Convergence Finance Launched Moonlit: Cross-Chain AMM on Moonriver Network
Moonlit is a standalone AMM-based decentralized exchange (DEX) in addition to the current Convergence Finance product suite. Moonlit serves as a standalone explorative product suite for Convergence’s cross-chain compatibility with Moonbeam and Moonriver. Convergence will continue to focus on private-sale tokens and making VC-style investment available to the DeFi crowd.
The expansion to Moonriver will eventually lead to a merge of Moonlit into Convergence to achieve cross-chain compatibility with the technical advantages and efficiency as a parachain on Kusama and Polkadot to enjoy the convenience of full Ethereum compatibility.
More importantly, Moonlit will widen the accessibility of private-sale tokens, such as 𝑓LITH and 𝑓LIKE, and other exotic assets in the pipeline. Users will be able to enjoy Kusama and Polkadot’s low gas fee and high performance, while more DeFi liquidity will be encouraged to flow into future-unlocked tokens and other private-sale tokens, making these previously private investment opportunities available to everyone.
Ivan Yeung, Co-founder of Convergence Finance, explained that “The Moonbeam team has been very supportive in many aspects since the early days of Convergence, and we are grateful for Moonlit deployment. With its unique advantages, we believe Convergence will be able to be one of the top cross-chain AMMs in the ecosystem.”
“Decentralized exchanges lie at the heart of a productive DeFi ecosystem,” says Derek Yoo, Founder of Moonbeam. “We are happy to partner with Convergence Finance to bring their AMM to users and facilitate cross-chain compatibility between Ethereum and Moonriver. Moonlit not only provides a critical trading capability to the growing DeFi ecosystem on Moonbeam, it also provides a launchpad ecosystem on Moonbeam enabling early fundraising for new Polkadot-based DeFi applications.”
Sharing a quick preview of Moonlit and the upcoming product roadmap -
Moonlit Swap is an AMM that allows swapping of crypto assets on the Moonriver Network (Kusama EVM Chain). Moonlit applies a 0.30% fee for each swap; 0.25% goes to the liquidity providers and 0.05% to the protocol.
During the initial launch, we will be supporting MOVR and USDT (Anyswap). We will gradually increase the supported token list and allow import tokens in the future when there are official endorsed stablecoin contracts by Moonbeam Team.
Moonlit Liquidity allows liquidity providers to create a liquidity pool and add/remove liquidity. A liquidity pool is a collection of funds locked in a smart contract to facilitate the swap transaction for the various swap pairs. In an AMM, each swap is executed against the liquidity in the pools.
As a liquidity provider, you are incentivized to provide liquidity to the ecosystem and will receive 0.25% of the trading fees from the swap transactions.
How to get started with Moonlit:
- Connect your Metamask with Moonlit to add the Moonriver Network
- Fund your wallet with some MOVR tokens as transactions on Moonriver Network requires using MOVR as gas fees (average fee is ~0.0001 MOVR per transaction)
Tips: Choose to withdraw your MOVR from centralized exchange as Moonriver Network instead of Ethereum Network to save the gas for bridging MOVR tokens
3. Bridge your MOVR and/or USDT tokens from Ethereum Network to Moonriver Network via Anyswap Bridge
4. Go to Moonlit Swap or Liquidity and start transacting to enjoy the low gas fee and fast transactions on Moonriver Network
Moonlit Product Roadmap
We want to provide the best AMM experience on Moonriver in the DeFi space for our users, and will be introducing multiple DApp modules on Moonlit to smoothen out the end-to-end user journey and maximize yielding opportunities on the Moonriver Network.
That’s not all, we will continue to innovate and grow the ecosystem in preparation for the Moonbeam launch on Polkadot Mainnet to merge into Convergence for cross-chain compatibility across the Convergence product suite.
Convergence is always trying to bring new or private assets for our community. We reckon this is a good chance by airdropping various assets to CONV stakers to kick off different chain exposures for Convergers. We are also building our own cross-chain bridge to connect to different networks, in the future, we are aiming CONV can purchase different chain’s tokens, ie. CONV<>MOVR. You may refer to our latest Convergence Whitepaper for more information.
About Convergence Finance
Convergence is the first AMM to make private token 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.
Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently in active development by PureStake, Moonbeam is expected to reach MainNet by Q4–2021.