Convergence Finance Now Supports Swap and Liquidity Pools on Moonbeam Network

Convergence Finance is thrilled to announce the support of Swap and Liquidity Pools that is deployed on Moonbeam, first Ethereum-compatible smart contract parachain on Polkadot.

Convergence aims to democratize investment by making private markets public and enable cross-chain compatibility to maximize liquidity across different chains so users can transact beyond the Ethereum ERC20 standard.

Convergence’s expansion into Moonbeam Network after our standalone venture with Moonlit on Moonriver Network will facilitate Convergence’s cross-chain compatibility with the technical advantages and efficiency as a parachain on Polkadot and Kusama to enjoy the convenience of full Ethereum compatibility — the future is multi-chain.

Convergence Finance is now supporting both Ethereum and Moonbeam Network with Swap AMM and Liquidity Pools and we will be gradually supporting all of our product suites on Moonbeam Network as well.

$CONV Staking and Yield-Farming on Moonbeam Network would be supported next while the team prepares for the next private-sale token offering on Moonbeam for a fast and low-gas token subscription experience.

As you can see from the multi-chain development and Convergence’s cross-chain compatibility vision, we would also be revamping our DApp in Q1 to consolidate the various products for a seamless UI experience.

Without further ado, let’s dive right into Convergence on Moonbeam!

In the initial launch of Swap and Liquidity Pools on Moonbeam, we will be supporting swapping of the following pools and liquidity providers can earn transaction fees by providing liquidity. We also support the import token function so users can add any custom tokens.

  1. GLMR/ceUSDT
  2. GLMR/ceUSDC
  3. ceUSDT/ceUSDC

We have created the below walkthrough to guide you through the end-to-end journey.

Get GLMR ready as transaction fees

Transacting on Moonbeam Network requires paying transaction fees in Moonbeam’s utility token Glimmer (GLMR), the average transaction fee is approximately 0.01–0.03 GLMR depending on the transaction type and network traffic. You may get GLMR on centralized exchanges like Binance, Gate.io, KuCoin and choose to withdraw GLMR to Moonbeam Network. Your Moonbeam address is the same as your ETH address.

Bridge your ERC20 assets from Ethereum to Moonbeam via Celer Bridge

Bridge your ERC20 assets from Ethereum to Moonbeam via Celer Bridge (cBridge). Just like any other EVM compatible chains, you need to first bridge your ERC20 assets from Ethereum to Moonbeam Network in order to use your assets on Moonbeam.

cBridge is a multi-chain network that enables instant, low-cost and ANY-to-ANY value transfers within and across Ethereum’s layer-2 chains, Ethereum main chain and in the future, other layer-1s, and layer-2 on top of those other layer-1 chains.

You can view here for the tutorial of bridging assets using cBridge.

Switch to Moonbeam Network on Metamask

  1. Go to https://convx.conv.finance/ on your desktop
  2. Connect with your Metamask Wallet
  3. Switch to Moonbeam Network on the upper right side of the DApp
  4. Your Metamask Wallet will prompt the custom network pop-up, click [Approve]
  5. Click [Switch network] (please ensure there is no pending transaction before you do so)

Voila! You are now on Moonbeam Network and should be able to see your GLMR and other bridged asset balances

If the one-click method does not work, you can manually add the custom network by clicking [Network] > scroll to bottom and click [Custom RPC] to input the network details -

Network Name: Moonbeam

Network URL: https://rpc.api.moonbeam.network

Chain ID: 1284

Currency Symbol: GLMR

Block Explorer URL: https://blockscout.moonbeam.network

Swap tokens

Convergence Swap applies a 0.30% fee for each swap; 0.25% goes to the liquidity providers and 0.05% to the protocol.

Please note that the initial token pairings are GLMR and cBridge bridged tokens on Moonbeam and we will be supporting other tokens in the future.

To start swapping -

  1. Go to https://convx.conv.finance/ on your desktop
  2. Connect with your Metamask Wallet
  3. Switch to Moonbeam Network on the upper right side of the DApp
  4. By default, you are already on the [Swap] tab
  5. Choose the tokens you would like to swap from and to
  6. Enter the amount you like to swap from or to
  7. Check the “Swap Rate” to ensure it is acceptable and click [Swap Now]
  8. Confirm on Metamask to confirm the swap transaction and wait for the network confirmation

Please note that:

  • If you are swapping from an ERC20 token, you would need to approve on Metamask to allow spending for the first time before confirming the swap on Metamask
  • You may also adjust for slippage tolerance via the settings button at the upper right of the swap action panel (Your transaction will revert if the price changes unfavorably by more than the slippage tolerance percentage, by default it is set at 0.5% while the max is 49%)

Provide liquidity to earn transaction fees

Convergence Pool 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.

To add liquidity -

  1. Go to https://convx.conv.finance/ on your desktop
  2. Connect with your Metamask Wallet
  3. Switch to Moonbeam Network on the upper right side of the DApp
  4. Go to [Pool] tab from the left navigation sidebar
  5. Choose from the available pools and hover over to click the [+ Liquidity]
  6. Enter the amount of tokens you want to provide liquidity
  7. Review the “Est. Receive LP Token” and “Share of Pool” and click [Add Liquidity]
  8. Approve on Metamask for the tokens that you are adding and wait for network confirmation
  9. Confirm on Metamask to confirm the add liquidity action and wait for network confirmation
  10. You will then receive the CLP tokens to represent your share of liquidity provision and click [Add to Metamask] to see your LP token balances in your Metamask

Please note that:

  • The liquidity provision amount you enter has to be equal in equivalence for the pair
  • The transaction fees you earned as a liquidity provider will be accumulated automatically and added to the pool after each swap, your LP tokens represent your underlying assets and the earned transaction fees

Can’t find your pool or tokens? Use the import token function

As we are still developing on Moonbeam and will be supporting more functions and token pairings gradually, for now, you may add custom token via our import token function.

To add a custom token -

  1. Go to https://convx.conv.finance/ on your desktop
  2. Connect with your Metamask Wallet
  3. Switch to Moonbeam Network on the upper right side of the DApp
  4. From the [Swap] / [Pool] tab, click on the token list dropdown
  5. Paste the custom token contract address into the search field (You may look for the token contract address via https://blockscout.moonbeam.network/tokens)
  6. A valid token contract address on Moonbeam Network will populate the token on the dropdown, click the [Import] button
  7. Review the prompt and ensure you are importing an external token of your choice, click [Import Token] to confirm
  8. You can manage your custom token list by clicking on the [Manage Token List]

Please note that:

  • Custom tokens added by you are stored locally in your browser only
  • If you have created a pool or added liquidity with a custom token, it can only be seen by users who have imported the same token. We will review periodically to add frequently used custom tokens into our default token list.

That’s it for now, we will be supporting staking and innovative yield-farming functions soon on Moonbeam and continue to work towards a cross-chain compatibility solution with the vision of enabling Convergers to freely move the assets from Ethereum to transact on a high transaction throughput and low gas fee network via our cross-chain bridging solution for the end-to-end private-sale token launchpad subscription, future tokens and other crypto tokens cross-chain swapping, liquidity mining and innovative yield farming to earn $CONV rewards.

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.

Official Links

Website / Discord / Telegram / Twitter / Whitepaper

About Moonbeam

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.

Official Links:

Website / Discord / Telegram / Twitter

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Convergence will be the first AMM to make private assets interchangeable in the DeFi space by fractionalizing them using a single easy-to-use interface and composable with other DeFi protocols.

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Democratize Investment by Making Private Markets Public

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