Convergence Finance Launched World’s First Pre-IDO With Polkastarter
Overview
The team at Convergence Finance is extremely excited to announce the conclusion of Lithium Finance’s dual pre-IDO on ConvO and Polkastarter. While many others have attempted to make pre-IDO/pre-sale/private round tokens available for retail subscription and trading, Convergence is the FIRST protocol that makes this a reality and in a sustainable way. The pre-IDO is part of the efforts to democratize private and illiquid asset classes, which has been front and center for Convergence since day one. The Convergence team is also glad to work with Polkastarter, the leading IDO platform, to widen the availability of Lithium’s pre-IDO to more DeFi users. Let’s have a quick recap on the world’s first pre-IDO and the way Convergence accomplished that.
Never Forget Why We Started
The DeFi space has been longing for new and meaningful investment opportunities; many considered opening up previously private assets and making them available to individuals as a new frontier. The purpose of Convergence has been working hard to bring such assets into DeFi, and the team finally delivered.
On June 24, Convergence Finance conducted its first-ever pre-IDO alongside Polkastarter. Pre-IDO tokens are essentially tokens of a crypto project that’s not yet gone public. These tokens are usually held by VC funds and other early investors of the project; most of them are institutions.
In this case, the Convergence team has successfully sourced pre-sale tokens of Lithium Finance from the hands of one of their early investors, “wrapped” them as future tokens, aka 𝑓LITH. To make private assets available to everyone and bring real assets into the DeFi space, we launched the offering of Lithium’s pre-sale tokens on ConvO and made them tradable on ConvX.
Numbers Speak For Themselves
77X Oversubscription; 𝑓LITH Jumped Over 500%
The Lithium pre-IDO is well received on both Convergence and Polkastarter. The two platforms have received a total of 77 times Oversubscription on the pre-IDO. We would like to thank everyone who subscribed to the offering, and for those who didn’t get whitelisted on the pre-IDO, Lithium’s IDO is just around the corner, so please stay tuned.
Figure 1: Lithium pre-IDO surged more than 5 times after a 77x oversubscription
Source: Twitter of Lithium Finance and Convergence Finance
Performance is another highlight of this pre-IDO, and it didn’t disappoint, given the broader crypto market was not favorable. During the initial trading period, the price of 𝑓LITH surged as much as 5.75 times more than the pre-IDO price.
𝑓LITH Continued to Surge After Pre-IDO
The hype of Lithium’s pre-IDO didn’t just stop on the listing day, and the price of 𝑓LITH shows that the market welcomes the idea of pre-IDO. 𝑓LITH price surged to as much as seven times more than the pre-IDO price days after trading began on ConvX. The solid performance of 𝑓LITH demonstrates that the idea of pre-IDO has been gaining momentum in the market, and investors are embracing these new opportunities of having exposure to assets that they’ve never had before.
Figure 2: The price of 𝑓LITH rose as much as +700%
Source: ConvO
Figure 3: Solid performance of 𝑓LITH after the pre-IDO
Source: ConvX
Conclusion
DeFi communities have been debating on bringing private assets into the space for years, yet, we haven’t seen any viable solutions that can let meaningful private assets tap into DeFi’s liquidity. This situation is set to change with Convergence and its ecosystem. The pre-IDO of Lithium is an excellent example to demonstrate the creativity and possibilities of having private assets offering to the DeFi crowd. However, Pre-IDO is just the first step to making private asset classes available to the public. Convergence is expected to provide more of these assets to further democratize private and illiquid asset classes.
