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Ethereal's Mainnet Alpha is now live Trade perps and earn USDe rewards on your full margin balance [██░░░░░░░░] → USDe everything app








Introducing MegaUSD: USDm, built with @megaeth on the Ethena Stablecoin-as-a-Service stack MegaUSD will be backed by USDtb, which holds its reserves primarily in Blackrock BUIDL USDm will operate as MegaETH's native stablecoin, underpinning major native applications MegaEthena 🐇

.@ethena has made waves by unveiling @convergeonchain. What's it all about, and why does it matter for the future of finance? Let's explore 🧵 ... — 📌 Converge: New Frontier of Finance Ethena Converge is a high-performance, special-purpose, Layer-1 EVM-compatible PoS blockchain created by Ethena Labs in partnership with @Securitize—a leading protocol in tokenizing real-world assets (RWA). In Converge, $sENA and $USDe are the core assets. $sENA is the stakeable asset for Converge permissioned validator system and securing the network. $USDe serves as the native gas token for easier transactions, alongside other digital dollars like $USDtb from Securitize. ... — 📌 Why Converge? At $100 billion, DeFi's TVL is just a small fraction of the massive $190 trillion fixed income market, which holds the title as the largest liquid asset class globally. To cross the chasm, DeFi needs next wave of capital that come from institutional investors. The challenge lies in the scant robust infrastructure needed to attract larger capital investments. Ethena, a top contender in the stablecoin arena, teams up with Securitize, renowned for collaborations with finance giants like @BlackRock, @KKR_co, @Hamilton_Lane, and @apolloglobal. Together, they're forging Converge to answer all the challenges. Converge is creating infrastructure that provide institutional-grade services for TradFi settlement layer, aiming to redefine the relationship between TradFi and DeFi, potentially unlocking multibillions in capital flows. ... — 📌 How it Works Converge plans to support both permissionless DeFi protocols (open to all users) and permissioned systems (restricted for compliance or institutional use) within same blockspaces. ✦ Fully Permissionless Converge will built a fully permissionless ecosystem and seamlessly integrated with prominent DeFi applications such as @aave, @pendle_fi, and other newly incubated Ethena projects such as @etherealdex ✦ Permissioned TradFi can seamlessly connect with KYC/KYB-approved entities using Ethena's $iUSDe and $USDtb on tailored platforms, for the first cohort there will be Aave Horizon, Pendle Institution, @MorphoLabs and @maplefinance This hybrid approach caters to retail DeFi enthusiasts and regulated institutional players to coexist together. But that doesn't inhibit innovation, Securitize tokenized assets and securities allows for creation of tokenized single name security, private equities, and many more with institutional-grade custodians for undelrying assets. ... — 📌 The Outlook Will Converge drive institutional adoption? It has potential. The design addresses key barriers—regulatory clarity and robust infrastructure—that have kept TradFi hesitant about DeFi. By offering a space where institutions can use stablecoins like $USDe and $USDtb (already top players in the stablecoin market) and interact with tokenized assets like equities or credit funds, it could pull in firms looking to dip into DeFi’s efficiency without the wild west vibe of fully permissionless chains. The ENA token’s staking mechanism and gas usage of USDe/USDtb also tie economic incentives to institutional participation, which might appeal to profit-driven entities. If Converge delivers on its promise of seamless TradFi-DeFi integration, it could capture a chunk of the growing RWA market—forecasts like McKinsey’s $2 trillion tokenized asset market by 2030 suggest there’s real demand. — Reference 📚 > @leptokurtic_ - Explaining Converge x.com/leptokurtic_/s… > Ethena Official Announcement x.com/ethena_labs/st…









