Decentralized Finance Protocol (DEFI) Ethena and the Securitize tokenization firm said they will use part of the network availability network and arbitrum data for their active blockchain in the real world, with the world of the blockchain compatible with Ethereum, with the aim of launching Mainnet in the second quarter of this year.
The converge chain is established to have fast block times, which allows users to pay gas rates through the USDB of Ethena, while creating security and railings through its Validador converge network, the two protocols behind the project explained in a technological update shared with Coindesk.
“The idea is that we advance very soon, in the coming weeks, because we have already been working on this for a while,” said Carlos Domingo, co -founder and CEO of Securitize, in an exclusive interview with Coindesk. “Then, the main objective: the goal is to do it before the end of the Q2”.
The exact moment of public deployment also depends on third -party integrations, such as Anchorage for custody support, fire blockages for key management and other defi applications with which the project was associated, Sunday added.
Connecting RWA and Defi
Converge, presented last month, aims to connect the real asset sector of the real world (RWA) with the Defi space, which is based on existing ecosystems around Ethena and is assigned to its assets of multiple billion dollars.
Ethena has quickly become a defi power, leading the yield stablcoin trend with its USDE token of $ 5 billion “synthetic dollar.” Meanwhile, Securitize issues almost $ 4 billion in tokenized assets of traditional financial giants such as Apollo and Hamilton Lane and Blockchain’s Blockchain Money Market Fund Token Buidl. The latter is also the key support asset of the stable of $ 1.4 billion USDTB of Ethena.
“The ambitious vision of Converge of incorporating tens of billions of institutional capital in the chain requires providing users for high performance and high security guarantees,” said Guy Young, founder of the development firm Ethena Labs, in a statement.
To achieve this high goal, the converge chain performance is based on a personalized sequencer for a block chain with arbitration A sequencer is a key piece of blockchain infrastructure that compiles transactions from layer networks 2 and publishes them again to layer 1.
Data availability layers, such as Celestia, aim to reduce discharge and storage costs for data intensive blockchain networks. It is assumed that the combination of the conute G2 sequencer, as well as the use of the referee and the technology of Celestia, it is supposed to “drive the limits of what level of performance is possible in EVM -based networks,” the team wrote.
The network will use the USDB of Ethena as gas tokens to pay the transaction costs throughout the network. Both tokens are designed with a price anchored at $ 1, allowing an easier accounting for transaction costs, the team wrote.
Converge will also admit permission requests and permits that operate next to each other. Developers can implement applications defi without permission freely, while institutional emitters such as Securitize can create permissions for real -world assets products compatible.
In addition, it is assumed that the Validador converge (CVN) network provides the fundamentals of network safety, acting essentially as the chain security council. The CVN will have the ability to interfere during emergencies such as when the funds are at risk, conduct circuit switches to stop user activity if there are serious errors, as well as review important governance proposals.
To participate in the CVN, the validators must participate in ENA, the Ethena government file. According to the team, the CVN will be released shortly after Mainnet is launched.
“The technical advances on this initiative will boost the results of asymmetric products for converge and, therefore, the growth of USDTB and other Ethena and titulic products,” said Young.
