Convergence Finance X Biconomy Gasless Trading Competition with $15,000 in Prizes!

Greetings Convergers, we are excited to announce our Trading Competition to celebrate our gasless integration with Biconomy. For a period of time, you can trade and compete on ConvX AMM on Moonbeam in a gasless environment made possible via the Convergence X Biconomy relayer.

Learn more about the Convergence X Biconomy relayer here

🏅 Click here for Competition Leaderboard 🏅
The leaderboard will be updated everyday at 8AM UTC

Note: Remember to check price impact before swapping!

Trading Competition Details

Competition Format

Convergers will compete as individuals.

How to join?

You MUST enter with this link, once you have completed all the steps you will be automatically enrolled to this competition. Failure to do so will result in disqualification. You may enter at any point before or during the competition, simply start trading on ConvX AMM on Moonbeam during the competition period to compete.

Scoring System

Trade eligible pairs during the competition to earn trading scores. Scores will be calculated according to activity and volume, where activity is the number of transactions and volume is USD equivalent of all transactions.

Eligible Trading Pairs:
ceWETH/ceWBTC
ceWETH/ceUSDT
ceWETH/CONV
CONV/ceUSDT
ceUSDC/CONV
ceUSDT/ceBUSD
• ceUSDT/ceUSDC

Activity — We will only count the first 20 swaps per day (resets everyday at 8AM UTC). However, you will still be able to trade in a gasless environment after 20 swaps. 1 swap = 100 points, max. 2000 points per day.

Volume — Total USD equivalent of transaction volume (first 20 swaps per day), USD value will be based on the value at the moment of swap. (Bonus points will be given to trading $CONV pairs, volume will be multiplied by 1.1x, routing via CONV will not count)

Score —Your score will be adjusted based on activity and volume according to this formula: Activity + 0.1 * Volume

Score = sum[Activity] + 0.1 * sum[Volume]
sum[Volume] = sum[CONV pair USD value] * 1.1 + sum[noCONV pair USD value]
sum[Activity] = 100 * number of swap

For example:
User swaps $100 in ceUSDT for $CONV, then the same user swaps $100 in ceWETH for $ceWBTC.

Activity = 200 points (100 * 2 swaps)
Volume = 210 (100USD equivalent * 1.1 + 100USD equivalent)
Score = 221 points (200 + 0.1 * 210)

Timeline

Competition Period: June 1 2022 8:00 AM to June 15 2022 8:00 AM (UTC)

  • Competition Time (June 1— June 15)
    Trade eligible pairs during the competition period to earn trading scores.
  • Score Tally (June 15 — June 16)
    Final scores will be calculated and tallied within 48 hours after the competition ends.
  • Results Announcement (June 17)
    Winners and steps to claim prizes will be announced!

Prizes

$15K USD worth of $CONV, split amongst Top 50 Convergers

1st place = $3,000 in CONV, ‘Analyst’ role on Discord
2nd place = $2,000 in CONV, ‘Analyst’ role on Discord
3rd place = $1,000 in CONV, ‘Analyst’ role on Discord
4-10th place = $500 in CONV ($3500)
11-20th place = $250 in CONV ($2500)
21-50th place = $100 in CONV ($3000)

Note: The L7D average $CONV closing price (9 June — 15 June) will be used to calculate the final $CONV rewards to be distributed.

Gasless Trading

Through this trading competition, Convergers will get a taste of gasless trading on Moonbeam. However, since the Convergence X Biconomy relayer is a separate contract, Convergers will need to have some GLMR ready to approve the token you wish to swap for.

The team will be extending gasless features for Convergers to not just trading but also ConvO subscriptions in the future!

Trading Flow

  1. Select a pair of assets you would like to swap on ConvX on Moonbeam Network
  2. Enter amount you would like to swap
  3. Click ‘Swap Now’
  4. Click ‘Confirm’ button to approve the token you are swapping with and pay gas in GLMR to interact with the Biconomy gasless trading relayer contract, you will only need to do this once for each token you are trying to swap. (If you have already approved the token, skip to step 5)
  5. Scroll to the sign message at the bottom, click the arrow next to the ‘Message’, then click ‘Sign’ button to continue the gasless swap.
  6. Voila, you have just completed a gasless transaction!
Step 5: Click the arrow then click ‘Sign’ to continue the swap

For example: If you wish to swap $ceUSDT for $CONV in a gasless environment, you will first need to approve $ceUSDT with GLMR as gas fees. If you wish to swap back $CONV for $ceUSDT, you will again need to approve $CONV with GLMR as gas fees. After this, you will enjoy gasless trading between these two assets without having to approve again.

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.

Website / Discord / Telegram / Twitter / Whitepaper

About Biconomy

Biconomy lays the groundwork for Web 3.0 infrastructure. With a user-friendly UX, users need not worry about multiple wallets and gas management, and complex configurations under the hood. Biconomy relayers send transactions on-chain on behalf of the users, giving them a gasless experience; all the user has to do is sign the transaction and Biconomy takes care of the rest! Its mechanism has proven popular, two blue-chip Metaverse projects, Decentraland ($MANA) and Sandbox ($SAND), have been using their infrastructure since late 2021, amongst many others. Their cross chain bridge Hyphen is also the fastest in the market and is ideal as an in-dApp bridge for dApps looking to give a seamless multi-chain experience to their users. Biconomy is also backed by top-tiered industry investors including Binance, Coinbase Venture and Huobi Ventures.

Website / Discord / Telegram / Twitter / Litepaper

--

--

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