Convergence Pre-IDO FAQ
We have received a lot of questions from our community about the pre-IDO. Knowing that this is our first pre-IDO and the launch of our ConvO platform, we’ve therefore sorted out the following useful and commonly asked questions with respective answers that hope will clear your worries.
What is the difference between pre-IDO and IDO?
Pre-IDO is different from the IDO. Pre-IDO grants you the access to the investment before the traditional IDO takes place. It improves the liquidity for the tokens which have a locking period and allow investors to access the investment opportunities of investing in the unicorn companies. For more details about pre-IDO and IDO, we’ve prepared the article to further discuss about the details: https://medium.com/convergencefinance/explained-difference-between-pre-IDO-and-ido-cf88866bcbc9
Do I have to stake CONV or provide liquidity throughout the whole whitelisting period to enjoy premium access?
You should stake your CONV or/and LP tokens until the whitelisting is closed. You can refer to the specific project pre-IDO timeline on Convergence.
How to calculate the amount of the pre-IDO ticket?
For now, we have 2 types of pools for staking: CONV pool and Convergence LP pools (Not to mistake with Uniswap Pools). We’ve different requirements for projects. For Lithium pre-IDO, you should stake 50k of CONV in the CONV pool or 50k worth of CONV in the Convergence LP pools. Each ticket is calculated based on a discrete position of each pool.
For more information, please refer to our article:
To learn how to stake CONV and Convergence LP tokens, visit here: https://medium.com/convergencefinance/convpool-mainnet-staking-guide-de37cc8232b8
How many premium tickets can I get at maximum and how many spots can I get from the pools?
You can get at maximum 10 premium tickets and 1 spot from all the available pools.
Can we increase our staking after submitting the premium whitelisting application to get more tickets?
Yes. The final amount of your tickets is determined according to your final staking position. Having more premium lottery tickets increases your chance of getting whitelisted. However, we suggest you to stake it as soon as possible as the whitelisting period only lasts for a few days.
Why partnering with other offering platforms for issuing our own pre-IDO?
Together with other IDO platforms, we take a step further on achieving our mission of democratizing quality investment opportunities to the DeFi community and introduce our pre-IDO products to a broader user base that we believe will ultimately attract them to join our community and become a Converger, benefiting the growth of our ecosystem.
Why are we having a public pool?
The purpose of a public pool is to serve our mission to democratize investment opportunities that were only available to wealthy individuals and organizations to everyone. We strike a balance between rewarding our loyal CONV token holders by having a premium queue for a much greater chance of securing a lottery spot, while also reserve a part of the pre-IDO allocation as publicly available so everyone enjoys the opportunity to participate.
What is the difference between public and premium pools? Can I join both pools?
Premium pools are only available for those members who stake CONV or Convergence LP tokens on ConvX, while public pools are available for all the applicants. Premium pools are only available to those who stake CONV or Convergence LP tokens on ConvX. We’ve more spots available in the premium pool compared to the public pool which implies applicants in the premium pool have a higher chance to win the lottery. If you’re eligible to join the premium pool, you can join the public pool as well. It means that CONV stakers have a higher chance to get a place during the allocation.
What to determine the amount of the allocation per lottery?
The allocation size per spot is based on the negotiation results between Convergence and the pre-IDO project. Internally we have our experienced researchers to predict the market capitalization once the pre-IDO project lists on public exchanges. Given the project’s popularity, we believe the allocation will yield high gains for our lucky investors that received a spot, and allow more spots to be available given limited total allocation amount.
Can I subscribe to all three of the Polkastarter Pool, the Convergence Public Pool and Premium Pool?
Yes, you can, this will increase your chances of winning a spot.
Does the Polkastarter pool allow BSC version of $POLS holdings?
Yes! Any POLS on ETH or BSC, as well as LPs on Uniswap (v2) and PancakeSwap (v2)
How can you trade or redeem the pre-IDO token?
You can trade the pre-IDO tokens through our ConvX AMM once it’s available for claiming or you can redeem the pre-IDO tokens to the actual tokens after the lockup period. For Lithium pre-IDO the lock-up cliff is 6 months, that means after 6 months the 𝑓LITH tokens are redeemable to actual LITH tokens.
Can I use my driver license as my KYC identification document?
Please prioritize using your Passport as your identification document. Alternatively you can also use a government issued ID, as for driver license it will be subject to individual case-by-case review.
About Convergence Finance
Convergence is the first AMM to make private token 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.