Ethena, Securitize Tap Arbitrum and Celestia for Converge Blockchain, Target Q2 Launch
The decentralized protocol of protocol Ethhena and tokenization firm Securitize says they will use the part of Arbitrum’s tech and data having Celestia for their real-world asset focused, Ethereum-Compatible Blockchain, aimed at launching Mainnet in this year’s second quarter.
The Converge chain sets up to have fast blocks, allowing users to pay gas fees through the USDE and USDA of Etherna and USDTB, while creating security and guards through the Converge Validator Network, the two protocols behind the project are explained in a tech -shared coindesk.
“The idea is that we go to a Testnet soon, in the next few weeks, because we’ve been working here for a long time,” Carlos Domingo, co-founder and CEO of Securitize, said in an exclusive interview with CoinDesk. “Therefore, the mainnet: the goal is to do this before the Q2 ends.”
The exact timing of the public control is also dependent on third-party integrations such as Anchorage for Custody Support, Fireblocks for Key Management and other Defi apps cooperating with the project, Domingo added.
Connecting to RWA and defi
Converge, Unveiled Last month, aimed at connecting the rapidly growing tokenized real-world assets (RWA) sector with the Defi Space, developing existing ecosystems around Ethena and Securitize and their many billion dollars worth of properties.
Ethena quickly became a Defi Powerhouse, leading the trend that carries stablecoin with a $ 5 billion “synthetic dollar” USDE token. Meanwhile, securing issues of nearly $ 4 billion in tokenized assets of traditional financial giant such as Apollo and Hamilton Lane and Blackrock’s blockchain-based money market fund token Buidl. The latter is also the main asset backing of Etha’s $ 1.4 billion USDTB Stablecoin.
“Converge’s ambitious vision of onboarding of tens of billions of institutional capital on-chain requires the provision of high performance users and raised security guarantees,” Guy Young, founder of firm Ethhena Labs, said in a statement.
To achieve that high goal, the performance of the converge chain depends on A custom sequencer for a blockchain powered by arbitrum, while using Celestia as layer of having data Under it, according to the tech update shared with CoinDesk. A sequencer is a major piece of blockchain infrastructure that accumulates transactions from layer-2 networks and posted them back to the Layer-1 network.
Data existence layers, such as Celestia, aim to drop download and storage costs for data blockchain networks. The combination of conduit’s G2 sequencerAs well as the use of Celestia’s arbitrum and tech should be “to push the boundaries of what level of throughput is possible on EVM -based networks,” the team wrote.
The network will use the USDA and USDTB of Ethena as gas tokens to pay for transaction costs throughout the network. Both tokens are designed with a price anchored at $ 1, allowing easier accounting for transaction costs, the team wrote.
Converge will also support the same permission without permission and permitted applications that operate side by side. Developers can deploy unauthorized defi apps independently, while institutions that provide such securitize can create environmental permission for the following real-world asset products.
In addition, the Converge Validator Network (CVN) must provide network security foundations, by essentially acting as a chain security council. CVN will have the ability to interfere during emergencies such as when funds are at risk, perform circuit breakers to pause user activity if there are serious bugs, as well as evaluate important management proposals.
To participate in the CVN, validators must be stake ena, Etherna’s management token. According to the team, the CVN will live shortly after Mainnet’s launch.
“The technical breakthroughs of this initiative will bring asymmetry results for Converge, and thus growing up to USDA, USDTB and other Etena and can regulate products,” Young said.
