The Decentralized Financing Protocol (DEFI) Ethena and the Securitize Tokenization Society said they would use part of the Technical Availability and Data network of Arbitrum Celestia for their real blockchain focused on active world and Ethereum compatible, aimed at launching Mainnet during the second quarter of this year.
The converge chain strives to have fast blocks of blocks, allowing users to pay gas costs via USDE and USDTB from Ethena, while creating security and railings via its network of Converge validators, the two protocols behind the project explained in a shared technological update with Coindesk.
“The idea is that we are going very soon on a Testnet, in the coming weeks, because we have been working on it for some time,” said Carlos Domingo, co-founder and CEO of Securitize, in an exclusive interview with Coindesk. “Then the Mainnet: the objective is to do it before the end of Q2.”
The exact calendar of the public deployment also depends on third -party integrations such as anchoring for childcare, the Fire blocks for key management and other applications DEFI with which the project has teamed up, added Domingo.
RWA and DEFI connection
Converges, unveiled last month, aims to connect the sector of real assets in rapidly growing token (RWA) with the DEFI space, based on existing ecosystems around Ethena and their value of several billion dollars in assets.
Ethena quickly became a DEFI power station, leading the trend of yield stables with her $ 5 billion token in “synthetic dollar” token. Meanwhile, securing programs of almost $ 4 billion in assets tokenized by traditional finance giants like Apollo and Hamilton Lane and Blackrock, the Blockchain -based monetary fund, Token Buidl. The latter is also the main asset of supporting the stablecoin of $ 1.4 billion from Ethena.
“The ambitious vision of converge the integration of tens of billions of institutional chain capital requires providing users with high performance and high security guarantees,” said Guy Young, founder of the development company Ethena Labs, in a press release.
To achieve this high objective, the converge channel’s performance is based on a personalized sequencer for a blockchain fueled by arbitrum, while using Celestia as a data availability layer below, depending on the shared technological update with Coindesk. A sequencer is a key element of the blockchain infrastructure that compiles transactions from layer 2 networks and publishes them on the Layer-1 network.
Data availability layers, like Celestia, aim to reduce download and storage costs for high data intensity blockchain networks. The combination of the G2 of conduit sequencer, as well as the use of arbitrum and Celestia technology are supposed to “push the limits of what level of flow is possible on the networks based on EVM”, wrote the team.
The network will use USDE and USDTB of Ethena as gas tokens to pay transaction costs on the network. The two tokens are designed with a price anchored at $ 1, which makes it easier to count the transaction costs, the team wrote.
Converge will also support applications without authorization and authorized operating side by side. Developers can freely deploy DEFI applications without authorization, while institutional transmitters such as security can create authorized environments for compliant active asset products.
In addition, the Network of Validators Converge (CVN) is supposed to provide the foundations of network security, acting essentially as a chain security council. The CVN will have the capacity to interfere in an emergency as when the funds are in danger, carry out circuit breakers to suspend user activity in the event of serious bugs, as well as to examine major governance proposals.
In order to participate in the CVN, validators must bring into play ENA, Ethena’s governance token. According to the team, the CVN will be posted shortly after the launch of Mainnet.
“Technical breakthroughs on this initiative will lead to the results of asymmetrical products for converge, and therefore the growth of the USDE, the USDTB and other ethena products and secure products,” said Young.
