The Converge Blockchain is a massive, under-the-radar catalyst that could drive serious value to $ENA - but almost no one's talking about it yet. It’s tricky to grasp since there isn’t much quality content yet — so let me break it down simply: 1. Ethena sees on-chain asset management as a $500B-$1T opportunity, growing to that TAM over the next 10-15 years. 2. The idea is to onboard: Asset managers, Banks, and other Institutional Investors straight to the blockchain. 3. This unlocks commodities, loans, treasuries (& more) with blockchain properties like 24/7 & instant settlement. 4. Converge will be the perfect blend between DeFi and TradFi, offering both KYC and compliance and permissionless applications. 5. This allows asset managers to purchase treasuries on-chain from TradFi partners but also to take out a loan against them on Aave. 6. Converge is perfectly positioned because Ethena's ties to Web 3 (Aave, Pendle ...) and Secruitize's ties to TradFi (Blackrock, VanEck ...) Ethena is at the forefront of the RWA adoption, and honestly, I think it has way better chances of capturing a large share of this market than some competitors like Ondo. Why? Because they already proved they can scale financial products. USDE is now at $12 billion. It makes sense to assume they will onboard billions to Converge.