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
Convergence Finance is excited to announce our partnership with Celer Network, a secure cross-chain bridging protocol, allowing Convergers to seamlessly bridge their assets between Ethereum and Moonbeam Network.
Celer Network’s Open Canonical Token Bridge Standard
Celer Network’s Open Canonical Token Bridge Standard resolves the vendor lock-in problem of bridged assets in the following “mint&burn” flow.
- 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)
The Open Canonical Token Bridge standard not just reduces security risks, but also enables a fast, low-cost cross-chain bridging experience between Moonbeam and 15 other supported blockchains and layer2 networks — further democratizing the Convergence cross-chain ecosystem.
Convergence’s current swap pairings on Moonbeam are utilizing ceTokens and Convergers can bridge their assets on Ethereum via cBridge (Celer Bridge). We will be adding additional token pairings and pools in the upcoming Farm launch, details to follow.
$CONV on Moonbeam as a Multi-Chain Token
Convergence’s $CONV tokens have been bridged from Ethereum to Moonbeam Network via Celer’s Open Canonical Token Bridge standard. In other words, $CONV will not be limited to a single-minter canonical token contract when minted on Moonbeam and will be compatible with any other canonical token bridge — allowing multiple bridges to concurrently serve as canonical token bridges for $CONV on Moonbeam.
This enhances the flexibility and reduces the vendor lock-in risk of relying on a specific bridging solution, democratizing $CONV as a multi-chain token.
Convergence (CONV) Token Contract Address on Moonbeam: 0x8006320739fC281da67Ee62eB9b4Ef8ADD5C903a
Dual-Yield Farms with $CELR and $CONV Rewards
To celebrate this partnership, in the upcoming launch of our yield-farming pools on Moonbeam, Convergers will be incentivized with additional $CELR rewards for a double-reward yield farming experience on Moonbeam Network.
Convergence liquidity providers on the Moonbeam Network will be able to enjoy dual yield of $CONV and $CELR tokens when staking their LP tokens to the farms in addition to the accruing 0.25% transaction fees generated from liquidity provision.
More details to follow, stay tuned!
This cross-chain bridging partnership with Celer Network will serve as a solid foundation for Convergence’s cross-chain compatibility to maximize liquidity across different chains so users can transact beyond the Ethereum ERC20 standard, while democratizing investment on multi-chain by making private markets public.
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.
About Celer Network
Celer Network is a layer-2 scaling platform that brings fast, secure, and low-cost blockchain applications on Ethereum, Polkadot and other blockchains to mass adoption. Celer launched the world’s first Generalized State Channel Network and continues to push the frontier of layer2 scaling with advanced Rollup technology. Core applications and middlewares like cBridge, layer2.finance and more ecosystem applications built on Celer have attracted more large audiences in DeFi, blockchain interoperability and gaming space.