What’s Convergence (CONV) – Bitfinex weblog

What’s Convergence (CONV)

The hole between conventional and fashionable finance is narrowing, bridged by the innovation in blockchain expertise and decentralised finance (DeFi) that takes place day by day. Non-public belongings are getting digitised, and authorized possession rights are redefined with utility tokens that profit from excessive liquidity and inventive composability. 

The Convergence Protocol is a pioneer in making non-public belongings interchangeable within the DeFi house by fractionalising them with an easy-to-use interface and composable with different DeFi protocols. This permits originators to reap the benefits of deep DeFi liquidity, whereas DeFi customers can entry non-public publicity unavailable to them earlier than.

We’re glad to announce that we’re going to conduct a Convergence Staking Airdrop. Learn extra concerning the marketing campaign right here.

Convergence (CONV)

The Convergence Protocol goals to resolve clients’ issues by creating a strong DeFi ecosystem to supply entry to high quality initiatives and Preliminary Dex Choices (IDO) in a safe and compliant atmosphere, utilising infrastructure constructed on its native CONV tokens. It allows cross-chain compatibility to maximise liquidity throughout totally different chains so customers can work together with initiatives and transact past the ERC20 customary.

How does Convergence work

The product suite of Convergence Finance consists of 4 principal elements (ConvO “Convergence Providing”, ConvX “Convergence Swap”, ConvPool “Convergence Pool”, and ConvDAO “Convergence Decentralised Autonomous Organisation”) and is out there on Ethereum and Moonbeam Community.

• The ConvO platform goals to supply funding alternatives which can be historically inaccessible to retail traders, akin to crypto initiatives which can be within the incubation stage and personal gross sales of present distinguished initiatives at a reduced value. 
• ConvX and ConvPool, in flip, carry out value discovery and buying and selling for distinctive belongings and introduce them, or converge them, into the world of DeFi.

• ConvDAO and Asset Council are supposed to behave as protocol governance and decision-maker to resolve on the brand new asset providing and Convergence Protocol growth. 

Aiming to resolve the issue of low throughput and excessive transaction charges within the Ethereum community, Convergence constructed its merchandise with EVM-compatible options and different native chains akin to Moonbeam and Solana. The upper transaction throughput and quicker block time of the choice blockchains make value oracle updates synchronise in real-time and mitigate the front-running danger in ConvX. On high of this, this cross-chain ecosystem deepens the whole liquidity and extends Convergence’s consumer base within the DeFi universe.

In the long run, Convergence Finance will proceed to tokenise as many belongings as potential and democratise them to DeFi customers. By combining non-public belongings with the liquidity, automation and transparency options of DeFi, the Convergence Protocol synthesises the worlds of conventional finance and DeFi.

Why is Convergence distinctive

Many non-public belongings, together with pre-IDO tokens, non-public sale tokens, NFTs, and different historically hard-to-access belongings are illiquid. Convergence’s purpose on this scenario is to convey or ‘converge’ these non-public belongings with DeFi liquidity. 

The Convergence group has a imaginative and prescient that each asset homeowners and DeFi customers can entry some great benefits of DeFi liquidity. The Convergence Protocol goals to enhance the effectivity of liquidity and capital utilization. Asset holders can achieve extra publicity to fundraising, improve buying and selling quantity, liquidity and value discovery by wrapping their belongings on a blockchain (the wrapped belongings will be traded on Convergence AMM). 

Furthermore, particular person traders can have entry to belongings that haven’t been accessible to them earlier than: for instance, funding alternatives of pre-IDO tokens that haven’t been publicly listed on the exchanges from the non-public vested tokens’ traders. Via Convergence choices (ConvO) and Convergence Swap (ConvX), DeFi customers can commerce the token belongings on the Convergence Protocol.

What’s CONV token

CONV is a multi-utility token used because the medium of trade between contributors on the Convergence Protocol. In holding CONV, holders and stakers could make use of the totally different features of the Convergence ecosystem. As an entry token, CONV entitles customers to sure unique privileges throughout the protocol. Relying on the quantities staked, customers are categorised into totally different tiers and granted a distinct set of privileges to utilise the protocol.

Convergence Protocol itself is a blockchain protocol which, by design, doesn’t supply any assets for utilisation. So to supply customers easy accessibility to CONV and for the venture to run effectively, customers have to be incentivised to play the position of liquidity suppliers and stake their digital asset pairs into liquidity swimming pools to supply the required liquidity for transactions. As compensation for alternative value, these liquidity suppliers that assist promote adoption shall be rewarded with CONV, in accordance with every consumer’s relative contribution after varied adjustment and correction parameters.

Moreover, CONV tokens empower holders to create and vote on on-chain governance proposals to find out future options and parameters of Convergence Protocol (e.g. voting on new belongings, itemizing on exchanges, and any liquidity thresholds to be maintained). 

Final however not least, because the native protocol token, CONV could also be used as a primary unit of account for peer-to-peer (P2P) transactions, settlement of cross-chain trades and kickstart the AMM expertise on EVM appropriate AMMs. 

Convergence Tokenonomics and Provide

Convergence Roadmap

Q1 2022 

• ConvX & ConvPool on Moonbeam; 
• Yield-Farming of CONV on Moonbeam; 
• ConvO on Moonbeam with ƒLUNA private-sale; 
• Discord server roles.

Q2 2022

• Premium Convergers Program launch; 
• Biconomy Buying and selling Competitors.

Q3 2022

• ConvO on Moonbeam with ƒGLMR private-sale; 
• Subgraph Migration from Ethereum to The Graph’s mainnet; 
• Bitfinex Change Itemizing.

This autumn 2022 

• ConvDAO and Asset Council arrange; 
• ConvO 2.0 improve; 
• Non-public-sale token choices.

Convergence Group

The Convergence core group at the moment primarily based in Hong Kong consists of greater than 20 individuals. It’s led by two venture co-founders, Oscar Yeung and Ivan Yeung.

Oscar Yeung — Co-Founder — brings his experience in tokenisation to the world of DeFi. He’s additionally an lively investor within the enterprise capital and personal fairness house. Spending time in conventional finance and now transferring into DeFi, he has skilled each the innovation and limitations of safety tokens and now sees the expansion and demand for real-world belongings within the DeFi.

Ivan Yeung — Co-Founder — is answerable for the product development and growth of the protocol. He has a robust background in Safety Token Choices, good contract growth and blockchain information. He developed his software program product information from his time at an autonomous driving simulation startup, the place he began the primary driving simulator centre within the metropolis. 

Convergence Companions

• Celer Community
• 1Inch
• The Graph
• Chainlink
• Biconomy
• Cere Community
• Moonbeam
• Ellipti
• Masks Community
• Hex Belief
• Certik