Convergence Finance Product Spotlight and Roadmap — Q2 2022
Hey Convergers! Hope everyone had a good Easter break. Last week, we set up the Convergence space on Snapshot and our first proposal was passed a few days ago. Riding on the DAO theme, we would like to share a quick update on what we have planned for the rest of Q2.
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. We have been focusing on Moonbeam deployment in Q1, launching the end-to-end product suite — ConvX, ConvPool, ConvO on Moonbeam Network for Convergers to enjoy the fast confirmation and low transaction costs. We have also offered LUNA private-sale tokens at a premium price (around 50% off market price) on Moonbeam Network.
Convergence Finance will be forming a DAO for Convergers to make many of the critical decisions that will define Convergence moving forward. Our future DAO council members will be chosen from nominations made by the community. To facilitate this event, we have introduced community roles in our Discord server for Convergers to leave their mark on the protocol.
Last week, we set up our ConvDAO space on Snapshot, a decentralized voting system that allows users to create proposals and vote in an off-chain and gasless manner. An improvement proposal CIP:1 To upgrade ConvO subscription process (ConvO 2.0) on Moonbeam Network was raised by the Convergence team and passed with 97.6% votes by the community.
Premium Convergers Program
Last quarter, we mentioned launching a new CONV holders premium membership program after Moonbeam deployment to reward users in addition to the current CONV rewards through staking pools. The launch is spilled over to Q2 as we want to launch a multi-chain friendly program now that $CONV is a multi-chain token.
Our initial idea is to share the protocol trading fees of ConvX with the Premium Convergers and the Premium Convergers will qualify for the highest premium tier in ConvO 2.0 to receive guaranteed subscription of our future private sales.
We will raise a preliminary proposal discussion in Discord for the Premium Convergers Program to refine the criteria before creating the proposal on Snapshot for voting, stay tuned!
ConvDAO and Asset Council Set Up
To prepare for ConvDAO and Asset Council, there will be a few key areas the Convergence Team would need to work on in Q2 before Convergence can fully go into a DAO -
- DAO structure
- Proposition creation, voting and execution process
- Council election
- Smart contract alterations and upgrade
We are aiming to launch the Asset Council in Q2 first so Convergers can vote on whether a project should be listed on ConvO for a decentralized listing decision, this would also allow Convergers to explore listing other exotic assets.
Biconomy Trading Competition
Convergence will be integrating with Biconomy to enable gasless transactions on Moonbeam for an exclusive period of time. In order to enable gasless transactions, our ConvX contracts will accept meta transactions which will be executed on behalf of users and their gas fee will be paid by Convergence X Biconomy Infrastructure.
A Trading Competition will be hosted soon to stimulate the gasless trading with rewards for the winners, more details to follow.
ConvO 2.0 Upgrade
With our first proposal CIP:1 To upgrade ConvO subscription process (ConvO 2.0) on Moonbeam Network passing, our engineering team will also be working on the new smart contracts for ConvO 2.0 to improve the current ConvO process with
- “Deposit to Apply” lottery ticket subscription model
- Anytime KYC application as long as user is not a citizen or resident of any of the restricted locations
- Additional premium tiers with varying allocation size
We will be organizing another AMA soon so the community can share their feedback directly with our founding team. Stay tuned for our upcoming product updates and stay safe!
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.