汇聚是一种新的区块链，旨在将Tradfi与Defi整合在一起，将于第二季度2025年推出

当前在Defi市场中锁定的总价值（TVL）约为1000亿美元，而固定收益市场的规模已达到190万亿美元。

Author: 0xLayman, ChainCatcher

作者：0xlayman，ChainCatcher

Editor: TB, ChainCatcher

编辑：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.

当前的总价值锁定（TVL）分散融资（DEFI）市场约为1000亿美元，而固定收益市场的规模已达到190万亿美元。这种差异强调，尽管Defi市场很大，但与传统金融市场相比，它只是海洋中的下降，而传统金融市场充满了潜力。

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.

根据官方信息，汇聚是由Ethena Labs开发的，目的是在2025年第二季度推出。该区块链旨在将传统金融（Tradfi）与DEFI集成，并将与以太坊兼容。

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.

尽管目前只有一个网站寻求开发合作，没有白皮书以及其官方Twitter上的两条推文，但Ethena与Securitize之间的合作吸引了市场的关注。

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.

预计加密本地协议与传统财务许可证持有人之间的合作产物有望继承乙烯的核心资源和技术优势并证券化。它的核心概念是将Stablecoins与合规的现实资产（RWAS）相结合，为机构资金进入加密货币市场提供了合适的方式。

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协议Ethena拥有近60亿美元的市值，计划迁移其现有的生态系统业务以汇聚，使其成为Ethena的核心Defi基础架构。

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，证券化已经在多个区块链（例如BlackRock的Buidl，Apollo，KKR等）中创造了近20亿美元的RWA资产，并且还将在Conlyge上发布现有和未来的标记资产，从而促进多个协议之间的互操作性。

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.

与现有的Defi生态系统不同，Converge采用了与Stablecoins USDE和USDTB支付汽油费的模型，以确保交易成本的稳定性，并试图减轻某些机构投资者对采用波动性费用结构的系统的担忧。

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将作为可融合的可支配资产（SENA），通过由传统金融机构和集中式交易所组成的许可验证者集，使网络更安全。

DeFi Ecosystem

Defi生态系统

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是围绕由Ethena的本地USDE组成的三层框架，由BlackRock的Buidl Fund支持，以及专门为资产管理机构设计的IUSDE，以满足不同的用户需求：

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将与以太坊虚拟机（EVM）兼容，从而使其能够在没有修改的基于以太坊的智能合约，DAPP和工具上运行，并且其性能将与行业领先的区块链保持一致。

Partners

合作伙伴

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机构资产的利率投机。

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，锚定，铜，壁炉，Komainu和Zodia等机构保管人将提供资产监护权和合规性支持。在技​​术方面，汇聚将通过layerzero和虫洞协议实现跨链整合，并利用红石和Pyth Oracles获得实时数据支持。

Opportunities and Challenges

机遇和挑战

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.

预计汇聚提供的合规解决方案将吸引更多传统的机构投资者进入DEFI市场，从而提高市场流动性，巩固市场基础，并促进对相关加密资产的欣赏。

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，各个国家和机构之间合规要求的差异意味着该平台将需要不断调整和调整其RWAS的发行和交易规则。

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，在生态系统的早期阶段，就资本效率和投资成本而言，链融资比传统融资的优势是对该项目的成功至关重要的。

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

本文不构成投资建议，仅供参考。