Weekly Market Overview

Ethena & Securitize Announce Converge — RWA Meets DeFi on Arbitrum + Celestia

What happened:
Ethena and Securitize have teamed up to build Converge, an Ethereum‑compatible blockchain network designed to fuse real‑world assets (RWA) with decentralized finance. It runs atop Arbitrum for security and leverages Celestia for data availability.

Key features:

• Lightning‑fast block times: ~1–2 seconds per block, ideal for institutional throughput.

• USDe & USDtb as gas tokens: Stable, predictable fees denominated in fiat‑pegged assets.

• Validator network (CVN): Security via mandatory ENA staking, governed by DAO.

Permissionless & Permissioned Models:
Converge supports open‑access DeFi apps alongside permissioned institutional products. Launch partners include tokenized funds from Apollo, Hamilton Lane, and BlackRock (notably their BUIDL fund)—a major step toward mature RWA markets.

Mainnet Timeline:
Scheduled for late Q2. Expect an initial “frontier” phase with limited liquidity and a handful of validators; by Q3’s end, TVL and market‑maker activity should ramp up.

Pavel Durov’s French Investigation: “Things Are Getting Better and Better”

Overview:
Legal proceedings against Telegram founder Pavel Durov in France continue. His attorney reports the investigation is moving in a direction favorable to Durov’s defense.

Why traders care:

• Regulatory precedent: A positive outcome could ease European scrutiny on decentralized messaging platforms and crypto communities.

• Market sentiment: Bullish for user‑owned networks and encrypted communication channels where crypto discourse thrives.

a16z Locks Up $55 M in ZRO Tokens for Three Years

Deal details:
Top‑tier VC Andreessen Horowitz (a16z) purchased $55 million worth of LayerZero’s ZRO tokens, placing them under a three‑year lock‑up. This follows their leading roles in LayerZero’s Series A+ and Series B rounds.

Trader’s take:

• Strong vote of confidence: a16z’s long‑term commitment signals deep conviction in LayerZero’s protocol.

• Lock‑up dynamics: Reduces short‑term sell pressure but sets up a potential unlock event in three years.

• Spot market implications: Expect increased liquidity and tighter spreads for ZRO/USDC and ZRO/USDT pairs.

Lazarus Group Phishing Attack Hits Manta Network Co‑Founder

Incident summary:
Manta Network co‑founder Kenny Lee was targeted by a Lazarus Group phishing scheme via Zoom:

1. Attacker appeared via deepfake as a known team member.

2. Video ran without audio.

3. Prompted Lee to “update Zoom” with a malicious script.

4. Lee ended the call, verified identity over Telegram, and the scammer then deleted chat history and blocked him.

Other community members (e.g., ContributionDAO) have reported similar tactics: “install the business Zoom client” or “avoid Google Meet.”

Security tips for traders:

• Always verify identity out‑of‑band: If a colleague pops up in a broken‑audio Zoom call asking to install software—100% phishing.

• Use 2FA and anti‑phishing tools: Secure all communication channels and enforce signed binaries.

• Team training: Run a briefing on deepfake detection and safe collaboration practices.