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Securitize and Ethena have introduced converge, an EVM blockchain aimed toward supporting and selling each Defi and tokenized property.
Right here is my TLDR: Converge desires to construct merchandise and apps with companions who’re geared up with institutional traders, giving them entry to Defi. Securitize will publish each future and current tokenized property on the blockchain.
Companions are Maple, Morpho, Pendle, the horizon of Aave Labs, after which you’ve gotten the Guardian Assist Assist of copper, hearth blocks and Komainu.
The 2 are planning to launch the convergation for the subsequent three months, CEO Carlos Domingo advised me, and they’ll make updates to the launch each two weeks. The take a look at community just isn’t but reside, however the two have constructed some prototypes, he added.
So no time is wasted – in all probability for the perfect level behind the institutional adoption at this stage.
I requested Domingo when the 2 began engaged on the imaginative and prescient for Converge and he advised me that the Ethena workforce got here to securitize in the course of the interval through which the $ 100 million collected for his personal chain.
“They really approached us to see if we wish to be a part of it, as a result of they felt very robust that the ability of this won’t solely be that institutional Defi … however that we are able to deliver our RWAs,” Domingo defined.
Ethena’s Man Younger mentioned the blockchain fills a “clear hole available in the market” because the settlement layer.
However the announcement was not with out some criticism – which might not be a shock in Crypto.
After I introduced up David Hoffman’s criticism, Domingo clarified that Converge just isn’t a non-public blockchain, and due to this fact additionally it is the rationale why the 2 not solely wish to construct a database.
Nevertheless, if it was a non-public blockchain, Domingo mentioned {that a} database could be full.
“Look, the world is Multichain. There might be many chains. They are going to all be linked.“ I do not assume we are able to belief one chain … Ethereum is nice, and we assist Ethereum and our best property are on [there]. However on the identical time it has many issues within the discipline of flexibility. “
“You must introduce new features there, as we all know, extraordinarily sluggish.
To not point out, holding establishments of publicity. Domingo mentioned they’re planning to proceed to assist different chains.
On the finish of the day, Domingo famous, Defi “bought caught.” He argued that it has not likely grown since Defi Summer time in 2021, and it acts as a possible barrier for a full bull market (one of many few in the event you ask me).
“There may be clearly an issue with Defi development until there’s institutional acceptance,” Domingo believes.
It’s troublesome to guage a press launch, so it is a situation through which I should wait and see the way it is happening.
If Converge can take down the Defi barrier – and there’s a actual institutional adoption that takes place – then I agree: it appears fairly bullish.