According to the official announcement, Ethena Labs, in collaboration with Securitize, will launch an EVM blockchain called Converge. In addition to providing access to standard DeFi applications for retail users, Converge will also offer a suite of applications and products developed in partnership, specifically targeting institutional investors, to help institutional capital access DeFi's innovation and capital efficiency in a compliant manner.
Ethena will focus its institutional products on Converge and seek to migrate its existing DeFi ecosystem, which currently has nearly $6 billion in assets. Securitize, which has created nearly $2 billion in RWA across multiple blockchains, will seek to issue its existing and future tokenized assets on Converge and continue to promote the interoperability of its many protocol integrations.
