匯聚是一種新的區塊鏈，旨在將Tradfi與Defi整合在一起，將於第二季度2025年推出

當前在Defi市場中鎖定的總價值（TVL）約為1000億美元，而固定收益市場的規模已達到190萬億美元。

Author: 0xLayman, ChainCatcher

作者：0xlayman，ChainCatcher

Editor: TB, ChainCatcher

編輯：TB，ChainCatcher

The current total value locked (TVL) in the decentralized finance (DeFi) market is about $100 billion, while the fixed income market has reached a size of $190 trillion. This disparity highlights that although the DeFi market is quite large, it is just a drop in the ocean compared to traditional financial markets, which are full of potential.

當前的總價值鎖定（TVL）分散融資（DEFI）市場約為1000億美元，而固定收益市場的規模已達到190萬億美元。這種差異強調，儘管Defi市場很大，但與傳統金融市場相比，它只是海洋中的下降，而傳統金融市場充滿了潛力。

According to official information, Converge is being developed by Ethena Labs and Securitize, with the aim of launching in the second quarter of 2025. The blockchain is designed to integrate traditional finance (TradFi) with DeFi and will be compatible with Ethereum.

根據官方信息，匯聚是由Ethena Labs開發的，目的是在2025年第二季度推出。該區塊鏈旨在將傳統金融（Tradfi）與DEFI集成，並將與以太坊兼容。

Despite Converge currently having only a website seeking development cooperation, no white paper, and just two tweets on its official Twitter, the collaboration between Ethena and Securitize has garnered attention from the market.

儘管目前只有一個網站尋求開發合作，沒有白皮書以及其官方Twitter上的兩條推文，但Ethena與Securitize之間的合作吸引了市場的關注。

A product of cooperation between a crypto-native protocol and traditional financial license holders, Converge is expected to inherit the core resources and technological advantages of Ethena and Securitize. Its core concept is to combine stablecoins with compliant real-world assets (RWAs) to provide a suitable way for institutional funds to enter the crypto market.

預計加密本地協議與傳統財務許可證持有人之間的合作產物有望繼承乙烯的核心資源和技術優勢並證券化。它的核心概念是將Stablecoins與合規的現實資產（RWAS）相結合，為機構資金進入加密貨幣市場提供了合適的方式。

Thus, the DeFi protocol Ethena, boasting a nearly $6 billion market capitalization, plans to migrate its existing ecosystem business to Converge, making it the core DeFi infrastructure for Ethena.

因此，Defi協議Ethena擁有近60億美元的市值，計劃遷移其現有的生態系統業務以匯聚，使其成為Ethena的核心Defi基礎架構。

Moreover, Securitize has already created nearly $2 billion in RWA assets across multiple blockchains (such as BlackRock's BUIDL, Apollo, KKR, etc.) and will also issue existing and future tokenized assets on Converge, promoting interoperability among multiple protocols.

此外，證券化已經在多個區塊鏈（例如BlackRock的Buidl，Apollo，KKR等）中創造了近20億美元的RWA資產，並且還將在Conlyge上發布現有和未來的標記資產，從而促進多個協議之間的互操作性。

Unlike the existing DeFi ecosystem, Converge adopts a model of paying gas fees with stablecoins USDe and USDtb, ensuring the stability of transaction costs and attempting to alleviate some institutional investors' concerns about adopting systems with volatile fee structures.

與現有的Defi生態系統不同，Converge採用了與Stablecoins USDE和USDTB支付汽油費的模型，以確保交易成本的穩定性，並試圖減輕某些機構投資者對採用波動性費用結構的系統的擔憂。

Additionally, Ethena's native governance token ENA will serve as a stakeable asset (sENA) for Converge, rendering the network more secure through a permissioned validator set composed of traditional financial institutions and centralized exchanges.

此外，Ethena的本地治理令牌ENA將作為可融合的可支配資產（SENA），通過由傳統金融機構和集中式交易所組成的許可驗證者集，使網絡更安全。

DeFi Ecosystem

Defi生態系統

Converge is structured around a three-layer framework consisting of Ethena's native USDe, USDtb supported by BlackRock's BUIDL fund, and iUSDe designed specifically for asset management institutions to meet different user needs:

Converge是圍繞由Ethena的本機USDE組成的三層框架，由BlackRock的Buidl Fund支持，以及專門為資產管理機構設計的IUSDE，以滿足不同的用戶需求：

In terms of performance, Converge will be compatible with the Ethereum Virtual Machine (EVM), enabling it to run Ethereum-based smart contracts, dApps, and tools without modification, and its performance will be in line with industry-leading blockchains.

在性能方面，Converge將與以太坊虛擬機（EVM）兼容，從而使其能夠在沒有修改的基於以太坊的智能合約，DAPP和工具上運行，並且其性能將與行業領先的區塊鏈保持一致。

Partners

合作夥伴

Currently, Converge has secured support from multiple DeFi projects and plans to launch a dedicated market for tokenized assets and iUSDe in collaboration with Aave Labs' Horizon, partner with Morpho Labs to build a money market supporting Ethena and Securitize assets, work with Maple Finance to construct on-chain yield and credit products, collaborate with EtherealDEX to provide high-performance derivatives and spot trading, and partner with Pendle to focus on interest rate speculation for institutional assets.

Currently, Converge has secured support from multiple DeFi projects and plans to launch a dedicated market for tokenized assets and iUSDe in collaboration with Aave Labs' Horizo​​n, partner with Morpho Labs to build a money market supporting Ethena and Securitize assets, work with Maple Finance to construct on-chain yield and credit products, collaborate with EtherealDEX to provide high-performance derivatives and spot trading, and partner with Pendle to focus on機構資產的利率投機。

Furthermore, institutional custodians such as Anchorage, Copper, Fireblocks, Komainu, and Zodia will provide asset custody and compliance support. On the technical side, Converge will achieve cross-chain integration through LayerZero and Wormhole protocols, and leverage RedStone and Pyth oracles for real-time data support.

此外，錨定，銅，壁爐，Komainu和Zodia等機構保管人將提供資產監護權和合規性支持。在技​​術方面，匯聚將通過layerzero和蟲洞協議實現跨鏈整合，並利用紅石和Pyth Oracles獲得實時數據支持。

Opportunities and Challenges

機遇和挑戰

The compliant solutions provided by Converge are expected to attract more traditional institutional investors into the DeFi market, thereby enhancing market liquidity, solidifying market foundations, and promoting the appreciation of related crypto assets.

預計匯聚提供的合規解決方案將吸引更多傳統的機構投資者進入DEFI市場，從而提高市場流動性，鞏固市場基礎，並促進對相關加密資產的欣賞。

However, the differences in compliance requirements across various countries and institutions mean that the platform will need to continuously adjust and adapt its issuance and trading rules for RWAs.

但是，各個國家和機構之間合規要求的差異意味著該平台將需要不斷調整和調整其RWAS的發行和交易規則。

Moreover, in the early stages of the ecosystem, demonstrating the advantages of on-chain finance over traditional finance in terms of capital efficiency and investment costs, and attracting more active participation from institutions and investors, will be crucial to the project's success.

此外，在生態系統的早期階段，就資本效率和投資成本而言，鏈融資比傳統融資的優勢是對該項目的成功至關重要的。

This article does not constitute investment advice and is for reference only.

本文不構成投資建議，僅供參考。