What is convergence (CONV)
August 25, 2022
in education
The gap between traditional and modern finance is narrowing, bridged by the innovation in blockchain technology and decentralized finance (DeFi) happening every day. Private wealth is being digitized and legal ownership is being redefined with utility tokens that benefit from high liquidity and creative composability.
The convergence protocol is a pioneer in making private assets interchangeable in the DeFi space by fractionating them with an easy-to-use interface and composable with other DeFi protocols. This allows originators to take advantage of deep DeFi liquidity while DeFi users can access private risks not previously available to them.
We are pleased to announce that we will be conducting a Convergence Staking Airdrop. Read more about the campaign here.
Convergence (CONV)
The convergence protocol aims to solve customers’ problems by creating a robust DeFi ecosystem to provide access to quality projects and Initial Dex Offerings (IDO) in a secure and compliant environment, leveraging the infrastructure that based on its native CONV tokens. It enables cross-chain compatibility to maximize liquidity across different chains, allowing users to interact with projects and transact beyond the ERC20 standard.
How does convergence work?
The Convergence Finance product suite consists of four main components (ConvO “Convergence Offering”, ConvX “Convergence Swap”, ConvPool “Convergence Pool” and ConvDAO “Convergence Decentralized Autonomous Organization”) and is available on Ethereum and Moonbeam Network.
- The ConvO platform aims to provide investment opportunities traditionally inaccessible to retail investors such as: B. Crypto projects that are in the incubation phase and private sales of existing prominent projects at a discounted price.
- In turn, ConvX and ConvPool perform price discovery and trading for unique assets and introduce or converge them to the world of DeFi.
- ConvDAO and Asset Council are intended to act as protocol governance and decision makers to decide on the new asset offering and convergence protocol development.
Aiming to solve the problem of low throughput and high transaction fees in the Ethereum network, Convergence built its products with EVM-compatible solutions and other native chains like Moonbeam and Solana. The higher transaction throughput and faster block time of the alternative blockchains ensure that price oracle updates are synchronized in real time and mitigate the risk of front running in ConvX. Additionally, this cross-chain ecosystem deepens overall liquidity and expands Convergence’s user base in the DeFi universe.
In the longer term, Convergence Finance will continue to tokenize as many assets as possible and democratize them for DeFi users. By combining private assets with DeFi’s liquidity, automation and transparency features, the convergence protocol bridges the worlds of traditional finance and DeFi.
Why is convergence unique?
Many private assets, including pre-IDO tokens, private sale tokens, NFTs, and other traditionally hard-to-access assets are illiquid. The goal of convergence in this situation is to bring or “converge” these private assets with DeFi liquidity.
The Convergence team has a vision that both asset owners and DeFi users can access the benefits of DeFi liquidity. The Convergence Protocol aims to improve the efficiency of liquidity and capital use. Asset holders can gain more access to fundraising, increase trading volume, liquidity and price discovery by packaging their assets on a blockchain (the packaged assets can be traded on Convergence AMM).
Additionally, individual investors may have access to assets that were previously unavailable to them: for example, investment opportunities of pre-IDO tokens that were not publicly listed on exchanges from the investors of the private transferred tokens. DeFi users can trade the tokenized assets on the Convergence Protocol via Convergence Offerings (ConvO) and Convergence Swap (ConvX).
What is a CONV token
CONV is a multi-utility token used as a medium of exchange between participants in the convergence protocol. Holding CONV allows holders and stakers to take advantage of the various aspects of the Convergence ecosystem. As an access token, CONV entitles users to certain exclusive privileges within the protocol. Depending on the amounts wagered, users are divided into different levels and given different permissions to use the protocol.
The Convergence Protocol itself is a blockchain protocol that by design does not offer any resources for use. In order to allow users easy access to CONV and run the project efficiently, users must be incentivized to play the role of liquidity providers and invest their digital asset pairs in liquidity pools to provide the necessary liquidity for transactions. To offset opportunity costs, those liquidity providers that help drive adoption are rewarded with CONV according to each user’s relative contribution after various adjustment and correction parameters.
Also, CONV tokens enable holders to create and vote on on-chain governance proposals to determine future features and parameters of the convergence protocol (e.g. voting on new assets, listing on exchanges and any liquidity thresholds to be met).
Last but not least, CONV as a native protocol token can be used as the basic unit of account for peer-to-peer (P2P) transactions, settling cross-chain trades and kickstarting the AMM experience on EVM-compatible AMMs.
Convergence Tokenonomy and Supply
convergence roadmap
Q1 2022
- ConvX & ConvPool on Moonbeam;
- CONV yield farming on Moonbeam;
- ConvO on Moonbeam with ƒLUNA Private Sale;
- Discord server roles.
Q2 2022
- Launch of the Premium Convergers program;
- Biconomy Trade Contest.
Q3 2022
- ConvO on Moonbeam with ƒGLMR Private Sale;
- Ethereum subgraph migration to The Graph mainnet;
- Bitfinex listing.
Q4 2022
- Establishment of ConvDAO and Asset Council;
- ConvO 2.0 upgrade;
- Private Sale Token Offerings.
convergence team
Currently based in Hong Kong, the Convergence core team consists of more than 20 people. It is led by two co-founders of the project, Oscar Yeung and Ivan Yeung.
Oscar Yeung – Co-Founder – brings his expertise in tokenization to the world of DeFi. He is also an active investor in the venture capital and private equity space. Having spent time in traditional finance, he has now switched to DeFi. Having experienced both the innovation and limitations of security tokens, he now sees the growth and demand for real assets in DeFi.
Ivan Yeung – co-founder – is responsible for product growth and development of the protocol. He has a strong background in security token offerings, smart contract development and blockchain knowledge. He developed his knowledge of software products from his time at an autonomous driving simulation startup, where he founded the city’s first driving simulator center.
convergence partner
- Celer network
- 1 inch
- The graph
- chain link
- biconomy
- Cere network
- moonbeam
- Ellipti
- mask network
- Hex trust
- Certik
How to buy CONV on Bitfinex
How to buy CONV with crypto
1. Login to your Bitfinex account or register to create one.
2. Go to the deposit page.
3. In the “Cryptocurrencies” section, select the crypto you want to buy CONV with and generate a deposit address in the exchange wallet.
4. Send the crypto to the generated deposit address.
5. Once the funds arrive in your wallet, you can exchange them for CONV. Learn how to trade on Bitfinex here.
How to buy CONV with Fiat
1. Login to your Bitfinex account or register to create one.
2. You must get full verification in order to fund your Bitfinex account with fiat. Learn more about the different verification levels here.
3. On the Deposit page, select the fiat currency of your deposit from the Bank Transfer menu. There is a minimum fiat deposit amount on Bitfinex; learn more here.
4. Check your Bitfinex registered email for the transfer details.
5. Send the money.
6. Once the funds arrive in your wallet, you can use them to buy CONV.
How to buy CONV with cards
1. Login to your Bitfinex account or register to create one.
2. Choose payment cards on the deposit page.
3. Choose payment cards for Mercuryo, OWNR or Simplex for payment card options or On-Ramp for happyCOINS for instant payment in euros.
4. Select CONV from the drop-down menu, enter the amount and select the wallet you wish to deposit the purchased CONV into.
5. Agree to the terms and click Proceed to Payment.
We also have Bitfinex for mobile so you can easily buy CONV currency on the go.
[AppStore] [Google Play]
convergence channels
Telegram | Telegram Announcement | Twitter | Medium | discord
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