Convergence Finance Partners with Celer Network to Enable Secure Cross-Chain Bridging

  • Convergence Finance partners with Celer Network to support new token pairings and launch yield-farming pools soon on Moonbeam Network
  • $CONV tokens has been bridged from Ethereum to Moonbeam Network via Celer’s Open Canonical Token Bridge standard
  • Exclusively on Moonbeam Network: In the upcoming launch of yield-farming pools, Convergers can stake LP tokens and enjoy dual-reward yield farming in $CONV and $CELR for a limited time

Celer Network’s Open Canonical Token Bridge Standard

  • From original chain to the destination chain: Users lock up the original assets on the original chain in a vault smart contract that an entity (decentralized or centralized) controls and then the same entity mints a canonical mapping of the original tokens on the destination chain to the user who locked up the original assets on the original chain.
  • From the bridged chain to the original chain: Users burn the minted canonical mapping tokens on the bridged destination chain. Then, upon observing the token burn, the controlling entity releases the same amount (minus a fee) of the locked up tokens to the user on the original chain.

Swap Pairings in ceTokens (Celer Bridged Tokens)

$CONV on Moonbeam as a Multi-Chain Token

Dual-Yield Farms with $CELR and $CONV Rewards

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store