi space, leveraging Ethena and Securitize’s existing ecosystems.
Ethena has established itself as a DeFi powerhouse with its USDe stablecoin, while Securitize has tokenized assets worth billions from traditional finance giants. The Converge chain’s performance is supported by a custom sequencer for an Arbitrum-powered blockchain and Celestia as the data availability layer. This combination aims to enhance throughput on EVM-based networks.
The network will utilize Ethena’s USDe and USDtb tokens as gas tokens for transaction costs and will support both permissionless and permissioned applications. Additionally, the Converge Validator Network (CVN) will act as the chain’s security council, with validators required to stake ENA, Ethena’s governance token.
Overall, the partnership between Ethena, Securitize, and the Converge chain is expected to drive growth in USDe, USDtb, and other related products, bringing new opportunities in the DeFi space.
