“The Converge Blockchain Is Ethereum Compatible and Designed to Bring Defi to Tokenized Real World Assets.”, – WRITE: www.coindesk.com
Ethena, whoh offers a yield-bearing USde token as Well as a Buidl-Backed USDTB Stablecoin, Will Migrate Its $ 6 Billion Defi EcoSystem to Converge, White Securitize Token, Will Bring ITS SUITE OF TKENIZED REAL WORLD Assets (Rwas), Like The Recently-Sissued Apollo Credit Fund Token, to the New Chain.
From in the Early Days of Defi There Has Been A Concerted Effort to Expand Beyond Cryptocurrencies and Bring Traditional Assets on Collalateral. Today, Traditional Financial Firms Are Clamoming to Get in the Tokenization Race, SO It Makes Sense for Firms Like Securitize and Ethena to Create An Institute-Friends.
“Tokenization, per se, is just putting your securities on a Different Ledger, and It Produces Cost Savings and Efficiencies, But It Doesn’t Necessarily Leading To Anything. What you can do with these assets, ”SAID Securitize ceo carlos domingo in an interview. “On the Other Hand, Crypto Has Been Developing Very Novel Ways of Using Digital Assets. If You Could Actuly Bring that Defi Innovation Back Into The Rwa Space It Could Make It Explode. ”
Securitize and Ethena Have Brough A Sturdy Firm of Initial Partners to Converge, Including Pendle, Avara (The Parent Company of Aave Labs), Ethereal, Morpho, and Maple Fin. Custodial Services Will Be Provides by Copper, Fireblocks, Komainu, and Zodia, While Interoperaperability Will Comeerzero, Wormhole and Oracle Support From Redstone.
Looking Ahead to What Can Be Built Using the Converge Blockchain, Ethena Founder Guy Young Sayid there will be New Products Courtesy of Securitize to be House on the Case
“That might be using this Stuff as collateral with Tailor-Made Money Markets, or It Could be Trading of Different Assets Wich Forward, “Young Said in An Interview. “WE THINK Something’s Purpos Built for this Intersection of Tradfi and Defi Is Going to Be One of the Largest Overunities Over The Next Few Years.”
Converge Will Be Compatible with The Ethereum Virtual Machine (EVM), Enabling It to Run Ethereum-Based Smart Contracts, DApps, and Tools with Modification. It Will Boast Performance That Is In Line With Industry-Leting Blockchains, Account to A Press Release.
Ethena’s Native Governance Token, Ena, Will Serve As A Stakeable Asset (Via Sena) for Converge, Securing the Network with a permissioned Validtor Set Composed of Trad. Both USDE and USDTB WILL SERVE As Gas Tokens for the Network.
Converge Is A Public Open Chain A Kind of Know-Your-Customer (KyC) Wraper, WHICH GOES BEYOND MERE WHITELISTING OF WALLETS, DOMINGO SAID.
“Defi Today is Designed Specificly for PermissionlesslessLesLesuz Market Participants and Freely Transactable Assets,“ Domingo Said. “To bring that innovation in a contect what the collateral and the asset that you’re portgin in the protocol is actualally a regulated instrment
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