Convergence Finance Offers $GLMR Private-Sale Tokens to the Public
Convergence Finance is thrilled to announce the private sale of Moonbeam’s tokens $GLMR on Convergence Offering (ConvO). This offering will be our 2nd private sale on Moonbeam network as well as our 3rd private sale of existing prominent projects to make private markets public.
Convergers will be able to access prominent project tokens at a reduced price as compared to the market price which is not publicly available, this also enables price discovery of the corresponding project token during the lock-up period of the future tokens.
About Moonbeam and $GLMR
Moonbeam onboarded as a parachain to Polkadot on December 17th 2021. Moonbeam is the most Ethereum compatible smart-contract parachain in the Polkadot ecosystem. It allows developers to port their projects with minimal to no code changes, enabling them to tap into the Polkadot ecosystem and all its assets.
$GLMR is the utility token of the Moonbeam Network. As a decentralized smart contract platform, Moonbeam requires the $GLMR token to function. This token is central to the design of Moonbeam and cannot be removed without sacrificing essential functionality.
Some of the uses of the $GLMR token on Moonbeam include gas metering of smart contract execution, protocol security, on-chain governance, and network transaction fees.
Click here to learn more about Moonbeam.
fGLMR Private Sale Details
fGLMR Private Sale Timeline
How to Subscribe?
Part 1: Apply for Whitelist
Like our previous offerings, there will be two pools for the upcoming offering on the ConvO platform — public and premium. There is no specific requirement to participate in the public pool and each public pool whitelist applicant has 1 lottery ticket.
However, to ensure our long-term supporters have fair access to the offerings, there will be a premium pool to allow incremental lottery tickets for a higher chance of selection for large-value stakers.
As Convergence is now a multi-chain protocol and $CONV is a multi-chain token on both Ethereum and Moonbeam network, to qualify for premium pool whitelist selection, you will need to have a combined 100,000 CONV / worth in CONV multi-chain staking balance that may include any of the following pools -
- CONV in single-sided staking pool on Moonbeam and/or Ethereum Chain; or
- CONV-ceWETH / CONV-ceUSDT LP tokens in Farm on Moonbeam: or
- CONV-ETH / CONV-USDT LP tokens in Farm on Ethereum
Regardless of how users are participating in the premium pool, users must stake their CONV / CONV-related LP tokens with a last 7-day average staking balance of 100,000 CONV before KYC is sent to successful whitelisted addresses, which is from 21 July 2022 8:00 UTC to 28 July 2022 8:00 UTC, to secure a spot in the premium pool.
A L7D multi-chain staking balance snapshot will be taken daily at a random time from 21 July 2022 8:00 UTC to 28 July 2022 8:00 UTC to determine whether the applied users fulfill the premium pool criteria in case of a changing staking balance.
Please note that premium stakers of 100,000 CONV or equivalent value of CONV-LP tokens in Farm will be entitled to (1) lottery ticket in the premium access pool. Each staker is allowed a maximum of (10) lottery tickets per 100,000 CONV holding. For example:
- Alice will be entitled to (2) premium pool lottery tickets if she stakes 200,000 CONV on Moonbeam
- Bob will be entitled to (5) premium pool lottery tickets if he stakes 100,000 CONV on Ethereum and 400,000 CONV on Moonbeam
- Charlie will be entitled to ONLY (10) premium lottery tickets even if he stakes 20,000,000 CONV
- Doug will be entitled to (2) premium pool lottery tickets if he stakes 100,000 CONV on Moonbeam and also 100,000 CONV worth of CONV-ETH LP tokens on Ethereum
- Emily will be entitled to (0) premium pool lottery tickets if she stakes 50,000 CONV and also 50,000 CONV worth of CONV-ETH LP on 28 July
- Felix will be entitled to (1) premium pool lottery tickets if he stakes 600,000 CONV on Moonbeam and also 100,000 CONV worth of CONV-ceWETH LP on 28 July
You can get priority in our Public Pool Whitelist subscription by completing our Gleam tasks:
Please note that in the event of oversubscription of prioritised users, the prioritised users will be selected randomly for the public pool whitelist.
Part 2: Selected for Whitelist & Complete KYC
After the whitelist application is closed, in the event of oversubscription, Convergence team will use Chainlink VRF (Verified Random Function) to ensure fair application selection for both public and premium pool.
We will announce the whitelist addresses selection result via our official Twitter so that selected applicants can proceed to the KYC submission stage.
Selected applicants will need to submit their info and pass KYC and AML requirements. If you have previously participated in our other offerings (ƒLITH/ƒLIKE/ƒMATIC/ƒLUNA) and have completed successfully for KYC, you would not need to re-submit.
Please note that
- Citizens from the following countries will not be eligible to take part in our private-sale token offering: Afghanistan, Angola, Azerbaijan, Belarus, Bosnia and Herzegovina, Botswana, Burundi, Cambodia, Cameroon, Chad, Comoros, China, Congo, Congo (Democratic Republic), Cuba, Eritrea, Ethiopia, Ghana, Guinea, Guinea-Bissau, Haiti, Hong Kong, Iran, Iraq, Lao People’s Democratic Republic, Libya, Liberia, Madagascar, Mozambique, Nicaragua, North Korea, Pakistan, Panama, Russia, Seychelles, Somalia, South Sudan, Sri Lanka, Sudan, Syrian Arab Republic, Tajikistan, Thailand, Trinidad and Tobago, Tunisia, Turkmenistan, Uganda, United States, Uzbekistan, Vanuatu, Venezuela, Virgin Islands (U.S.), Yemen, Zimbabwe.
- KYC submission emails will be sent via our official email, email@example.com. If you receive any communication prior to 29 July 2022 asking for KYC or any personal information, it is NOT from Convergence Finance. We will also never ask you to send funds directly or your private keys/recovery phrase etc.
- In the case of any disputes, Convergence Finance reserves the right of final decision.
Part 3: Join the Token Subscription
Only whitelisted addresses that have completed KYC will be able to access ConvO for the Moonbeam private-sale token offering in both premium access and public pools. We will do a whitelist successful announcement via our official Twitter so that lucky whitelisted users will be able to join the token subscription and enter the premium/public pool to confirm their subscription amount and claim the allocation afterwards.
How can I still participate if I’m not selected from the whitelist application?
Fret not! You would be able to buy the discounted $ƒGLMR tokens directly on ConvX once the swap pool is launched after the token subscription period opens.
What will be the ƒGLMR token price?
The ƒGLMR token price would be a ~50% discount of the $GLMR market price as of 20 July 2022 of the offering announcement date. The discount % is subject to changes in case of any sudden price movement before the subscription date.
Stay tuned to our twitter announcements for key phases of the ƒGLMR whitelist application or subscription!
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.