Convergence Discord AMA Recap — Jan 20, 2022
Our first AMA in 2022 was held on Jan 20 via our Discord Channel #🗣ama-with-founders. Our Co-Founder Ivan Yeung shared a comprehensive update for Convergence’s product roadmap in Q1 and protocol development as a cross-chain launchpad and AMM to democratize private markets to the public. This is followed by a community Q&A session where Ivan picked 5 questions to answer if Convergers whose questions got picked would win 100 USD in $CONV tokens. Here’s a quick transcript recap for those that missed out!
Cara (Host): Hello Convergers! 👯 It’s nice to have you in the second Convergence AMA on Discord! We’re happy to have our Co-Founder Ivan here with us today to share the overview of the Q1 roadmap and discuss the product updates and highlights
We’ll also have a community Q&A session to let Convergers submit their questions and Ivan will pick 5 questions to answer. 🗣️ You can prepare the questions now and we will open the channel later for your submission. Thank you Ivan for taking time to be here with us! 🥳 Welcome Ivan!
Ivan: Hey Convergers, how are you guys doing! It’s been awhile thanks for spending your time with us
Cara: This AMA is for everyone to get to know more about the overall update of Convergence, what the team has been working on and what has been planned for Q1 and Q2 potentially 💪🏻
1️⃣ We’ll start with the recently published Q1 roadmap and deployment on Moonbeam first and how Convergence’s deployment on Moonbeam will strengthen the protocol’s cross-chain compatibility as a cross-chain launchpad and AMM
2️⃣ Then, we’ll discuss $MLIT token issuance and Moonlit’s positioning in the overall Convergence ecosystem with the recent Moonbeam deployment
3️⃣ Last but not least, we will talk about the team’s plan to improve $CONV token utility and how this will benefit $CONV token holders with the introduction of Premium Convergers Program
Although I think most of the Convergers here are very familiar with Ivan’s background, Ivan could you give us a brief introduction about yourself again on Discord? 👀
Ivan: Sure. Let me put this in short! I’m the Co-Founder of Convergence and I bring the expertise of asset tokenization, cross-chain DeFi and yielding to the world of DeFi. With my previous experience in Asia leading security token issuance platforms and product management, I started Convergence with the aim to democratize the private assets to the public.
Cara: Thanks Ivan for the introduction. To kick off the discussion, can you share with us what’s the key focus on the recently released Q1 roadmap? 📌 🗺️
Ivan: Yea for sure, as you all see the recent roadmap updates from medium, the latest roadmap consists of 4 key focuses:
1. Cross-Chain Compatibility with Moonriver and Moonbeam
2. Cross-Chain Bridging Solution
3. Alternative Private-Sale Token Offerings
4. Premium Convergers Program
We are focusing on the development of Cross-Chain Compatibility since the token redemption for various chains and we want to bring this compatible ecosystem into Convergence by bridging ERC-20 assets to different networks to extend the user base in our DeFi community. With Moonlit’s deployment on Moonriver Network in Q4, it laid the foundation for the team to venture into the cross-chain DApp building and opened up new partnerships in the Moonriver/Moonbeam Ecosystem.
Previously, there’s been dependency on the Moonbeam Mainnet deployment timeline on feature improvements and partnership direction. Now that Moonbeam Mainnet is live, there’ll be so much work to do for Convergence product suites deployment on Moonbeam Network, $MLIT token issuance on Moonriver Network, positioning $CONV as a multi-chain token and bridging it over to Moonbeam — all of these will help to grow Convergence’s ecosystem and enhance $CONV utility and we will also be leveraging on the low-gas Moonbeam Network to introduce a Premium Converger Program.
Cara: Glad to hear that Moonbeam’s Mainnet deployment is fueling Convergence’s cross-chain engine! The Team has launched Convergence Swap and Liquidity Pools on Moonbeam last week, what would be the upcoming Convergence products deployment on Moonbeam? 👀
Ivan: The team is working on the staking and yield-farming pools and we’re looking to launch them next week before Chinese New Year holidays. We will also be bridging $CONV from Ethereum to Moonbeam Network with our cross-chain bridge partner, Celer Network. Together with Celer, we will also launch double-reward yield farming pools that allow you to earn $CONV and $CELR tokens when you stake your LP — more details to follow at the launch. Please stay tuned for it and the rewards and APY are going to be impressive!
Cara: This sounds exciting! 👯 What about ConvO? When will ConvO be supported on Moonbeam as well?
Ivan: We know that the expensive gas fees on Ethereum have been one of the biggest pain points for Convergers and hinder the whitelisted users’ subscription when the network is congested. We listen closely to the community feedback with the latest Polygon $MATIC offering and supporting ConvO on Moonbeam will be our next agenda after launching $CONV staking and yield-farming pools.
With Moonbeam’s low-gas network, we are also looking to upgrade the subscription process and mechanism so that high-value and long-time $CONV stakers would have a more favourable and hopefully guaranteed allocation. In terms of the offering deals we are still looking to make private assets public to you all, we are considering performing IDO for all new coming projects on Moonbeam too.
Cara: That would be awesome!! Can’t wait to participate in the next offering on Moonbeam Network. Would you be able to share more about the upcoming offerings? 😍
Ivan: Apart from pre-IDO projects, we’re tapping into other private asset types that are compliant with the current regulatory landscape with the ever changing industry. The last private sale offering with $MATIC has opened up a new chapter of private markets to Convergers, allowing them to access prominent blue-chip project tokens at a premium price from market price that was only available to private investors previously. We have a few prominent project token offerings lined up and will let the Convergers vote on them — it will be kind of a MVP for Asset Council when ConvO is supported on Moonbeam.
In terms of pre-IDO or IDO projects, the team does receive constant project listing requests including GameFi and NFT-themed, however upon our careful review and performing due diligence with the founding teams, a lot of them are not deemed as a potential quality offering — hence leading to a tradeoff of quality vs quantity of project listings on ConvO. And we’re sorry to say that the pre-announced NFT partner that passed our auditing in Q4 has suffered from the market downfalls with investors’ retractions, leading to a halt in the pre-IDO listing. I believe quality asset origination is the key to success for Convergence protocol, but we’re happy to share that there’s another prospective project in the process of final alignment for pre-IDO listing.
Cara: Thanks Ivan for the preview! 🙇🏻♀️ In times like these with general risk-off sentiments in the markets and increased regulations 😫 we know that it’s uneasy for projects that are looking for funding — even for prominent projects their token prices are also impacted. $CONV price has been affected as well in the recent market fluctuations, how will the team be working to improve the token value? 💹
Ivan: The Convergence Team is grateful for the Convergers that stick with us through thick and thin, the team has been focused on building and further extending our product suites. I understand the market is quite bearish these few months and it affects our token price, yet, this has nothing to do with our business and product development. Meanwhile, we are still actively communicating with different centralized exchanges to boost up the trading volume and allow different communities to join our ventures.
Action speaks louder than words, the Team is committed to deliver new features and improve the Convergence product suites. We will also be introducing the Premium Convergers Program soon after the Moonbeam deployment with reinforced token utilities.
We are always monitoring and listening to the Community feedback and a big shoutout to our Admins and active Convergers that have been helping out others in the community. We hear you! I have heard lots of marketing campaign requests and rewarding CONV stakers, we will be establishing more marketing materials and giving more upside to the stakers, feel free to provide more feedback to us.
Cara: Let’s keep calm and #HODL on! 💠 🙌🏻 Can’t wait to join the Premium Convergers Program and enjoy additional perks 😎 On the topic of tokenomics, I know that $MLIT tokens will be issued around late February, how will that tie into Convergence’s ecosystem?
Ivan: That’s a good question, I think Moonlit AMM confuses our community in a certain way. Moonlit will serve as an explorative product and with the growing Moonriver ecosystem as the canary network of Moonbeam, we believe that with more projects building on the Moonbeam Network, Moonriver will play an important role as a catalyst for Moonbeam deployment and Moonlit will continue to be the DEX to facilitate new uprising projects token swapping and liquidity mining with more community pools and farms launched with double reward to incentivize LP and introduce new projects to the community.
But more importantly, Moonlit will keep on developing and it will be complementing Convergence stakers. You can expect $MLIT tokens will be airdropping to our community. We are looking to enable CONV stakers to share the split of the 0.05% of protocol fee as well, hope this can answer Convergers concerns.
Cara: Got it, thanks for the elaboration. So in a way Moonlit will help to line up new project partnerships via community pools and pave the way for more liquidity injected into the Convergence’s cross-chain compatibility on Moonbeam. 👯 What will be the other product highlights after Q1?
Ivan: Convergence will keep finding the valuable investment opportunities for the community by offering extoic assets via a cross-chain network. Convergers can expect there’ll be more cross-chain solutions for Convergence, i.e. NEAR and other blooming L1 EVM chains which we are also keen on looking at. Oops leaking alpha…and all these deals are legit and our analytic team is comfortable sharing these allocation with Convergers.
Meanwhile, we’re also looking for various partnerships with different segments of the crypto industry by providing different private-sale offerings. I think with $MATIC and $NEAR here, more deals will be attracted and the offering will be more and better.
Please bear with us cause Convergence is still in the initial stage, it is hard to land quality deals. We will continue to push for more marketing campaigns and community events and there’s a lot to roll out in the coming months, please stay tuned for the latest announcement and be aware of our social media!
Cara: Exciting times ahead! 🤩 Thank you Ivan for the insightful answers on the project and roadmap update. 🗺️ I believe Convergers are now well informed about the latest news of Convergence and what to expect! 🤩
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Cara: Moving on to the interactive Q&A session, every Convergers can ask questions directly in the chat once it’s been opened up to all, and Ivan will pick a total of 5️⃣ questions to answer. Convergers whose questions get picked up will be rewarded 100 USD worth of $CONV! Convergers, let’s have your questions prepared! 🥳
[Question submission period via Discord]
Cara: The chat is now closed for question submission, thanks to all Convergers! 🙏🏻 let’s give Ivan some time to pick and answer the questions!
Question 1: Hi Ivan, thank you for taking the time to do this AMA. Congrats on the deployment on Moonbeam. My question is, does Convergence have any plans to attract liquidity and user participation?
Ivan: Yes we will be launching a partnership with Celer. Together with Celer, we will also launch double-reward yield farming pools that allow you to earn both $CONV and $CELR tokens when you stake your LP. Meanwhile, I’m actively communicating with our partners and investors to provide more liquidity and we all have one objective is to boost up the TVL!
Question 2: Can you tell me more about the Premium Convergers Program?
Ivan: We are currently thinking of the entire system for premium and the proposal is coming soon and I will keep you all posted here.
Here are the things that is in our mind right now
1. Guarantee allocation
2. Larger allocation
3. Moonlit protocol fee split of transaction
We are still storming in this stage, would love to hear more feedback and we will implement it
Question 3: Are you the main dex of moonbeam?
Ivan: For Moonlit we got the endorsement from Moonriver, and we are planning to do the same thing with Moonbeam network too! We are communicating with the Moonbeam team and a marketing announcement should be coming out soon.
Question 4: At the moment, all tokens go down in price even with great partnerships, hype, marketing, and working products, etc. So, what challenges do you have and the plan to make Convergence strong and popular? Do you see it as an opportunity while the current market declines?
Ivan: I believe it is all about the time to market. Project can moon right away when the market is bullish. Also all I believe is time will tell too whether the team has constantly given out progress and stick together.
I think the main challenge would be business development, clarifications on regulations and a long term supporting community. Our Convergence team can promise we will keep on delivering and make sure we are in the right direction.
Question 5: How is Convergence working with investors like pantera and hashed?
Ivan: Our investors are still long term supporting and appreciating our team and project. For Pantera, Hashed , OKX and Alameda research has been supporting us with their networks by introducing new parties and private deals to us. They have been providing liquidity on ConvX and boost up Convergence protocol as well.
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Cara: Great questions and interaction from the community, appreciate that! 🤩 Thank you Ivan for participating in the AMA again! Also, a huge thanks to all Convergers for attending this AMA ❤️
For winners whose questions got picked up by Ivan, please DM me and I’ll arrange the rewards distribution.
Remember, ADMINS WILL NEVER DM FIRST! If you have any other questions or suggestions, please head over to the other channels 😁🙌
I’ll get the arrangement prepared for the winners within the next couple of days. Please be patient and I’ll reply to your DM one by one, stay safe and have a great day/night! 🌻
About Convergence Finance
Convergence is the first AMM to make private tokens interchangeable in the DeFi space by fractionalizing them using a single easy-to-use interface and composable with other DeFi protocols. Convergence enables originators to take advantage of DeFi’s liquidity, while DeFi users can access exotic private exposure unavailable to them before. Convergence Finance combines the edge of a lowered investment entry barrier with the liquidity, automation, and transparency features of DeFi to bring exclusive investment exposure to all DeFi users.